US&nbsp;President Donald Trump said on Friday he was “very torn” about whether to end the so-called Phase 1 US-China trade deal, just hours after top trade officials from both countries pledged to press ahead with implementing it despite coronavirus economic wreckage.

In an overnight phone call, US&nbsp;Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He set aside rapidly deteriorating US-China relations and discussed progress since the deal took effect in mid-February.

<img alt="Liu He" data-entity-type="file" data-entity-uuid="2149e888-6a14-4643-b4e6-e0e7ef111ab5" src="//cdn.wionews.com/sites/default/files/inline-images/RTS2V0GD.jpg" /> 
China's Vice Premier Liu He gestures to the media between US&nbsp;Trade Representative Robert Lighthizer (L) and Treasury Secretary Steve Mnuchin before the two countries' trade negotiations in Washington

The two Trump cabinet officials said in a joint statement that both sides “agreed that in spite of the current global health emergency, both countries fully expect to meet their obligations under the agreement in a timely manner.”

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China’s Commerce Ministry said the two sides agreed to improve the atmosphere for implementation of the Phase 1 deal, which calls for Beijing to boost its purchases of American farm and manufactured goods, energy and services by $200 billion over two years compared to a 2017 baseline.

The deal brought a partial truce to an 18-month trade war between the world’s two largest economies that heaped US&nbsp;tariffs on some $370 billion worth of Chinese imports.

Trump, who has blamed China’s early handling of the coronavirus outbreak in Wuhan in late 2019 for causing thousands of deaths and millions of job losses in the United States, has threatened to terminate the trade deal if China fails to meet its purchase commitments. He said on Wednesday that he will assess that effort within the next week.

China has rejected the Trump administration’s assertions that there was evidence the new coronavirus came from a Wuhan laboratory and scientists have said it appears to have developed in nature.

Early on Friday, just before the US. Labor Department announced that a staggering 20.5 million US&nbsp;jobs were lost in April, Trump told a news channel that he was “having a very hard time with China.”

Also read:&nbsp;<a href="https://www.wionews.com/world/coronavirus-fuels-historic-us-job-losses-eu-wants-borders-kept-shut-297548">Coronavirus fuels historic US job losses, EU wants borders kept shut</a>

While he was initially “very excited” about the trade deal’s signing in January, the pandemic since then had changed his views about it.

“Look, I feel differently than I did. I was the most - I was very tough with China,” Trump said.

Asked if he was “breaking up” the Phase 1 trade deal, Trump said: “I’m very - I’m very torn as to - I have not decided yet, if you want to know the truth.”

Trump and some members of his administration have threatened punitive action against Beijing, including possible tariffs and shifting supply chains away from China.

While China has made some purchases of US&nbsp;farm goods, some observers say these are running far behind the pace needed to meet the first-year goal of a $77 billion increase as China’s economy is just now beginning to recover from shutdowns imposed during the pandemic.

Beijing’s new plans to implement tougher protections for intellectual property as part of the trade deal have met with mixed reviews.

US President Donald Trump said on Friday he was “very torn” about whether to end the so-called Phase 1 US-China trade deal, just hours after top trade officials from both countries pledged to press ahead with implementing it despite coronavirus economic wreckage.

US President Donald Trump said on Friday he was “very torn” about whether to end the so-called Phase 1 US-China trade deal, just hours after top trade officials from both countries pledged to press ahead with implementing it despite coronavirus economic wreckage. In an overnight phone call, US Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He set aside rapidly deteriorating US-China relations and discussed progress since the deal took effect in mid-February. China's Vice Premier Liu He gestures to the media between US Trade Representative Robert Lighthizer (L) and Treasury Secretary Steve Mnuchin before the two countries' trade negotiations in Washington The two Trump cabinet officials said in a joint statement that both sides “agreed that in spite of the current global health emergency, both countries fully expect to meet their obligations under the agreement in a timely manner.” Also read: US accuses China and Russia of coordinating to spread virus conspiracies China’s Commerce Ministry said the two sides agreed to improve the atmosphere for implementation of the Phase 1 deal, which calls for Beijing to boost its purchases of American farm and manufactured goods, energy and services by $200 billion over two years compared to a 2017 baseline. The deal brought a partial truce to an 18-month trade war between the world’s two largest economies that heaped US tariffs on some $370 billion worth of Chinese imports. Trump, who has blamed China’s early handling of the coronavirus outbreak in Wuhan in late 2019 for causing thousands of deaths and millions of job losses in the United States, has threatened to terminate the trade deal if China fails to meet its purchase commitments. He said on Wednesday that he will assess that effort within the next week. China has rejected the Trump administration’s assertions that there was evidence the new coronavirus came from a Wuhan laboratory and scientists have said it appears to have developed in nature. Early on Friday, just before the US. Labor Department announced that a staggering 20.5 million US jobs were lost in April, Trump told a news channel that he was “having a very hard time with China.” Also read: Coronavirus fuels historic US job losses, EU wants borders kept shut While he was initially “very excited” about the trade deal’s signing in January, the pandemic since then had changed his views about it. “Look, I feel differently than I did. I was the most - I was very tough with China,” Trump said. Asked if he was “breaking up” the Phase 1 trade deal, Trump said: “I’m very - I’m very torn as to - I have not decided yet, if you want to know the truth.” Trump and some members of his administration have threatened punitive action against Beijing, including possible tariffs and shifting supply chains away from China. While China has made some purchases of US farm goods, some observers say these are running far behind the pace needed to meet the first-year goal of a $77 billion increase as China’s economy is just now beginning to recover from shutdowns imposed during the pandemic. Beijing’s new plans to implement tougher protections for intellectual property as part of the trade deal have met with mixed reviews.

