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Alex Brandon / AP

President Trump's Mar-a-Lago hosting with Chinese President Xi Jinping appears to be bearing some fruit, per the FT, which says China has offered the following concessions on trade:

  1. A drop on China's ban on U.S. beef, which has been in place since a Mad Cow Disease scare in 2003.
  2. Foreign investors will be allowed to hold majority stakes in Chinese investment and securities companies. This concept was discussed during the Obama administration, and a Chinese official told the FT it would have gone through had Obama had a few more months in office.

Why it matters: Trump needs concrete wins on trade, particularly for his heartland voters, and China wants to lock in a bilateral trade deal with the U.S., which it isn't eager to fight in a Trumpian trade war.

Go deeper

Justice Department drops insider trading inquiry against Sen. Richard Burr

Sen. Richard Burr (R-N.C.) walking through the Senate Subway in the U.S. Capitol in December 2020. Photo: Stefani Reynolds/Getty Images

The Department of Justice told Sen. Richard Burr (R-N.C.) on Tuesday that it will not move forward with insider trading charges against him.

Why it matters: The decision, first reported by the New York Times, effectively ends the DOJ's investigation into the senator's stock sell-off that occurred after multiple lawmakers were briefed about the coronavirus' potential economic toll. Burr subsequently stepped down as chair of the Senate Intelligence Committee.

Netflix tops 200 million global subscribers

Illustration: Rebecca Zisser/Axios

Netflix said that it added another 8.5 million global subscribers last quarter, bringing its total number of paid subscribers globally to more than 200 million.

The big picture: Positive fourth-quarter results show Netflix's resiliency, despite increased competition and pandemic-related production headwinds.

Janet Yellen plays down debt, tax hike concerns in confirmation hearing

Treasury Secretary nominee Janet Yellen at an event in December. Photo: Alex Wong via Getty Images

Janet Yellen, Biden's pick to lead the Treasury Department, pushed back against two key concerns from Republican senators at her confirmation hearing on Tuesday: the country's debt and the incoming administration's plans to eventually raise taxes.

Driving the news: Yellen — who's expected to win confirmation — said spending big now will prevent the U.S. from having to dig out of a deeper hole later. She also said the Biden administration's priority right now is coronavirus relief, not raising taxes.