President Donald Trump said the US and China have made significant progress in discussing the first phase of the trade agreement. They agreed on intellectual property, financial services, and major food purchases.
According to Trump, Washington and Beijing are close to ending the trade war, but it will take up to five weeks to finalize the agreements. The US President told a journalist after talks with Liu He, Vice Premier of the State Council of China.
US Treasury Secretary Steven Mnuchin, who led the talks, said the parties had reached a fundamental understanding of key issues, but it would take a lot of work to achieve a result.
According to him, President Trump agreed not to raise tariffs on Chinese imports worth about $ 250 billion – these tariffs were supposed to start acting on Tuesday.
On these messages, the main US stock indices reacted with an increase.