Trump 'torn' over US-China trade deal as officials push to fulfill its terms

Wall Street stocks jumped early Thursday, adding to records following the signing of a US-China trade accord and solid US retail sales data.

<a href="https://www.wionews.com/world/key-elements-of-the-us-china-trade-deal-a-pact-to-pause-the-economic-conflict-274516">Also Read:&nbsp;Key elements of the US-China trade deal</a>

Analysts generally view the US-China deal as removing the near-term risk of an escalation between the two economic powers, even though there is skepticism it will resolve issues between the countries.

The Senate later Thursday is expected to approve a new trade accord between the United States, Mexico and Canada, another benign trade development that has boosted sentiment.

Retail sales for December rose 0.3 per cent as US consumers continued to spend freely through the key holiday shopping season.

About 25 minutes into trading, the Dow Jones Industrial Average stood at 29,178.52, up 0.5 per cent.

The broad-based S&amp;P 500 also gained 0.5 per cent, rising to 3,305.00, while the tech-rich Nasdaq Composite Index won 0.7 per cent, moving up to 9,326.33.

The Dow and S&amp;P 500 both closed at records on Wednesday.

Among individual companies, Morgan Stanley gained 5.7 per cent as fourth-quarter earnings easily topped expectations, making it the latest large financial group to report good results.

Among other companies reporting results, PPG Industries lost 3.7 per cent and Alcoa 7.9 per cent.

Wall Street stocks jumped early Thursday, adding to records following the signing of a US-China trade accord and solid US retail sales data. Also Read: Key elements of the US-China trade deal Analysts generally view the US-China deal as removing the near-term risk of an escalation between the two economic powers, even though there is skepticism it will resolve issues between the countries.

Wall Street stocks jumped early Thursday, adding to records following the signing of a US-China trade accord and solid US retail sales data. Also Read: Key elements of the US-China trade deal Analysts generally view the US-China deal as removing the near-term risk of an escalation between the two economic powers, even though there is skepticism it will resolve issues between the countries. The Senate later Thursday is expected to approve a new trade accord between the United States, Mexico and Canada, another benign trade development that has boosted sentiment. Retail sales for December rose 0.3 per cent as US consumers continued to spend freely through the key holiday shopping season. About 25 minutes into trading, the Dow Jones Industrial Average stood at 29,178.52, up 0.5 per cent. The broad-based S&P 500 also gained 0.5 per cent, rising to 3,305.00, while the tech-rich Nasdaq Composite Index won 0.7 per cent, moving up to 9,326.33. The Dow and S&P 500 both closed at records on Wednesday. Among individual companies, Morgan Stanley gained 5.7 per cent as fourth-quarter earnings easily topped expectations, making it the latest large financial group to report good results. Among other companies reporting results, PPG Industries lost 3.7 per cent and Alcoa 7.9 per cent.

Wall Street stocks surge after US-China trade accord

US-China trade deal: Biggest winners & losers in phase 1

President Donald Trump signed a long-awaited "phase one" trade deal with China on Wednesday, which includes a massive increase in exports to the Asian economic power.

