Mnuchin: US, China reach important framework deal on trade

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US Treasury Secretary Steven Mnuchin said on Sunday that the United States and China have reached a deal on a "very important" framework concerning their economic and trade ties, and the two sides have agreed to put a possible trade war on hold.

In an interview with Fox News, Mnuchin said that in the just concluded economic and trade consultations between the United States and China, the two nations have "made very meaningful progress."

He added that the two sides will continue with their communications on trade issues.

China and the United States issued a joint statement on Saturday on the economic and trade consultations, vowing not to launch a trade war against each other.

The two sides agreed to take effective measures to substantially decrease the US trade deficit with China.

Alaska's governor rejoices at US-China trade war-averting agreement

Bill Walker, US Alaska governor /VCG Photo

Governor Bill Walker of the northwestern US state of Alaska said on Sunday that he is happy to sell Alaskan products to China at a time when the US and China reached an agreement that would avert a trade war between the world's two largest economies.

"This news comes on the first day of the Opportunity Alaska: China Trade Mission. We are excited to show the world what Alaska has to offer, and how we can help reduce the trade imbalance between the US and China," Walker said in a tweet with hashtags #akleg #opportunityalaska #strongeralaska.

The US and China Saturday released a joint statement that China will increase purchases of American goods to increase cooperation and avert further trade conflict, Walker wrote in another tweet.

The Alaskan governor is heading a delegation of businesses from around the state traveling to China as part of a week-long trade show called Opportunity Alaska.

The delegation is composed of 26 Alaskan organizations representing a wide range of Alaskan firms, including Alaska Native corporations and members of the education, tourism, seafood, beer and baby-food industries.

Walker's delegation wants to expand Alaska's trade ties with China and find more business opportunities for Alaskan enterprises and firms during its week-long trip in the world's second largest economy.

He also hopes to highlight Alaska's strategic position as the closest US state to China. Walker said early this week that Opportunity Alaska is about building something bigger.

The delegation will visit major Chinese cities of Shanghai, Beijing and Chengdu, capital of Sichuan Province in southwest China, during the trip that began on May 19 and ends on May 26.

According to Chinese official data, China has been the largest trade partner and export destination of Alaska since 2011.

Walker's office said Alaska exported more than 1.32 billion US dollars worth of goods to China in 2017.

Source(s): Xinhua News Agency