China must do more than just buy more US goods before the two countries reach a permanent trade agreement, said US Trade Representative Robert Lighthizer on Wednesday at the House Ways and Means Committee.
"We can compete with anyone in the world, but we must have rules, rules applied, that ensure that market outcomes, not state capitalism and technology theft, determine the winners."
Lighthizer's testimony comes after President Donald Trump postponed a key deadline in early March so that the United States and China can conclude a trade deal. Trump cited "significant progress" to postpone the deadline. The Chinese have also agreed to buy up to $ 1.2 trillion worth of US products, CNBC learned from a source.
"Let me be clear," Lighthizer said. "There is still a lot of work to be done before reaching an agreement and, especially, after this agreement, if any."
"It must be specific, measurable, it must be enforceable at all levels of government."
Wall Street is worried about rising trade tensions between China and the United States during most of last year, as investors assessed the potential impact of tariffs on the global economy.
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