U.S., China reaffirm commitment to Phase One trade deal

Financial markets were given a boost on Tuesday after top U.S. and Chinese trade officials have reaffirmed their commitment to the Phase 1 trade deal after months-long disputes.

The deal was made through a phone call between U.S. Trade Representative Robert Lighthizer, U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He. The call was initially expected to take place on August 15, six months after the deal was launched.

Washington and Beijing had previously run into several disputes, leading to an exchange of barbs and sanctions after Hong Kong imposed new national security laws.

The news of the call helped buoy global stocks and Asian currencies.