“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 and know-how in such things as required joint ventures,” said Schumer, D-N.Y. “The joint statement has nothing specific on those fronts, and no amount of immediate and short-term purchases of American goods will make up for that.”

Schumer also argued that the tentative agreement announced Saturday did not address the issue of Chinese phone-maker ZTE violating U.S. sanctions on doing telecommunications business with Iran and North Korea. Kudlow on Sunday downplayed the significance of the $200 billion figure, saying on CBS that “maybe I got ahead of the curve” and during a separate interview on ABC’s “This Week” that “both sides have used that as a rough ballpark estimate.”

Vice Premier Liu He, a special envoy of China’s President Xi Jinping, told reporters in Washington that talks with Mnuchin, Secretary of Commerce Wilbur Ross and U.S. Trade Representative Robert Lighthizer ended with a pledge not to engage in a trade war, according to a Xinhua news agency report. So right now, we have agreed to put the tariffs on hold while we try to execute the framework,” Mnuchin said on “Fox News Sunday.”

President Donald Trump has threatened to impose tariffs on as much as $150 billion in Chinese imports to punish Beijing for allegedly violating American intellectual property and unfair trade practices. I myself am very encouraged.”

The joint statement between the two nations said both sides agreed on “meaningful increases” in U.S. agriculture and energy exports and that the U.S. will send a team to China to work out the details. China and the United States said in Saturday’s statement only that the two countries would “strengthen cooperation” on intellectual property protections, and that China “will advance relevant amendments to its laws and regulations in this area.”

Scott Kennedy, an expert on the Chinese economy at the Center for Strategic and International Studies, said the joint statement is “too vague to be binding on its own.”

“It commits neither side to any specific action, either to expand trade and investment, constrain industrial policy or not adopt penalties,” he said.
The United States and China say through a joint statement that they will not impose new tariffs on each other after reaching an initial agreement on the trade framework.