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Asia Markets: Asian markets race to gains on renewed trade-deal hopes

Asian markets were broadly higher Monday on signs that the U.S. and China were closing in on a trade deal after months of negotiations.

On Sunday, Reuters reported that the U.S. was watering down demands that China cut down on industrial subsidies as a condition for a trade deal, after encountering strong Chinese opposition. On Saturday, Treasury Secretary Steve Mnuchin said the U.S. was open to facing repercussions if it doesn’t live up to terms of the trade deal, Bloomberg News reported, and said talks are “getting close to the final round of concluding issues.”

Speaking on the sidelines of the International Monetary Fund and World Bank spring meetings, Mnuchin said the U.S.

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