May 19 (UPI) -- To support growth and employment in the United States, China agreed to significantly increase purchases of U.S. goods and services.
A statement released Saturday by the White House said meetings between President Donald Trump and Vice Premier Liu He, a special emissary of China's President Xi Jinping, led to a consensus to resolve a trade dispute between the two economic superpowers.
"To meet the growing consumption needs of the Chinese people and the need for high-quality economic development, China will significantly increase purchases of United States goods and services," according to the statement. "Both sides agreed on meaningful increases in United States agriculture and energy exports."
Also agreed upon, increasing trade in manufactured goods and services, encouraging two-way investments and striving to create a fair, level playing field for competition between the two countries.
"Both sides agreed to continue to engage at high levels on these issues and to seek to resolve their economic and trade concerns in a proactive manner," according to the statement.
The meeting was called to prevent a trade war that was brewing after Trump in March imposed new tariffs on imported Chinese products, slapping billions of dollars in potential fiscal penalties on Chinese imports. In April, China retaliated with $3 billion in new tariffs on U.S. imports.