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Mnuchin hopes that Trump-Xi calls can be turned into a "real deal"

Treasury secretary Steven Mnuchin expressed optimism about the future of a trade agreement with China, saying that the United States has received obligations on concessions on several key issues.

"This is the first time we have a commitment from them that this will be a real deal," Mnuchin told CNBC's Squawk Box. "I'm very hope we can make this a real deal."

Markets strongly argued Monday morning on news that US President Donald Trump, his Chinese lawyer Xi Jinping, had reached a ceasefire in the trade dispute between the two sides. They agreed a 90-day period without new tariffs being issued when the leaders pushed out The main differences.

While the administration is optimistic that a lasting deal can be done, Mnuchin stressed that China must stick to its word. The white house wants to reduce trade deficit with China and stop it from stealing intellectual property and technology. 1[ads1]9659002] "They put on the table an offer of over $ 1.2 trillion in additional obligations. But the details of it must still be negotiated, "he said." This is not just about buying things. It's about opening markets for American companies and protecting US technology. They are very important structural problems for the president. "

In the 90-day period, Trump will lead negotiations with assistance from agricultural and energy divisors. US Trade Representative Robert Lighthizer will also be a Rector who will trade secretary Wilbur Ross, Mnuchin said.

The protocol as Mnuchin noted, opposed a previous statement by White House's economic advisor Peter Navarro, who said Lighthizer would take into account the negotiations.

Lighthizer is "the toughest dealer we have ever had at USTR. going to chapter and verse and catching tariffs, non-tariff barriers, and ending all these structural practices that hinder market access. "Navarro said.

Among the most important issues he listed is a regulation of fentanyl flow, an opioid liked thousands of overdoses in the US and North Korea's core problem.

" It is a very strong commitment between the two presidents to work together to ensure that we have a nuclear free Korean peninsula, "said Mnuchin.

White House Press Secretary Sarah Sanders said Sunday that China agreed to classify fentanyl as a controlled substance, a key step that will cause those who sell The drug in the United States is subjected to "China's maximum penalties under the law. "

As Mnuchin spoke to CNBC, trump tweeted about his hope of" massive and very positive change, on trade and beyond, between our two major nations. "

Mnuchin added that good progress must be made and that the administration will not stand for any stall from China.

" We definitely need something concrete during these 90 days, "he said. . "It was a very significant commitment from both leaders about what to do in the 90 days and instructions for both teams to negotiate and make this a real deal with specific action items, deliveries and timeframes."

This is a breaking news story. Please check back here for updates .

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