<a href="https://www.wionews.com/world/we-are-righting-the-wrongs-of-the-past-trump-on-phase-1-trade-deal-with-china-274503">Also read: US, China sign long-awaited 'phase one' trade deal</a> 
 
China agreed to buy $200 billion more in US goods over two years than it did in 2017 before the trade war erupted, according to the agreement signed Wednesday.

That includes an additional $32 billion in American farm products and seafood, nearly $78 billion in manufactured goods like aircraft, machinery and steel, and $52 billion in energy products.

The administration was "righting the wrongs of the past", Trump said before the deal signing.

<a href="https://www.wionews.com/videos/trump-officially-confirms-trade-deal-with-china-271329">Also Read:&nbsp;Trump officially confirms trade deal with China</a>

Here are the key elements of the trade deal:

Foreign trade

Trump blamed China for controlling its money to increase unreasonable exchange for favourable circumstances. Washington recently officially marked Beijing a cash controller before dropping the charge this week.&nbsp;

In the understanding, the two sides resolve to submit to the International Monetary Fund's standards on dodging the control of trade rates and state they will work to accomplish advertise decided trade rates and cease from aggressively cutting their estimation of their monetary forms.

China to purchase US goods worth $200 billion over two years

China has consented to purchase $200 billion more in US products for more than two years than it did in 2017, preceding the trade war started.&nbsp;

This incorporates $32 billion in American ranch items and fish, nearly $78 billion in made merchandise like aeroplane, hardware and steel and $52 billion in vitality products.&nbsp;

"They're fundamentally saying Chinese customers and the Chinese economy needs these American items thus the arrangement will classify that," top White House monetary assistant Larry Kudlow told CNBC before the marking.&nbsp;

With respect to whether US homesteads could take care of such goliath orders, Kudlow included that while American creation isn't boundless "we have a lot of ability to open the throttle."&nbsp;

The understanding additionally contains arrangements to ease administrative hindrances for exchange baby recipe, hamburger, pork, fish and agrarian biotechnology.

Ban on cyber-theft, theft of trade secrets

The deal calls for punishment on the robbery of prized formulas and for China to officially boycott digital burglary, the unapproved divulgence of trade secrets and the utilization of taken competitive innovations.&nbsp;

It additionally requires the formation of a system for settling disagreements about medication licenses.&nbsp;

"The definition of criminal offences regarding the theft of IP and related matters is absolutely a crucial ingredient in this," Kudlow said.

There are additional arrangements to forestall forging, including fake drugs, and online copyright encroachment.

Forced technology revelation

US authorities and organizations have since quite a while ago affirmed that China routinely constrained remote organizations to give up technical expertise as a byproduct of consent to work in the huge Asian market.&nbsp;

The understanding marked Wednesday stipulates that neither one of the sides will drive people from the other to move innovation "in connection to acquisitions, joint endeavours, or other venture exchanges."&nbsp;

Money related administrations&nbsp;

Under the trade deal, China will make it simpler for US banks to endorse the obligation of Chinese firms and lower obstructions to advertise passage for certain venture administrations.&nbsp;

Moreover, China consented to permit US electronic instalment administrations like Mastercard, Visa and American Express to apply to become bank card clearing organizations.&nbsp;

By April of 2020, China is to permit entirely claimed US organizations to partake in the life, benefits and medical coverage segments.

Smooth execution of the pact between two pacific powers

Under the content of the treaty, the two sides concur that they can officially gripe to one another if either feels the opposite side isn't holding to its finish of the deal.&nbsp;

In the event that they are not settled, grumblings will continuously ascend the hierarchy of leadership to increasingly senior authorities.&nbsp;

In the event that differences are as yet not settled, the grumbling side can stop keeping one of its commitments under the arrangement.&nbsp;

The side accepting the protest must not fight back for such cures on the off chance that it accepts they have been done "in compliance with common decency."&nbsp;

On the off chance that such a measure has been taken in "dishonesty," notwithstanding, "the cure is to pull back from this understanding."

President Donald Trump signed a long-awaited "phase one" trade deal with China on Wednesday, which includes a massive increase in exports to the Asian economic power.

