U.S. and China agree to trade deal text

The U.S. and China have reached an agreement on text of a phase one trade deal and will now move toward signing a deal as quickly as possible, Chinese officials said Friday. The U.S. will scrap tariffs on Chinese goods in phases, Vice Commerce Minister Wang Shouwen said. The deal involves intellectual property, technology transfers, agricultural goods, financial services and expansion of trade. The U.S. and China have worked on a partial trade deal announced in October, which President Donald Trump said would involve more Chinese purchases of agricultural goods. The agreement must go through legal Procedures in both countries before getting signed, a Chinese official said, according to the Wall Street Journal.

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