US, China agree 'Phase 1' trade deal; Trump suspends October tariff hike

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 finalised.

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. Mnuchin said that Trump had agreed not to proceed with a hike in tariffs to 30 percent from 25 percent on about US$250 billion in Chinese goods that were supposed to have gone into effect on Tuesday.

Trump had previously insisted he would not be satisfied with a partial deal to resolve his two-year effort to change China’s trade, intellectual property and industrial policy practices, which he argues cost millions of US jobs.

Trade sanctions on Iran please.

Due to Octoberfest?

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