President Donald Trump signed a long-awaited "phase one" trade deal with China on Wednesday, which includes a massive increase in exports to the Asian economic power. Also read: US, China sign long-awaited 'phase one' trade deal China agreed to buy $200 billion more in US goods over two years than it did in 2017 before the trade war erupted, according to the agreement signed Wednesday. That includes an additional $32 billion in American farm products and seafood, nearly $78 billion in manufactured goods like aircraft, machinery and steel, and $52 billion in energy products. The administration was "righting the wrongs of the past", Trump said before the deal signing. Also Read: Trump officially confirms trade deal with China Here are the key elements of the trade deal: Foreign trade Trump blamed China for controlling its money to increase unreasonable exchange for favourable circumstances. Washington recently officially marked Beijing a cash controller before dropping the charge this week. In the understanding, the two sides resolve to submit to the International Monetary Fund's standards on dodging the control of trade rates and state they will work to accomplish advertise decided trade rates and cease from aggressively cutting their estimation of their monetary forms. China to purchase US goods worth $200 billion over two years China has consented to purchase $200 billion more in US products for more than two years than it did in 2017, preceding the trade war started. This incorporates $32 billion in American ranch items and fish, nearly $78 billion in made merchandise like aeroplane, hardware and steel and $52 billion in vitality products. "They're fundamentally saying Chinese customers and the Chinese economy needs these American items thus the arrangement will classify that," top White House monetary assistant Larry Kudlow told CNBC before the marking. With respect to whether US homesteads could take care of such goliath orders, Kudlow included that while American creation isn't boundless "we have a lot of ability to open the throttle." The understanding additionally contains arrangements to ease administrative hindrances for exchange baby recipe, hamburger, pork, fish and agrarian biotechnology. Ban on cyber-theft, theft of trade secrets The deal calls for punishment on the robbery of prized formulas and for China to officially boycott digital burglary, the unapproved divulgence of trade secrets and the utilization of taken competitive innovations. It additionally requires the formation of a system for settling disagreements about medication licenses. "The definition of criminal offences regarding the theft of IP and related matters is absolutely a crucial ingredient in this," Kudlow said. There are additional arrangements to forestall forging, including fake drugs, and online copyright encroachment. Forced technology revelation US authorities and organizations have since quite a while ago affirmed that China routinely constrained remote organizations to give up technical expertise as a byproduct of consent to work in the huge Asian market. The understanding marked Wednesday stipulates that neither one of the sides will drive people from the other to move innovation "in connection to acquisitions, joint endeavours, or other venture exchanges." Money related administrations Under the trade deal, China will make it simpler for US banks to endorse the obligation of Chinese firms and lower obstructions to advertise passage for certain venture administrations. Moreover, China consented to permit US electronic instalment administrations like Mastercard, Visa and American Express to apply to become bank card clearing organizations. By April of 2020, China is to permit entirely claimed US organizations to partake in the life, benefits and medical coverage segments. Smooth execution of the pact between two pacific powers Under the content of the treaty, the two sides concur that they can officially gripe to one another if either feels the opposite side isn't holding to its finish of the deal. In the event that they are not settled, grumblings will continuously ascend the hierarchy of leadership to increasingly senior authorities. In the event that differences are as yet not settled, the grumbling side can stop keeping one of its commitments under the arrangement. The side accepting the protest must not fight back for such cures on the off chance that it accepts they have been done "in compliance with common decency." On the off chance that such a measure has been taken in "dishonesty," notwithstanding, "the cure is to pull back from this understanding."

Key elements of the US-China trade deal: A pact to pause the economic conflict

President Donald Trump signed a long-awaited "phase one" trade deal with China on Wednesday, which includes a massive increase in exports to the Asian economic power.

China agreed to buy $200 billion more in US goods over two years than it did in 2017 before the trade war erupted, according to the agreement signed Wednesday.

That includes an additional $32 billion in American farm products and seafood, nearly $78 billion in manufactured goods like aircraft, machinery and steel, and $52 billion in energy products.

The administration was "righting the wrongs of the past", Trump said before the deal signing.

In a press conference attended by US vice-president Pence and China's Vice Premier Liu He, Trump asserted that the US-China trade deal contains "substantial and enforceable commitments". However, the president stated&nbsp;that US trade tariffs will remain on China until phase two is completed.

<a href="https://www.wionews.com/videos/trump-officially-confirms-trade-deal-with-china-271329">Also Read:&nbsp;Trump officially confirms trade deal with China</a>

The deal which was reached after months of tense negotiations on both sides was finally settled by the key negotiators of the world's two biggest economies.

Trump also informed that he would be visiting China in the "not too distant future", while adding that&nbsp;President Xi was a "good friend".

Trump hailed the "momentous" US-China trade deal, stating:&nbsp;"Today, we take a momentous step, one that's never taken before with China that will ensure fair and reciprocal trade."

"Together, we are righting the wrongs of the past," Trump said.

