Stocks surge peak on US-China deal
President Donald Trump signed off on a phase-one trade deal with China, averting today's planned introduction of a new wave of US tariffs on about $160bn (R2.3-trillion) of consumer goods from China, according to people familiar with the matter.
The deal presented to Trump by advisers this week included a promise by the Chinese to buy more US agricultural goods, according to the people. Officials also discussed possible reductions of existing duties on Chinese products. The terms have been agreed but the legal text has not yet been finalised, the people said. A White House spokesperson declined to comment.