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China says 'major progress made' on first phase of trade deal

Added 12-13-19 11:04:03am EST - “The initial pact includes stronger intellectual-property protections and promises by China to purchase $50 billion of U.S. agriculture and end its currency manipulation.” - Foxbusiness.com

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Posted By TheNewsCommenter: From Foxbusiness.com: “China says 'major progress made' on first phase of trade deal”. Below is an excerpt from the article.

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Chinese president Xi Jinping's administration confirmed an initial trade agreement with the U.S., mollifying U.S. investors who questioned why Beijing hadn't confirmed the pact more quickly.

The Dow Jones Industrial Average climbed 0.3 percent to 28, 225 afterward, while the broader S&P 500 and tech-heavy Nasdaq also notched gains.

"It is beneficial for China and the U.S. to strengthen cooperation in the economic and trade field," Wang Shouwen, China's vice minister for commerce, said in a news conference. "In the next step, both parties will complete the necessary procedures such as legal review and translation proofreading, and turn up to complete these necessary procedures as soon as possible."

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