US President Donald Trump said on Friday the two countries had come to a substantial "phase one" trade deal on intellectual property, financial services and big agricultural purchases. Chinese Vice Premier Liu said they had made substantial progress in the talks, and will continue to make efforts.
The spread between three-month and 10-year Treasury yields widened by the most since May 6 and moved into positive territory. It had been inverted since late May save for two intraday pops in mid-July.
While Trump suspended tariff hike on Chinese goods worth $250 billion set to kick in Tuesday, China agreed to step up farm purchases.
While the limited agreement may resolve some short-term issues, several of the thorniest disputes remain. US goals in the trade war center around accusations of intellectual-property theft, forced technology transfer and complaints about Chinese industrial subsidies.
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