Stocks jumped today on reports that the Trump administration has reached a phase one trade deal with China in principle.
On Thursday morning, Trump signaled optimism about an agreement with China. He tweeted that the U.S. has moved close to a trade deal with Beijing after several false starts and near misses.Aside from his advisors, the president also huddled with major business figures on Thursday, CNBC has learned. Business Roundtable CEO Joshua Bolten, Cummins CEO Tom Linebarger, Stanley Black and Decker CEO James Loree and Union Pacific CEO Lance Fritz, among others, met with Trump.
Trump's acknowledgement that the U.S. wants a deal marked a shift in tone from recent weeks. He has repeatedly contended that Beijing needs an agreement more than Washington does, and suggested he was content waiting until after the November 2020 election to strike a deal — a statement that disappointed investors.
Trump in October announced a partial phase one agreement with China as the world's two largest economies try to de-escalate the economic conflict. Washington and Beijing had so far failed to sign the agreement. During months of trade talks with China, the president has previously touted progress before discussions crumbled. He has repeatedly said the negotiations are going well, even as trade officials struggled to reach a deal.Trump wants a broad trade agreement with China to address concerns about intellectual property theft, forced technology transfers and trade deficits.
Not all of Trump's advisors want to back off the planned duties. China hawk Peter Navarro, under the pseudonym "Ron Vara,"In the document obtained by CNBC on Wednesday, he wrote that tariffs "are working to defend [the] economy and have had no negative impacts on growth or stock market rise."
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