Did the pen finally take a step closer to paper when it comes to securing a trade deal between the U.S. and China?
Though gains have since subsided, the Dow Jones Industrial Average, Nasdaq and S&P surged to all-time highs after a Chinese press conference said there is a phase one agreement with the U.S. that further protects the interests of foreign firms and the U.S. plans to cancel tariffs on a phased basis.
President Donald Trump followed up with a series of tweets that said a “very large” deal has been made with China that involves significant agricultural purchases and the December 15 tariffs will be canceled.
Trump added that negotiations for phase 2 of a trade deal will begin immediately.
Though it’s easy to get caught up in the excitement, Jim Cramer cautioned jumping the gun as the president and China seem to tell different stories when it comes to the removal of the December 15 tariffs.
So when should you do some buying? “When China says ‘we’re going to let the financials come in unfettered and without partners,’” Cramer said.
“We need to see a story that they’re [China] going to let American Express come in,” Cramer concluded.
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