Mnuchin says he is 'hopeful' they can turn Trump-Xi discussions into real trade agreement

Treasury Secretary Steven Mnuchin expressed optimism about the future of a trade agreement with China, saying the U.S. has received commitments for concessions on several key issues.

"This is the first time that we have a commitment from them that this will be a real agreement," Mnuchin told CNBC's Squawk Box.

Markets rallied strongly Monday morning on news that U.S. President Donald Trump his Chinese countepart, Xi Jinping, had reached a truce in the trade battle between the two sides. They agreed to a 90-day period were no new tariffs would be issued as the leaders hammer out principal differences.

While the administration is optimistic that a lasting deal can get done, Mnuchin emphasized that China has to keep to its word.

"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," he said. "This isn't just about buying things. This is about opening markets to U.S. companies and protecting U.S. technology. Those are very important structural issues to the president."

This is a breaking news story. Please check back here for updates.

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