Trump says U.S. and China have substantial phase one deal on trade

Published: Oct 11, 2019 3:56 p.m. ET

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Money & Politics reporter

President Donald Trump on Friday said the U.S. has reached a "substantial" phase one deal on trade with China. Treasury Secretary Steven Mnuchin said the U.S. won't implement China tariff hikes that had been set for next week. Earlier Friday, a Bloomberg News report citing unnamed sources said the U.S. and China had achieved a partial trade agreement that could help lead to a truce in their trade war and lay the groundwork for a broader deal. Stocks SPX, -0.39% DJIA, -0.95% were sharply higher Friday, with analysts giving credit to optimism over the trade negotiations.