Source: US and China Have Reached Phase One of Trade Deal

Fox Business is reporting that a source has confirmed that the United States and China have completed phase one of a trade deal. The deal’s details are still being “fine-tuned” according to the source, but Fox Business has confirmed that this agreement will avoid the December 15 tariffs.

RELATED: Markets Open With A Jump After Trump’s SOTU

‘The deal is essentially done’

“Reports that a deal was ‘imminent’ surfaced during the final hour of trading, giving the S&P 500 and Nasdaq a lift to all-time closing highs, while the Dow Jones Industrial Average was just shy,” Fox Business noted Thursday.

“The deal is essentially done. The mechanics of how you execute it and how you get it signed still have to be worked out,” a person familiar with the administration’s internal dealings with China on this issue told the Washington Post. The source insisted on anonymity because they were not authorized to speak to the press about the matter.

Forbes reported Thursday, “The U.S. and China agreed upon terms for the so-called phase one deal, with Trump signing off on the deal later in the day, leading Wall Street investors to rejoice. After months of drawn out negotiations to hammer out the terms of the phase one deal, first announced in October, the news sent the stock market surging to new records: The S&P 500 and Dow Jones Average were both up by around 0.80% on Thursday.”

According to Bloomberg News, the deal reportedly includes promises by China to buy more U.S. farm goods.

President Trump hinted at something big brewing between the U.S. and China when he tweeted that the two nations were “Getting VERY close to a BIG DEAL with China. They want it, and so do we!”

RELATED: Joy Behar: Clinton Was Sleeping with Lewinsky But Trump Is Sleeping with Putin

Are President Trump’s Efforts Paying Off?

President Trump has had many critics when it comes to his trade dealings with China.

But has he known something along that his detractors didn’t? And are his efforts finally paying off?

Stay tuned.