BYLINE: Jul 30, 2019 12:38:38The Chinese government said it will grant a “reasonable time” for the U.S. to reach an agreement over its nuclear weapons program before the end of its current four-year term, the first time it has done so since the Cold War ended in the mid-1990s.
The announcement by China’s Foreign Ministry came as President Donald Trump and his administration were in China to sign an agreement to restrict the U’s access to its military hardware and to impose sanctions on a number of countries.
The United States has repeatedly accused China of trying to undermine efforts to rein in North Korea’s nuclear program by trying to obtain the material needed to build a bomb.
China has denied the allegation.
China and the United States are set to meet for the second time in the coming weeks in the face of Trump’s threat to end the two-way trade talks that have been the centerpiece of his presidency.
Under the deal, the U will give up to $1.7 trillion in sanctions relief to ease economic pressure on North Korea, and will give it $1 billion to ease financial pressure on its banking sector.
Trump’s new administration has not provided details of the deal and has said it would be final in the near future.
The administration is expected to announce on Thursday that it had reached an agreement with China on the terms of a $500 billion deal to ship oil from the Gulf of Mexico to the United Arab Emirates.
A senior administration official said Thursday that the administration had not yet finalized the details of a final agreement with the Chinese.
The official spoke on condition of anonymity because the deal had not been finalized.
China, the world’s second-largest economy, is North Korea�s biggest trading partner and is one of the world�s largest producers of crude oil.
China is North Korean leader Kim Jong Un�s main benefactor, and it has threatened to pull its financial support if Washington does not drop its nuclear arms program.
The United States and China have already reached an economic agreement that has reduced tensions in the region.
China is North America�s top trading partner.