FAST FIVE: Trump Says "Phase One" Of China Trade Deal Reached, Tariff Hike Delayed, Enforcement Plan 'Still Being Worked Out'
China has agreed to make between $40 and $50 billion in agricultural purchases.
Trump added that a currency agreement is also going to be part of the deal, but that a critical agreement on enforcement is still being worked out.
The announcement came 20 minutes before the market close.
Traders were beginning to wonder whether an announcement would be out before the long weekend.
Let's review: The Dow has now soared 500 points on the news that the world's two largest economies have reached a “deal” that hasn't been written yet – but rest assured: Everybody is on the same page, and there is an agreement around a “framework”.