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UPDATE: China to 'significantly increase' purchases of US goods and services

China has agreed to "significantly increase" its purchases of goods and services from the U.S. in order to "substantially reduce" the trade deficit between the two countries, according to a joint statement released May 19.

China said it would increase purchases in of agriculture, energy and financial products, but did not commit to a specific monetary amount. China could also alter its patent regulations in a bid to strengthen intellectual property cooperation with the U.S.

On May 20, Treasury Secretary Steve Mnuchin said on a television program that the U.S. has agreed to put tariffs on China on hold while the countries work out a deal.

These statements follow the conclusion of ongoing negotiations over China's trade surplus with the U.S., and various other trade issues.