- Bloomberg News reported Thursday that the US and China have hammered out unspecified terms of a so-called phase-one trade agreement.
- An initial pact had been announced in October but was not signed or even put to paper.
- The agreement suspended plans to extend punitive tariffs to virtually all imports from the second-largest economy.
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President Donald Trump reportedly signed a trade deal in principle with China on Thursday, averting a planned escalation that would have extended punitive tariffs to virtually all imports from the second-largest economy.