U.S. Trade Representative Robert Lighthizer said on Sunday the deal will almost double U.S. exports to China over the next two years and is "totally done" despite the need for translation and revisions to its text.
Trump cheered the gains as the Dow Jones Industrial Average picked up another 150 points, tacked onto gains last week after the administration and China announced they were moving forward with a deal to reduce USA -imposed tariffs while China commits to new purchases of agricultural products.
After almost two years of on-and-off negotiations and tariff escalations, the USA has reportedly offered to halve tariff rates on about US$350 billion worth of Chinese goods, some of which had climbed as high as 25%.
Hong Kong's Hang Seng Index retreated 0.3%, while Japan's Nikkei 225 and South Korea's Kospi both moved marginally lower.
However, Lighthizer said negotiators never envisioned solving all trade issues at one go, and coming negotiations with China would be informed by the implementation of the phase one agreement.
The Friday agreement averted additional tariffs on Chinese goods totaling $160 billion that the United States was set to impose over the weekend, but investors remained cautious as they awaited precise details of how the trade deal would work.
"What the market needs now, though, is clarity around exactly what the deal entails", analysts from ING Economics said in a note on Monday. Footwear already faces a US$3 billion tariff burden every year.
Beijing orders officials to replace ALL foreign PCs and software
Neither China Securities nor the Chinese State Council immediately responded to The Post's emails seeking comment Monday morning. Microsoft customized a version of its Windows 10 software exclusively for the Chinese government's use in 2017.
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Neither the US nor China have publicly confirmed reports that terms for such a phase-one arrangement have been agreed upon. Thursday evening, a senior administration official said a policy announcement regarding China would take place on Friday.
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I do not even have words to properly describe how I felt, it was just unbelievable and incredible. John , founder and chairman of St. It is, it's really fantastic ".
"Certainly there were expectations perhaps that the rollback would be more significant than just 50 per cent", he said.
The last-minute suspension came two days after the two countries agreed to a Phase I deal that would ease the trade war that has roiled markets for the past 18 months. Some critics noted several shortcomings in the trade deal that was announced between the world's two largest economies on Friday.
USA shares had struck a cautious note on Friday, paring initial gains to end barely higher as tired investors awaited signs of a concrete deal. Benchmark 10-year Treasury notes rose to 1.84 percent compared with its USA close of 1.821 percent on Friday and the two-year yield touched 1.6201 percent compared with a US close of 1.604 percent.
SCENT OF A DEAL: International Flavors and Fragrances fell 8 % for the biggest loss in the S&P 500 after after it said it's merging with DuPont's Nutrition and Biosciences unit in a $26.2 billion deal.
Reflecting the upbeat market mood, Wall Street's three main indexes are trading at fresh all-time highs. The dollar was slightly higher against the yen at 109.39 and the euro was up 0.14 per cent at $1.1135.
Oil prices, which had risen on Friday following the deal, cooled in early Asian trade on Monday.
Brent crude oil futures were up 37 cents, or 0.6%, at $65.59 a barrel by 1535 GMT, having hit their highest since September 17 in the previous session at $65.79.