U.S. stock index futures fell Monday after Bloomberg reported China said it needed to have further discussions before it would sign off on the so-called phase one trade deal U.S. President Donald Trump touted on Friday
Around 7 a.m. ET, Dow Jones Industrial Average futures traded down 87 points, pointing to a loss of about 80 points at the open. Dow futures briefly dropped more than 100 points. S&P 500 and Nasdaq 100 futures indicated a lower open as well.
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Futures were marginally higher earlier in the session before taking a leg lower on the Bloomberg report.
The report, which cites people familiar with the matter, said Chinese Vice Premier Liu He may lead a delegation as soon as month’s end to iron out the details of “phase one” before President Xi Jinping agrees to it.
China wants Trump to also scrap a planned tariff hike in December in addition to the hike scheduled for this week, the report added.
On Friday, President Trump announced that the first phase of a deal with China had been agreed, though officials on both sides said much more work needed to be done. The partial deal — which covers agriculture, currency and some aspects of intellectual property protections — represents the first step forward to end the trade war in 15 months.
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However, the deal does not include many details and Trump has warned it could take up to five weeks to get a pact written. Indeed, analysts are saying it appears to be more of a “temporary truce” than a real trade pact.
The world’s two largest economies have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets and souring business and consumer sentiment.