Trade agreement in works.

RELH

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LAST EDITED ON May-19-18 AT 11:27PM (MST)[p]Mnuchin: The economy is doing fabulous

Treasury Secretary Steven Mnuchin on the outlook for the U.S. economy.

United States and China officials have agreed this weekend to take steps to reduce the U.S. trade deficit, the White House said Saturday.

The agreement between the world's two biggest economies was made this week in Washington by high-level negotiators from both countries, including Treasury Secretary Steven Mnuchin.

?There was a consensus on taking effective measures to substantially reduce the United States trade deficit in goods with China,? the White House said, in what it described as a joint statement with China.

The White House also said China would ?significantly increase purchases? of U.S. goods and services to help America?s economic growth and to meet its own growing consumption needs, in an apparent effort to avoid an international trade war.

Among the primary focuses of the consensus: an agreement to expand trade in manufactured goods and services, increase U.S. agriculture and energy exports, and protect both countries? intellectual property laws.

The White House also said next steps would include the U.S. sending a team to China to work out the details.

President Trump has since his 2016 presidential campaign vowed to improve international trade relationships, including the one with China that last year resulted in a $337 billion trade deficit with the country.

Trump on Friday called the deal "bad for our country? and said, ?We're changing it around."

After the White House announcement, Senate Minority Leader Chuck Schumer suggested the agreement falls short on protecting America?s intellectual property.

?The key to a strong agreement is protecting our intellectual property here in America and stopping the Chinese from keeping out our best goods until we hand over our trade secrets,? said Schumer, D-N.Y. ?The joint statement has nothing specific on those fronts.?

China recently appears to be sending signals about trying to avoid a trade war.

Beijing has dropped an anti-dumping investigation into imported U.S. sorghum, which it had accused the U.S. of unfairly subsidizing. It has also given approval for a U.S. private equity firm to buy Toshiba's memory chip business.

"China has come to trade," Larry Kudlow, the top White House economic adviser, told reporters. "They are meeting many of our demands. No deal yet, to be sure, and it's probably going to take a while -- it's a process."
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This should make Dude happy. I wonder if certain sources will give Trump credit for getting this far with China. Also where was Schumer making that argument when Obama was in charge while trade agreements were being made? Must of been hiding under his desk in Washington.

RELH
 

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