“We have agreed to a very large phase one deal with China,” US President Donald Trump tweeted out in the last hour. “They have agreed to many structural changes and massive purchases of agricultural products, energy and manufactured goods.”
Trump further added that the penalty tariffs set for December 15th will not be charged and said the negotiations for phase two will start immediately rather than waiting until after the 2020 election.
The fact that markets had already priced the completion of phase one of the trade deal through the week made it difficult for the risk rally to gather stream. As of writing, the Dow Jones Industrial Average and the S&P 500 were both down 0.15% on the day while the Nasdaq Composite was clinging to small gains.
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