U.S and China Reach Phase One Trade Agreement

Treasury Secretary Steven Mnuchin expressed optimism Monday that the U.S. and China have a workable first-phase agreement that addresses some key elements of the trade war between the two nations.

“We made substantial progress last week in the negotiations,” Mnuchin said during an interview with CNBC’s “Squawk Box.” “We have a fundamental agreement that is subject to documentation.”

Among the key points he said that were addressed during the most recent round of talks were intellectual property rights, financial services including currency and foreign exchange, and “very significant structural issues” dealing with agriculture, a key sticking point in the tit-for-tat tariff battle.