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US President Donald Trump announces partial trade deal with China

File photo. Photograph:( AFP )

AFP Washington, United States Oct 12, 2019, 07.40 AM (IST)

US President Donald Trump on Friday announced a partial trade deal with China after talks in Washington with Vice Premier Liu He.

The pact, characterized by US officials as the first phase in negotiations, capped a rollercoaster week for stocks, with the market retreating early in the week on doubts about the talks, but reversing course midweek as the signs from both sides became more conciliatory.

"There was a lot of friction between the United States and China, now it’s a lovefest," Trump said. "It's beyond a trade deal."

Beijing and Washington have been at loggerheads for more than a year, with US President Donald Trump emphasizing trade relations with China as a central tenet of his "America First" agenda.

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Wall Street stocks finished higher on Friday as US-China trade negotiations yielded a partial deal that included a halt to tariffs scheduled for next week.

Story highlights

'There was a lot of friction between the United States and China, now it’s a lovefest,' Trump said. 'It's beyond a trade deal.'