Lutnick says US-China summit unlikely to address easing of export controls

US Commerce Secretary Howard Lutnick said it is unlikely that easing American export controls on China will be on the agenda at the US-China summit scheduled to be held in Washington later this month.

Speaking in an interview with CNBC on Wednesday (local time), Lutnick said "it won't be" when asked whether relaxing export controls on China would be included in the summit's agenda.

He said Donald Trump had offered to sell certain types of semiconductors to China, but "the Chinese didn't take it."

"The Chinese have all kinds of concerns," Lutnick said. "Ultimately, they didn't buy the chips."

He added that he does not think the issue needs to be revisited because it "can't achieve the originally intended purpose."

"President Trump extended an olive branch, but they didn't take it," he said.