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U.S., China agree 'Phase 1' trade deal; Trump suspends October tariff hike


Added 10-11-19 06:03:02pm EST - “The United States and China agreed on Friday to the first phase of a deal to end...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “U.S., China agree 'Phase 1' trade deal; Trump suspends October tariff hike”. Below is an excerpt from the article.

WASHINGTON (Reuters) - The United States and China agreed on Friday to the first phase of a deal to end a trade war, prompting President Donald Trump to suspend a threatened tariff hike, but officials said the agreement had to be put on paper and more work was required to get it finalized.

The partial accord, covering agriculture, currency and some aspects of intellectual property protections, represented the biggest step toward resolution of a 15-month tariff war between the world’s two largest economies that has hit financial markets and slowed global growth.

The announcement did not include many details, however, and Trump said it could take up to five weeks to get the deal written.

“We will not sign an agreement unless we get and can tell the president that this is on paper,” U.S. Treasury Secretary Steven Mnuchin said as the two sides gathered with Trump at the White House.

With Chinese Vice Premier Liu He sitting across a desk from him in the Oval Office, Trump told reporters that the two sides were very close to ending their trade dispute.

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