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China made more than $1.2 trillion trade commitments: Mnuchin

Reuters  |  WASHINGTON 

By and Jeff Mason

WASHINGTON (Reuters) - has made more than $1.2 trillion in additional trade commitments as part of a deal reached by U.S. and China's and has vowed to take immediate steps on those promises.

Trump and Chinese agreed to hold off on new tariffs during talks in on Saturday, declaring a truce following months of escalating tensions on trade and other issues.

said on Monday there was a clear shift in tone at from past discussions with Chinese officials, as Xi offered a clear commitment to open China's markets to U.S. companies.

"They put on the table an offer of over $1.2 trillion in additional commitments. But the details of that still need to be negotiated," Mnuchin told CNBC. "This is the first time that we have a commitment from them that this will be a real agreement."

said he, Mnuchin and U.S. Trade had lunch with China's in and he told them that would move immediately on the new commitments.

"The history here with promises is not very good. And we know that," Kudlow said. "However, I will say this: Xi has never been this involved.

"They cannot slow walk this, stall this, meander this. Their word: 'immediately.'"

Kudlow told reporters at the that Washington would like to see progress quickly on structural issues, including intellectual property theft and Americans will get majority ownership in companies in for the first time, which should help address those issues, he said on CNBC.

The agreed not to raise tariffs further on Jan. 1, while China agreed to buy more from U.S. farmers immediately.

The two sides also agreed to negotiate over the next 90 days to resolve issues of concern raised by the including intellectual property protection, non-tariff trade barriers and cyber theft.

The truce boosted global markets on Monday with world stocks up nearly 1 percent. On Wall Street, the Dow Jones Industrial Average <.DJI> rose 0.94 percent at the open and the S&P 500 <.SPX> by 1.10 percent. [L8N1Y82P3].

U.S. officials will monitor Chinese progress on enforcing the commitments very closely, Kudlow said.

Trump has appointed Lighthizer, one of the administration's most vocal China critics, to oversee the new round of trade talks with China, a and a U.S. told on Monday.

The appointment of Lighthizer may signify a harder line in talks with and marks a shift from past practices where Mnuchin had a lead role.

Lighthizer is an who just completed a new agreement with and

"He's the toughest we've ever at the USTR and he's going to go chapter and verse and get tariffs down, non-tariff barriers down and end all these structural practices that prevent market access," told earlier on Monday.

The White House is stepping up efforts to prod other countries to build more vehicles in the Lighthizer and other officials including are set to meet with German automakers on Tuesday, including the at and Daimler AG, people briefed on the matter said.

On Sunday, Trump tweeted that China had agreed to cut import levies on American-made cars.

Chinese regulators did not respond to requests for comment on Trump's tweet on autos tariffs. Neither country had mentioned auto tariffs in their read-outs of the Trump-Xi meeting.

(Reporting by and Jeff Mason; Additional reporting by and in Washington, Meng Meng and Stella Qiu in Beijing, Andrew Galbraith and David Stanway in Shanghai, and Noah Sin and Anne Marie Roantree in Hong Kong; Writing by Ben Blanchard; Editing by and Susan Thomas)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Mon, December 03 2018. 23:43 IST