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 The "phase one" U.S.-China trade deal will nearly 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, U.S. Trade Representative Robert Lighthizer said on Sunday.
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China has suspended additional tariffs on some U.S. goods that were meant to be implemented on Dec. 15, the State Council's customs tariff commission said on Sunday, after the world's two largest economies agreed a "phase one" trade deal on Friday.
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While President Trump can change policy with the speed of a tweet, companies find themselves scrambling to adapt supply chains developed over decades.
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China has agreed to buy $32 billion of additional U.S. farm products over two years as part of a phase one trade pact, U.S. Trade Representative Robert Lighthizer told reporters on Friday, adding the deal would be signed the first week of January.
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 Oil futures settled higher on Friday, with U.S. prices above $60 a barrel for the first time since mid-September. Traders digested news of a preliminary phase one U.S.-China trade deal that helped ease worries about the outlook for energy demand. The question of whether U.S. benchmark crude-oil futures can "break above multi-month resistance in the low $60s will depend on U.S.-China trade relations; a favorable deal with material tariff reductions will be supportive of a move higher in oil, while continued confusion on the status of the deal will keep energy markets capped," said Tyler Richey, co-editor at Sevens Report Research. January West Texas Intermediate oil rose 89 cents, or 1.5%, to settle at $60.07 a barrel on the New York Mercantile Exchange. For the week, prices rose 1.5%, according to FactSet data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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