Here’s what President Trump tweeted on Monday:
He was referring to a handshake deal brokered with Chinese President Xi Jinping during the G20 Summit in Buenos Aires over the weekend.
On Sunday, Trump tweeted: “China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40%.” And he called the informal agreement “one of the largest deals ever made.”
Word from the Chinese media differed, though. They said that a tariff deal is conditional on the two countries resolving key issues within 90 days.
Regardless, markets soared on the news.
On Monday, the S&P 500 and Nasdaq opened up 1.5% and 2% higher, respectively. And that’s on top of last week’s 4% gains.
Multinationals did even better: Airplane manufacturer Boeing jumped 6% immediately after the news… Heavy-machinery maker Caterpillar spiked 4%… And chipmaker Micron Technology rose 4%.