The Phase One agreement marks a cease-fire in the long-running trade war. Saul Loeb/AFP via Getty ImagesTopline: President Donald Trump and Chinese Vice Premier Liu He signed the long-awaited Phase One trade deal in an elaborate ceremony at the White House on Wednesday, marking a cease-fire in the 19-month-long U.S.-China trade war and boosting the stock market to new record highs. Trump touted the deal to reporters in his opening comments, calling it “historic,” a “landmark agreement” and a “momentous step” toward fair and reciprocal trade. Crucial quote: “We’re going to be starting Phase Two as soon as this kicks in,” Trump told reporters during the ceremony. Further reading: Most China Tariffs Will Remain In Effect Until ‘Phase Two’ Trade Deal: MnuchinChina Pledges To Buy $200 Billion Of American Goods Under Phase One Trade DealStocks Hit New Highs As Trade Deal Nears Signing

Source: Forbes January 15, 2020 18:16 UTC