President Donald Trump signed a long-awaited "phase one" trade deal with China on Wednesday, which includes a massive increase in exports to the Asian economic power. China agreed to buy $200 billion more in US goods over two years than it did in 2017 before the trade war erupted, according to the agreement signed Wednesday. That includes an additional $32 billion in American farm products and seafood, nearly $78 billion in manufactured goods like aircraft, machinery and steel, and $52 billion in energy products. The administration was "righting the wrongs of the past", Trump said before the deal signing. In a press conference attended by US vice-president Pence and China's Vice Premier Liu He, Trump asserted that the US-China trade deal contains "substantial and enforceable commitments". However, the president stated that US trade tariffs will remain on China until phase two is completed. Also Read: Trump officially confirms trade deal with China The deal which was reached after months of tense negotiations on both sides was finally settled by the key negotiators of the world's two biggest economies. Trump also informed that he would be visiting China in the "not too distant future", while adding that President Xi was a "good friend". Trump hailed the "momentous" US-China trade deal, stating: "Today, we take a momentous step, one that's never taken before with China that will ensure fair and reciprocal trade." "Together, we are righting the wrongs of the past," Trump said.

US, China sign long-awaited 'phase one' trade deal

Oil prices slipped on Wednesday on concerns that the Phase 1 trade deal between the United States and China, the world's biggest oil users, may not boost demand as the United States intends to keep tariffs on Chinese goods until a second phase.

<a href="https://www.wionews.com/business-economy/oil-prices-surge-to-new-high-after-iran-attacks-us-bases-in-iraq-272812">Also Read: Oil prices surge to new high after Iran attacks US bases in Iraq</a>

Also putting pressure on prices was a report from OPEC saying it saw lower demand for its oil in 2020 even as global demand rises, as rival producers grab market share and the United States looks set for another output record.

Brent crude was down 8 cents at $64.41 per barrel by 1257 GMT. U.S. West Texas Intermediate crude futures were down 3 cents at $58.21 a barrel.

US&nbsp;Treasury Secretary Steven Mnuchin said late on Tuesday that tariffs on Chinese goods will remain in place until the completion of a second phase of a US-China trade agreement, even as both sides are expected to sign an interim deal later on Wednesday.

"A pickup with global demand for crude may struggle as US-Chinese tensions linger after some hard line stances from the Trump administration," said Edward Moya, analyst at brokerage OANDA.

"Financial markets are disappointed that the Trump administration ... signalled tariffs will remain in place until after the 2020 US&nbsp;Presidential election, depending on whether China comes through on their promises with the Phase 1 agreement."

US&nbsp;President Donald Trump is due to sign the Phase 1 agreement with Chinese Vice Premier Liu He at the White House on Wednesday. That agreement is expected to include provisions for China to buy up to $50 billion more in US&nbsp;energy supplies.

U.S. crude inventories rose by 1.1 million barrels, data from the American Petroleum Institute showed, countering expectations for a draw.

The United States, whose output has soared in recent years powered by shale, will see total liquids output exceed a 20 million barrel per day (bpd) milestone for the first time, the Organization of the Petroleum Exporting Countries forecast in its market report.

US&nbsp;liquids output will reach 20.21 million bpd in the fourth quarter of 2020 - almost meeting US&nbsp;demand of 21.34 million bpd, OPEC said.

"The continued accommodative monetary policies, coupled with an improvement in financial markets, could provide further support to ongoing increases in non-OPEC supply," OPEC said.

OPEC and some non-OPEC allies such as Russia have been curbing production to prevent an oil glut and support oil prices above $60 per barrel. Their current deal expires in March.

"The collaboration between OPEC and non-OPEC producing countries remains essential in maintaining stability in the oil market," OPEC said.

Oil prices slipped on Wednesday on concerns that the Phase 1 trade deal between the United States and China, the world's biggest oil users, may not boost demand as the United States intends to keep tariffs on Chinese goods until a second phase.

