But the details of those deals – at least on Friday afternoon in Beijing when Air Force One departed – were vague, signaling a potential shift in leverage between the world’s two largest economies since Trump’s last visit nearly nine years ago.
Investors, decrying the lack of specifics, sold off stocks. Dow futures were down more than 300 points, or 0.6%. The broader S&P 500 futures fell 1% and Nasdaq futures were 1.4% lower. With no firm resolution to reopen the Strait of Hormuz, Brent oil futures rose 3%, above $108 a barrel. Soybean futures sold off sharply after the United States spoke of a nebulous commitment from China to buy agricultural products. And bond yields rose as traders grew cautious about rising inflation.