The United States and China have reached a phase one trade deal in principle Thursday, Bloomberg reported.
- The deal is awaiting a sign-off from President Donald Trump.
- An announcement could come as early as this afternoon, Bloomberg said. Earlier, the Wall Street Journal reported that U.S. negotiators were preparing to offer to cancel the next round of import tariffs on Chinese goods and cut existing tariffs in return for guaranteed purchases of U.S. agricultural goods.
- The S&P 500 spiked on the report, up 0.75%. Earlier in the day, the index had been up 1.1% before falling back to a 0.4% gain.
