China Confirms Trade Framework; Stocks on Brink of Record Highs

1) China said it has further confirmed details of a trade framework with Washington, echoing US Commerce Secretary Howard Lutnick’s earlier comments about a US-China agreement that stabilized ties. 2) Stocks gained as the US moved closer to trade deals with China and other major trading partners, while expectations are rising for Federal Reserve interest-rate cuts this year. 3) The Treasury Department announced a deal with G-7 allies that will exclude US companies from some taxes imposed by other countries in exchange for removing the Section 899 “revenge tax” proposal from President Donald Trump’s tax bill. See omnystudio.com/listener for privacy information.