President Trump says the U.S. has come to a ‘very substantial phase one deal’ with China

U.S. President Donald Trump said Friday that the U.S. has come to a “very substantial phase one deal” with China in the trade negotiations between the two economic superpowers. “Phase two will start almost immediately” after the first phase is signed, Trump said in the Oval Office alongside Chinese Vice Premier Liu He.

Kevin Breuninger for CNBC:

The first portion of the trade deal will be written over the next three weeks, Trump said. It will address intellectual property and financial services concerns, along with purchases of about $40 to $50 billion worth of agricultural products by China, Trump said.

It’s a “tremendous deal for the farmers,” Trump said.

Treasury Secretary Steven Mnuchin also announced the Oval Office that the White House has scrapped a new round of tariffs on imports of Chinese goods, which were set to go into effect Oct. 15.

“We have a fundamental understanding of the key issues, but there is more work to do,” Mnuchin said, CNBC’s Eamon Javers reported.

Mnuchin even said that the U.S. will be evaluating whether to rescind its decision in August to designate China a “currency manipulator.”

There’s still “more work” to do, Mnuchin cautioned, but “we’ve made a lot of progress over the last two days.”

MacDailyNews Take: Certainly sounds like good news for Apple!

In the following video, U.S. President Trump explains the “phase one” trade deal with China:

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