US stocks rally amid eased US-China trade tensions

Shares of General Electric Boeing and Caterpillar all closed higher

Last year, the US had a record $376 billion deficit with China in the trade of goods; that was the largest by far with any nation. The Dow rose 1.21 percent to 25,013.29, and the S&P 500 rose 0.74 percent to 2,733.01, while the Nasdaq increased 0.54 percent to 7,394.04.

"Treating Trump literally is destructive for investors", he said. "Most realize that is his negotiating method; unorthodox perhaps, but potentially successful in the long run".

The S&P 500 index rose 15 points, or 0.6 percent, to 2,728.

Still, Mr. Trump rubbed Democrats' faces in the promising developments, singling out his nemesis Senate Minority Leader Charles E. Schumer of NY.

The U.S. -China trade truce drew fire from some who had applauded Trump's campaign pledge to overturn decades of U.S. trade policy and crack down on China and other trading partners they accuse of abusive practices. I am not going to publicly disclose what they are.

Trade analysts and China watchers were underwhelmed.

President Trump campaigned in 2016 on ending what he said were "unfair" trade agreements with China and other nations, causing companies to leave the United States, closing many manufacturing plants and leaving workers unemployed. "The antagonism in trade will ebb and flow in China-US relations in the long term".

More from Bloomberg.com: China Will "Significantly" Boost U.S. Purchases. A week ago, Trump tweeted that he was working with Chinese President Xi Jinping to put ZTE "back in business, fast".

United States stocks traded higher as investor sentiment was boosted by an easing of trade tensions between China and the US.

Last month, the administration proposed tariffs on $50 billion of Chinese imports to protest the forced technology transfers.

President Donald Trump is dispatching Commerce Secretary Wilbur Ross to try to settle on the kinds of details that were sidestepped in last week's talks with a Chinese delegation led by Vice Premier Liu He.

Trump's tantrum appeared to have been sparked in part by his buddies at Fox & Friends, who trashed Mnuchin as "a disaster on trade" who's "caving like a cheap suit", and "leaving America out to dry".

Whatever the case, EU leaders insist that there is no chance of relaunching the very unpopular TTIP talks, the major EU-US trade agreement torpedoed by Trump when he entered office previous year.

Much of the dealmaking remains unfinished, including a rewrite of the North American Free Trade Agreement.

Mnuchin pushed back against the suggestion that the economic team was not aligned, saying that he, Ross and Robert Lighthizer, the USA trade representative, are on the same page.

But Mnuchin insisted on Sunday that despite making "meaningful progress", the U.S. would be free to impose tariffs if Beijing did not live up to its commitments.

Lovely, the Syracuse economist, said the USA was distracted by an "ill-advised focus" on the trade deficit.

The US and China concluded two days of trade negotiations with an agreement not to impose tariffs on each other. Dan DiMicco, a former steel C.E.O. who had been a vocal supporter of Trump's steel and aluminum tariffs, tweeted, "Did [the] president just blink?"

One of the areas in which the American people were promised a dazzling display of the maestro in action was on trade with China, a situation the president has likened, with some regularity, to the US being "raped".

The New York Times reported that Chinese social media users were comparing a photo featuring the Chinese delegation and USA lawmakers to a photo from the negotiation of the Boxer Protocol in 1901.

"It is not clear to me at all that when the details are put in front of the Chinese that the agreement will hold. Of course, we do not want to see any reversal", said Lu. "They care about one thing, and that's Made in China 2025".

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