The U.S. and China are on the cusp of an “historic” agreement that would commit Beijing to cut subsidies for state-owned companies and disclose when its central bank intervenes in currency markets, a top White House adviser said. “The progress has been terrific,” Larry Kudlow, director of the White House’s National Economic Council, said in an interview Thursday on CNBC. “We have to hear from President Xi and the Politburo of course, but I think we’re headed toward a remarkable historic deal.” The Chinese have pledged to “significantly” reduce subsidies to state-owned firms as part of a potential deal, as well as to ... (full story)