Trade: US, China reportedly agree tariff reduction. $50 billion agrifoods purchase in 2020, stocks positive

Yohay Elam FXStreet

Reuters is citing sources familiar with Sino-American trade talks and details are emerging. The world's largest economies have agreed not only to refrain from new tariffs on December 15 but also remove previous ones.

Moreover, and again according to these reports, Beijing has agreed to purchase $50 billion of agricultural foods (agrifoods) from Washington in 2020.

The details sound more comprehensive than a mere trade truce and could push stocks higher. Equities have rallied on Thursday and early reports about a trade deal.

President Donald Trump kicked off the melt-up by tweeting that the he is very close to a deal with China as both countries want it.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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