U.S. stocks pared gains but held near record highs hit early on Wednesday, as the United States and China signed a long-awaited Phase 1 trade deal that will roll back some tariffs and boost Chinese purchases of U.S. goods and services.
Chinese Vice Premier Liu He said China will use the results of the Phase 1 trade deal with the United States to prove that the negotiations are working to improve the economy, Chinese state television reported on Thursday.
Key world equity indexes climbed to new records on Wednesday on hopes a U.S.-China trade deal will reduce harmful tensions, but oil prices slid on doubts the pact will spur world growth and boost crude demand.
The U.S.-China Phase 1 trade deal's dispute settlement and enforcement mechanism will take about 90 days to complete and is designed to deter retaliation against any punitive tariffs imposed, a senior Trump administration official said on Wednesday.
The United States and China signed an initial trade deal on Wednesday that will roll back some tariffs and boost Chinese purchases of U.S. products, defusing an 18-month row between the world's two largest economies but leaving a number of sore spots unresolved.
China has agreed to buy two types of rare earth metals from the United States as part of an initial trade deal inked on Wednesday, a move likely to boost U.S. production of the strategic minerals.
Completion of the Phase 1 U.S.-China trade deal and a new North American trade agreement will boost the U.S. gross domestic product (GDP) by a combined 50 to 75 basis points, U.S. Treasury Secretary Steven Mnuchin told Fox News on Wednesday.
China's pledge to buy U.S. farm goods based on "market conditions" during the Phase 1 trade deal signing ceremony on Wednesday added to doubts among farmers and commodity traders over Beijing's lingering tariffs on U.S. exports.
The Trump administration is touting the U.S.-China Phase 1 trade deal's dispute settlement and enforcement mechanism as the major difference between the 86-page agreement unveiled on Tuesday and past pledges by Beijing to change its trade practices.
He listed familiar grievances, praised and criticized his guests, and seemed to blow off some steam.
Oil prices rose on Thursday, propelled higher by the long-anticipated signing of an initial trade deal between Washington and Beijing that sets the stage for a potentially huge increase in energy supplies from the United States to China.
U.S. energy exports to China, mostly crude oil and natural gas, will climb as the world's two largest economies struck a trade agreement after a more than year-long tariff war, executives and traders said on Wednesday.
U.S. stocks pared early gains but closed at record highs on Wednesday after the United States and China signed a Phase 1 trade deal that ended 18 months of uncertainty and will roll back some tariffs and boost Chinese purchases of U.S. goods and services.
U.S. Vice President Mike Pence said on Wednesday that discussions had already begun on a "Phase 2" U.S.-China trade deal, hours after Washington and Beijing signed an initial trade pact that defused some tensions but left some major issues unresolved.
Tesla Inc's overall vehicle registrations nearly halved in the U.S. state of California during the fourth quarter, according to a Dominion Cross-Sell report, which collates data from state motor vehicle records.