Breaking: Have come to substantial phase 1 deal with China

In recent trade, Trump has made a number of announcements following negotiations with China.

Streaming comments: 

• Have come to substantial phase 1 deal with China. 
• We have mode progress on tech transfer, more on that in phase 2.
• Also agreed on currency and FX issues.
• Structural ag issues have also been addressed.
• China has agreed to make 40-50bln USD in AG good purchases.
• Will take up to 5 weeks to get deal written.
• Have come to deal on intellectual property, financial services and big ag purchases.

US treasury secretary Mnuchin: We also have almost complete agreement on financial services.

• Have agreement on transparency in FX.

More to come...