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Illustration: Axios Visuals

President Trump said the U.S. and China reached a partial trade deal on Friday that included an agreement from the U.S. to suspend a planned 30% tariff spike on Oct. 15, while China will buy $40-50 billion worth of U.S. agricultural goods.

Why it matters: The ceasefire comes as the U.S. economy is showing signs of weakness as a result of the trade war — threatening the economic gains Trump has counted on to carry him to re-election in 2020.

Where it stands: Trump described the partial trade agreement — which could be signed by both countries in November — as a "phase 1" deal in the Oval Office on Friday, according to multiple reports.

  • The stock market rallied earlier in the day on news of the ceasefire, but gains faded slightly after news of the partial deal.
  • There's no final decision on whether or not the Trump administration will move forward with imposing the previously announced tariffs on Dec. 15.
  • Trump said the talks "made very good progress on technology transfer" and said the U.S. and China reached "an agreement on intellectual property."
A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.

The bottom line: Tariffs imposed by Trump on China's imports have cost the U.S. $26.3 billion, and the battle over China's trade surplus and technology ambitions has disrupted global trade. Economists warn that a final settlement might take years.

Go deeper: The cost of Trump's tariffs

Editor's note: This story has been corrected to reflect that China is anticipated to buy $40-50 billion worth of U.S. agricultural goods, not million.

Go deeper

Stuck jet stream brings blowtorch December in Lower 48, frigid Alaska

Short-term climate outlook for Dec. 13-19, 2021, from the Climate Prediction Center at NOAA. (NOAA/CPC)

The Lower 48 states have seen record-shattering warmth so far this December, with temperatures running as high as 35°F above average for this time of year. The warmth has been so pronounced that during the weekend, brush fires broke out in a snowless, unusually mild Denver metro area.

The big picture: The jet stream, which is a river of air that rides at about 30,000 feet along the temperature contrast between air masses, steering storms as it goes, has been stuck in a position well north of the continental U.S., keeping storms and cold weather at bay.

Ubisoft admits its handling of misconduct lost some workers' trust

Photo illustration: Axios Visuals. Photos: Ubisoft, IGDB

Ubisoft management is acknowledging that its initial response to an ongoing and wide-reaching workplace misconduct scandal was flawed, even as it argues that its corrective actions were largely swift and correct.

Why it matters: Those comments, in an exclusive interview with Axios, come amid recent pushback from workers that the publisher of Assassin’s Creed and Just Dance hasn’t sufficiently addressed a cascade of #MeToo allegations since mid-2020.

Prosecutors “haven’t ruled out” charging school officials in Michigan shooting

Michigan school officials had the legal grounds to search alleged shooter Ethan Crumbley's backpack and locker but did not to do so, Oakland County Prosecutor Karen McDonald told CNN Monday.

Catch up quick: Crumbley has been charged with numerous felony counts related to terrorism and murder after opening fire at Oxford High School, killing four students and wounding seven other people.