A trade deal between the U.S. and China has reportedly been signedraising hopes the trade war between the world's two largest economies may finally be drawing to an end.
To get more on this, we have our Kan Hyeong-woo on the line.
Hyeong-woo, it's a bit too early to get carried away, but finally some light at the end of the tunnel.
Mark, Washington has reached a phase-one trade deal "in principle" with Beijing.
U.S. President Donald Trump has reportedly signed off the dealand an official announcement from the White House could come soon.
That's according to Bloombergciting sources who have been briefed on the plans.
The report said the terms of the deal have been agreed but the legal text has not yet been finalizedand a White House spokesperson declined to comment on the matter.
Earlier in the day, President Trump said in a tweet that he was getting "very close to a big deal" with Chinaadding Beijing wants the deal and so does Washington.
But as we all know, Trump has rejected deals with China before so nothing is guaranteed until the official announcement is made.
According to Bloomberg,the tentative deal would effectively prevent a new set of U.S. tariffs on 160 billion dollars of consumer goods from China that were scheduled to be imposed on December 15th.
Reuters also reports that Washington has agreed to roll back some of the existing tariffs on Chinese import goods.
It added Beijing has agreed to buy 50 billion dollars worth of U.S. agricultural goods in 2020 as part of the deal.
Lasting for nearly two years,the U.S.-China trade war has slowed global economic growth and restrained profits and investment for companies around the world.
Now I'm sure Wall Street traders lapped up this news. What were the numbers like?
Indeed,following the reports,American stocks hit record highs.
Both the S&P 500 and the Nasdaq jumped nearly one percent and closed at all-time highs,ending the day at 3,168 and 8,717 respectively.
The Dow Jones Industrial Average climbed more than 300 points at its best, before coming down, but still finishing higher at 28,132.
That's all from me for now, but we will have more on this U.S.-China trade deal in our later newscasts. Mark.