Summary: Phase 1 of a potential US-China trade deal is "almost complete":
Oct 15 tariff hike delayed
Dec tariff hike still on the table
Evaluate FX manipulator label
Huawei separate process for later talks
Enforcement being worked out
Deal yet to be put into writing
Markets had solid gains for the week but traders sold the news...
Stocks cemented gains on Friday after President Trump and Chinese Vice Premier Liu He - in a replay of their joint press conference from April (where the two men announced that the two sides were 'close' to a deal, which would assuredly be reached within a brief time frame) - revealed that Washington and Beijing had agreed to what Trump described as a "substantial, 'Phase One' deal.
During the ensuing press conference, Treasury Secretary Steven Mnuchin revealed that Washington would delay tariff hikes that were scheduled for next week (However, Trade Rep Robert Lighthizer said Trump hasn't made up his mind about the hike set for Dec. 15).