Chinese Vice Premier Liu He listens as Donald Trump speaks during a signing ceremony. Kevin Lamarque/Reuters
The United States and China signed a truce in their trade war on Wednesday after nearly two years of tensions, bringing relief to markets but largely leaving massive tariffs in place.
The "phase one" deal is also a boon for Donald Trump as he faces an impeachment trial and a tough re-election fight this year, with the US president hailing the agreement as "momentous".
However, with tariffs still in place on two-thirds of more than $500 billion in imports from China, US consumers and businesses will be left to foot the bill.
The agreement includes pledges from China to beef up purchases of US agricultural goods and other exports for two years, provides some protections for US technology, and new enforcement mechanisms that allow Washington to quickly impose penalties that Beijing cannot respond to.
"Today, we take a momentous step, one that has never been taken before with China", which will ensure "fair and reciprocal trade", Trump said at the White House signing ceremony.
"Together, we are righting the wrongs of the past".
But as Trump ambled through a lengthy commentary on the deal, major networks switched away from the White House to Congress where articles of impeachment were to be presented to the Senate as the first step towards a trial.
The easing of trade frictions has boosted stock markets worldwide in recent weeks, as it takes the threat of new tariffs off the table for now. On Wall Street, the Dow and S&P 500 ended at new record highs after the signing, while Asian markets were mostly up in the afternoon.
Trump signed the deal with China's Vice Premier Liu He, who has led Beijing's negotiations with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.
President Donald Trump on Thursday for the first time linked a dispute over telecom giant Huawei, which he views as a threat to American security, with a deal to resolve the US-China trade war.
Washington is open to a “historic” trade deal with China, President Donald Trump said on Saturday as he met President Xi Jinping, who called for “cooperation and dialogue.”
Top US and Chinese trade officials met in Shanghai on Wednesday for talks in a bid to end a year-long trade war, despite low expectations for progress and combative remarks
Emergency response team members arrived on the scene at the Bank of Montreal in Saanich, on Vancouver Island, near the border with the US state of Washington, around 11 a.m. (1800 GMT), law enforcement said.
After more than 16 hours of negotiations, environment ministers from the European Union's 27 member states agreed their joint positions on five laws, part of a broader package of measures to slash planet-warming emissions this decade.
The much-awaited end to the court case, which began in September 2021, will cap nine months of hearings and a six-year, multi-country investigation whose findings run to more than a million pages.
The New York Times and NBC, citing sources in the Secret Service, said the head of Trump's security detail, Robert Engel, and the limousine driver were prepared to testify under oath that Trump never lunged for the steering wheel.