The U.S. and China have agreed to "broad terms" on a plan which would expand U.S. natural gas exports to China, per the WSJ. It includes joint investment in infrastructure China needs to process the natural gas and also involves easier access to Chinese markets for U.S. agriculture and other products.

Why it matters: The agreement would give U.S. natural gas exporters easier access to a massive market at a time when China has been trying to stop burning so much coal and been turning to liquid gas imports.

On the agriculture side: U.S. exports of agricultural products to China totaled $21 billion in 2016 and China was America's second largest agricultural export market last year, per the U.S. Trade Rep, but imports of U.S. beef are currently banned.

What to watch for: A communiqué with more details is expected some time this month.