Beijing says ‘major progress’ has been made on the first phase of a trade deal.
The comments follow reports that the initial pact includes promises by China to purchase $50 billion of U.S. agriculture, stronger intellectual-property protections and end its currency manipulation.
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The tentative deal further cools the 21-month-long trade war between the world’s two largest economies, with the U.S. agreeing not to put 15 percent tariffs on $160 billion of Chinese goods on Sunday.
