The Trump administration has reportedly reached a phase one trade deal with China, bringing hope that the ongoing trade war between the two nations may soon come to an end.
"The written agreement is still being formulated, but they have reached an agreement in principle," a source told Reuters, adding that an announcement was expected to come later on Thursday.
According to CNBC:
"Trump planned to meet with top advisers at 2:30 p.m. ET on Thursday about trade with China and whether to delay the next round of U.S. tariffs. Duties of 15%, set to take effect Sunday, would affect about $160 billion in Chinese-made goods including toys, computers, phones and clothing.
The White House has offered to scrap those duties and slash some existing tariffs in half, two sources told CNBC. The U.S. proposed cutting existing duties on $360 billion in Chinese products by 50%."
U.S. stocks surged on the news.
Trump indicated on Twitter early Thursday morning that a deal may have been forthcoming.
🔦 The potential deal comes just days after Democrats and President Trump came to an agreement on a trade deal with Mexico and Canada.