Oil prices slipped on Wednesday on concerns that the Phase 1 trade deal between the United States and China, the world's biggest oil users, may not boost demand as the United States intends to keep tariffs on Chinese goods until a second phase. Also Read: Oil prices surge to new high after Iran attacks US bases in Iraq Also putting pressure on prices was a report from OPEC saying it saw lower demand for its oil in 2020 even as global demand rises, as rival producers grab market share and the United States looks set for another output record. Brent crude was down 8 cents at $64.41 per barrel by 1257 GMT. U.S. West Texas Intermediate crude futures were down 3 cents at $58.21 a barrel. US Treasury Secretary Steven Mnuchin said late on Tuesday that tariffs on Chinese goods will remain in place until the completion of a second phase of a US-China trade agreement, even as both sides are expected to sign an interim deal later on Wednesday. "A pickup with global demand for crude may struggle as US-Chinese tensions linger after some hard line stances from the Trump administration," said Edward Moya, analyst at brokerage OANDA. "Financial markets are disappointed that the Trump administration ... signalled tariffs will remain in place until after the 2020 US Presidential election, depending on whether China comes through on their promises with the Phase 1 agreement." US President Donald Trump is due to sign the Phase 1 agreement with Chinese Vice Premier Liu He at the White House on Wednesday. That agreement is expected to include provisions for China to buy up to $50 billion more in US energy supplies. U.S. crude inventories rose by 1.1 million barrels, data from the American Petroleum Institute showed, countering expectations for a draw. The United States, whose output has soared in recent years powered by shale, will see total liquids output exceed a 20 million barrel per day (bpd) milestone for the first time, the Organization of the Petroleum Exporting Countries forecast in its market report. US liquids output will reach 20.21 million bpd in the fourth quarter of 2020 - almost meeting US demand of 21.34 million bpd, OPEC said. "The continued accommodative monetary policies, coupled with an improvement in financial markets, could provide further support to ongoing increases in non-OPEC supply," OPEC said. OPEC and some non-OPEC allies such as Russia have been curbing production to prevent an oil glut and support oil prices above $60 per barrel. Their current deal expires in March. "The collaboration between OPEC and non-OPEC producing countries remains essential in maintaining stability in the oil market," OPEC said.

Oil prices slip over US-China trade deal concern

The Trump administration is planning to lift China's designation as a "currency manipulator", as leaders of the two economies get set to sign the phase 1 trade deal.

<a href="https://www.wionews.com/world/us-designates-china-a-currency-manipulator-as-yuan-hits-record-low-240948">Also Read: US designates China a currency manipulator as yuan hits record low</a>

According to a report by Bloomberg, the US Treasury Department will take the step in a long-delayed semi-annual report to be released soon.

President Donald Trump's administration said it made the change because China had agreed to refrain from devaluing its currency to make its own goods cheaper for foreign buyers.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe src="https://www.wionews.com/videos/trump-officially-confirms-trade-deal-with-china-271329/embed" width="560" height="350" style="width:100%;max-width:560px;" class="includeVideo" frameborder="0" autoplay=1 allowfullscreen></iframe></div>

Meanwhile, the deal between Washington and Beijing is aimed at de-escalating the tit-for-tat tariff war the two countries have engaged in since 2018.

US Senate Democratic leader Chuck Schumer, a fierce critic of &nbsp;China's currency and trade practices attacked the Trump administration asserting that it effectively "backed down" from labelling China as a currency manipulator.

The US in August had accused Beijing of manipulating its currency after China let the yuan drop to its lowest point in more than a decade.

However, China's central bank denied it had intervened to weaken the yuan, and had said Washington's designation of China as a currency manipulator seriously harmed international rules.

Meanwhile, the yuan recently reached its five-month highs amid heavy demand ahead of this week's trade deal. 
&nbsp;

The Trump administration is planning to lift China's designation as a "currency manipulator", as leaders of the two economies get set to sign the phase 1 trade deal.

The Trump administration is planning to lift China's designation as a "currency manipulator", as leaders of the two economies get set to sign the phase 1 trade deal. Also Read: US designates China a currency manipulator as yuan hits record low According to a report by Bloomberg, the US Treasury Department will take the step in a long-delayed semi-annual report to be released soon. President Donald Trump's administration said it made the change because China had agreed to refrain from devaluing its currency to make its own goods cheaper for foreign buyers. Watch Video: Meanwhile, the deal between Washington and Beijing is aimed at de-escalating the tit-for-tat tariff war the two countries have engaged in since 2018. US Senate Democratic leader Chuck Schumer, a fierce critic of China's currency and trade practices attacked the Trump administration asserting that it effectively "backed down" from labelling China as a currency manipulator. The US in August had accused Beijing of manipulating its currency after China let the yuan drop to its lowest point in more than a decade. However, China's central bank denied it had intervened to weaken the yuan, and had said Washington's designation of China as a currency manipulator seriously harmed international rules. Meanwhile, the yuan recently reached its five-month highs amid heavy demand ahead of this week's trade deal.

Now, US may lift China's 'currency manipulator' designation