US and Chinese negotiators reach a preliminary agreement that would ease trade tensions but fall short of a comprehensive deal, people familiar with the talks say
Details are still emerging, but one person familiar with the agreement said it's likely to include some US tariffs relief. An increase in duties was due to take effect next week. It's not clear what China has agreed to, but ahead of Friday's talks a person familiar said an increase in farm purchases was possible.The scope of the agreement won't be finalized until President Donald Trump meets Chinese Vice Premier Liu He in the Oval Office later this afternoon.
The stock bounce came as a new University of Michigan consumer sentiment survey indicated that optimism among American consumers rebounded in October to the highest level in three months, due in part to easing concern over the US-China trade war.Over the past few months, the survey has shown Americans' growing concern over trade tensions. But fear of a negative impact on consumers"slightly lessened" in October, said Richard Curtin, chief economist of the survey.
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