The US and China are reportedly close to finalizing parts of a trade deal

china trade lighthizer mnuchin liuAP Photo/Jose Luis Magana

  • The US and China are close to finalizing sections of a phase-one trade deal, a US trade representative said Friday, according to CNBC.
  • US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin spoke with China's Vice Premier Liu He on Friday, according to the USTR.
  • US stock indexes soared on the news.
  • Read more on Business Insider.

The US and China are getting close to finalizing some sections of a phase-one trade deal, a US trade representative said Friday, according to CNBC.

The the Office of the U.S. Trade Representative issued a statement following a conversation US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin had with China's Vice Premier Liu He on Friday.

"They made headway on specific issues and the two sides are close to finalizing some sections of the agreement," the statement obtained by CNBC read. "Discussions will go on continuously at the deputy level, and the principals will have another call in the near future."

US stock indexes soared on the news, and are now within striking distance of a record close.

The US and China have been working on a phase-one trade deal since talks in Washington in early October. Following the meetings, President Trump announced that the sides had reached a partial trade agreement, and suspended tariff hikes set to begin October 15 for thousands of Chinese products.

Still, there've been doubts that a deal would be signed. China has pushed for the US to lift tariffs on products before a final agreement is reached, and reports claimed that China would need further talks before signing a deal.

Trump has said that any deal with China should address structural issues such as theft of intellectual property, large-scale subsidies, and forced transfers of foreign technology.

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