How gullible is Reuters?
China will likely hit $50 billion in purchases of U.S. agricultural products, U.S. President Donald Trump said on Friday after earlier announcing that he would roll back scheduled tariffs on Chinese imports as Washington and Beijing finalized an initial trade deal.
That was their opening paragraph. Fortune had a different take:
The Markets Have Spoken: Phase One Trade Deal Between the U.S. and China Is “No Victory” – From Shanghai to London, stocks rallied on Friday morning as a “Phase One trade deal” was reached between China and the Trump Administration—that is, until the details were announced. By noon in New York, the major indices still trading were swooning, with the S&P 500 and Dow Jones Industrial Average in negative territory, ceding big early gains. What happened? … Later in the day, the markets’ exuberance was largely dashed by what’s not in the deal. “I think we’re pretty much where we were in May,” says Usha Haley, W. Frank Barton distinguished chair in international business and professor of management at Wichita State University.