Trump announces partial trade deal with China, lifting hopes that tensions could ease
Source: Washington Post
President Trump said Friday that the U.S. and China have reached a limited trade deal, marking the first tangible achievement in the 18-month trade war between the world’s two largest economies. Speaking in the Oval Office during a meeting with Chinese Vice Premier Liu He, the president said negotiators had reached a “substantial phase one” agreement though details remained to be written down.
As part of the partial agreement, the White House agreed not to proceed with plans to increase tariffs on $250 billion in Chinese goods next week from 30 percent from 25 percent. The partial accord, involving major Chinese purchases of U.S. farm products and U.S. tariff concessions, is intended to pave the way for a more complete bargain between Washington and Beijing. Trump and Chinese President Xi Jinping could meet to finalize such an agreement in Chile at an Asian-Pacific leaders summit in mid-November. “Both presidents have to own this thing,” said Craig Allen, president of the U.S.-China Business council.
News of a potential deal, which capped two days of talks in Washington, had cheered Wall Street earlier on Friday. Even before the president spoke, the Dow Jones Industrial Average was up more than 480 points or 1.8 percent amid hints that a partial accord was imminent. But the lack of specificity in Trump’s announcement, and his comment that the partial deal could still take weeks to iron out, cooled some of that optimism. And the Dow Jones Industrial Average closed up slightly more than 300 points on the day.
Some China hawks were unimpressed by the agreement. “It’s basically some purchases and a bunch of fluff because no one in the administration really wants to go through with the tariffs anyway,” said Derek Scissors, a China expert at the American Enterprise Institute.
Read more: https://www.washingtonpost.com/business/2019/10/11/us-stocks-poised-big-bounce-expectations-grow-us-china-trade-deal/
Will see if this is "for real" or deflection.
ETA, if the conservative AEI thinks it's bogus then...
Original article -
This is a developing story and will be updated.
https://www.washingtonpost.com/business/2019/10/11/us-stocks-poised-big-bounce-expectations-grow-us-china-trade-deal/
= new reply since forum marked as read
so I don't have to.
In other tariff news, I heard locally that there was also a run on Parmesan and Romano cheese. 
