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.