The US and China have reached a “very substantial phase one” deal, US President Donald Trump has declared. Tariffs due to take effect on Tuesday have been canceled, and markets responded with elation. Phase one of the deal includes intellectual property, financial services, and agricultural purchases, Trump announced on Friday during a meeting with Chinese vice premier Liu He in the Oval Office, adding that the actual agreement may take up to five weeks to write. Planned tariff increases from 25 to 30 percent on some $250 billion in Chinese goods due to take effect next week have been scrapped. China has agreed to purchase $40-50 billi
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