The spokeswoman did not provide any details on proposed investment restrictions or other actions to be taken under the administration's Section 301 probe into China's intellectual property practices.
"The president and Secretary Mnuchin, what they are doing sends a risky signal to businesses around the world that the United States is willing to forgive sanction violations or reduce penalties", Schumer said. According to Vox, the experts felt Trump was treating a small matter in a big way and the Chinese could offer that deal to any American president, it cited Brad Setser, an expert on China at the Council on Foreign Relations, telling the Washington Post.
On Tuesday, Trump said a resolution of the ZTE sanctions would also help US companies that supply the Chinese firm: ZTE "can pay a big price without necessarily damaging all these American companies. you're talking about tremendous amounts of money and jobs to American companies".
Beijing and Washington both claimed victory on Monday as the world's two largest economies stepped back from the brink of a global trade war and agreed to hold further talks to boost US exports to China.
President Donald Trump's surprising mission to rescue the Chinese telecommunications giant ZTE may be bearing fruit.
But Frisbie said he wanted to see further progress in addressing USA businesses' complaints about how they are treated in China. Apparently, China has offered to remove tariffs that now impact United States farming products.
Trade negotiations will continue, with a U.S. delegation to visit Beijing to work out details for the expansion of USA exports under the terms of an agreement struck at high-level talks between the two sides in Washington at the end of last week. An 2017 agreement called for it to pay as much as $1.2 billion and penalize the workers involved, in what was the largest criminal fine for the U.S. Justice Department in an export control or sanctions case.
The Treasury secretary also downplayed reports that he and Peter Navarro, Trump's trade adviser, engaged in a profanity-laced argument during their trip to China earlier this month.
Washington and Beijing are nearing a deal that would remove an existing USA order banning American firms from supplying Chinese telecommunications firm ZTE Corp, two people briefed on the talks told Reuters.
U.S. Commerce Secretary Wilbur Ross will travel to China next week to help finalize a trade agreement, Mnuchin said on Monday.
Asked about the administration's evolving China trade strategy, several Republicans said the White House needed to fill them in on what was happening, as majority had only heard and read media reports about the developing talks over the weekend. Negotiations are now behind closed doors, so it's unlikely we'll learn much more about this deal before it is settled. "The framework deal reported this weekend only makes it worse", Stumo said.
"As trade tensions settle and peak growth/earnings anxieties subside, the clouds are lifting for stocks", JPMorgan analysts said in a note.
If there is success in the U.S.
The market is also weighing the possibility of additional US sanctions on the country. Boeing Co (BA.N), which sells about a fourth of its commercial aircraft to Chinese customers, jumped 3.6 percent.
CURRENCY: The dollar declined to 110.98 yen from Monday's 111.03 yen.