Investing.com – Asian markets in morning trade on Monday after the U.S. and China agreed on a “phase one” trade deal over the weekend, although some analysts voiced skepticism on the accord. China’s Shanghai Composite and the Shenzhen Component rose 1.7% and 1.3% respectively by 10:30 PM ET (02:30 GMT). Washington will not be raising tariffs on Chinese goods as originally planned this week. In exchange, Beijing will make as much as $50 billion of agricultural purchases and also take steps on intellectual property, financial services and the yuan. “My deal with China is that they will IMMEDIATELY start buying very large quantities of our Agricultural Product, not wait until the deal is signed over the next 3 or 4 weeks. THEY HAVE ALREADY STARTED!” said U.S. President Donald Trump. The two sides agreed to the outlines of a deal that could be signed as early as next month. However, some economist reacted with skepticism and doubt about the agreed “trade deal” as it is an “uncertain” arrangement at best. “Let’s not get carried away,” said Raoul Leering, head of international trade research at ING Bank NV, in a Bloomberg report. “There is a very tough journey ahead for the… Read full this story
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