Breaking: US will follow up on its promise to cancel tariffs on a phased basis, US stocks at fresh record highs

FXStreet Team FXStreet

During the press briefing of China's State Council Information Office, officials noted that the phase one trade negotiations achieved major progress and added that the US agreed on the context of the phase one trade deal. The US will follow up on its promise to cancel tariffs on a phased basis, announced China's Vice Commerce Minister.

With the initial market reaction, Wall Street's three main indexes surged to fresh all-time highs and the 10-year US Treasury bond yield rose sharply to turn positive on the day above 1.9%.

Key takeaways

"Trade deal to further protect foreign firms' interest in China."

"Trade deal to protect Chinese firms' legal interests in dealings in the US."

"Trade deal to boost confidence of global markets."

"China, US to implement follow-up procedures as soon as possible."

"China welcomes US services, products to enter China."

"China to boost US imports of energy, agriculture, pharmaceutical products, financial services."

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FXStreet Team

FXStreet

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