China offers trade concessions

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China offered to buy more semiconductors from the U.S. in a bid to defuse trade tensions between the two countries, CNBC reports. Beijing is also preparing to allow foreign financial firms to take majority stakes in its securities firms. The trade initiatives, coming in behind-the-scenes talks between the two governments, are a response to Washington’s announcement last week that it would levy import duties on an additional $60 billion in Chinese goods to address a $375 billion-trade gap between them. The Dow Jones industrial average, which plunged more than 700 points Friday on news of the impending tariffs, closed more than 650 points higher Monday.


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