US Treasury Secretary Steven Mnuchin said China offered additional commitments on trade worth 1.2 trillion dollars. He said the offer was made at the US-China summit over the weekend.
Mnuchin was speaking with CNBC Television on Monday. Beijing’s commitments, aimed at reducing the bilateral trade imbalance, reportedly include the purchase of US farm produce.
Mnuchin called the agreement “a breakthrough,” although details still need to be negotiated. He described it as a step toward opening markets to US companies and protecting their technologies.
The 2 countries’ leaders also agreed on a 90-day truce on new US tariffs while the 2 sides negotiate pending issues. A White House official says the clock has been running since December 1st.
Trump’s economic adviser, Larry Kudlow, said US Trade Representative Robert Lighthizer will head the US side in the negotiations.
Sources from: NHK WORLD
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