U.S. Markets Decline Amid Trade Deal with China
(MENAFN) U.S. equities ended the midweek session in negative territory after Leader Donald Trump revealed a newly established trade agreement with China.
This announcement followed high-level economic discussions between the two leading global economies, held in London.
The S&P 500 slipped by 0.27 percent, a decline of 16.57 points, closing at 6,022.24. Meanwhile, the Nasdaq Composite dropped 0.50 percent, losing 99.11 points to settle at 19,615.88.
The Dow Jones Industrial Average remained nearly flat, edging down just 1.10 points to conclude at 42,865.77.
Talks between American and Chinese officials wrapped up in London on Wednesday.
Trump declared that a trade pact "is done," contingent upon final authorization from both nations' presidents.
Posting on his Truth Social platform, Trump stated the U.S. “is getting a total of 55% tariffs, China is getting 10%.”
He also noted, “Full magnets, and any necessary rare earths, will be supplied, up front, by China,” emphasizing: “Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!).”
He further highlighted that the “Relationship is excellent!”
In additional comments, Trump mentioned that he and Chinese President Xi Jinping “are going to work closely together to open up China to American Trade.”
“This would be a great WIN for both countries!!!" he exclaimed.
Earlier in the week, American and Chinese representatives convened in London to address the matter of tariffs and other economic concerns.
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