Fri. Sep 25th, 2020

FTSE 250 rockets to record high; US and China agree phase one deal – business live

Shares and sterling are rallying as the financial markets react to the Conservative Party’s election triumph

3.55pm GMT

The U.S. Trade Representative says in a new statement that some tariffs will be maintained amid this ‘phase one’ deal:

• 25% on ~$250B of Chinese imports
• 7.5% on ~$120B of Chinese imports

More: https://t.co/8OeReRLmjc pic.twitter.com/0ZpHxdQyDD

3.54pm GMT

China’s government has confirmed that a phase one trade deal has been reached with the US.

Just as Trump was tweeting, finance minister Liao Min told reporters that the text of a deal had been agreed.

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