Mnuchin Hopes for ‘Productive’ US-China Trade

China and USA are head-to-head in a trade war as both countries have disputes with each other over the tariffs placed on goods traded between them. Based on this background, U.S., Treasury Secretary, Steven Mnuchin, along with U.S. Trade Representative (USTR), Robert Lighthizer, arrived in Beijing. A hard deadline was decided by top USA officials, to conclude the trade war. The USA would escalate tariffs on Chinese goods if the deadline is missed and likely prompt the Asian nation to retaliate. In addition to that, U.S. levies on $200 billion worth of imports from China are planned to ascend to 25 percent from 10 percent if the opposite sides can’t achieve an arrangement by March 1, 2019, expanding agony and costs in areas from electronics to agribusiness.

Steven Mnuchin expressed on Wednesday that he hopes for “productive” trade meetings in China this week. US President Donald Trump had guaranteed in his campaign to fix China’s long-term maltreatment of the broken international framework and unfair practices. U.S. Treasury Secretary Steven Mnuchin is very much positive about the deal, and he hopes for fruitful results out of the trade meeting. Steven Mnuchin and Robert Lighthizer are planning to hold productive talks on coming Thursday and Friday.

They will have talks in details with Vice Premier Liu He, the top economic adviser to Chinese President Xi Jinping. Reporters asked many questions about his hopes to Mnuchin. He just mentioned “productive meetings.” He hardly passed any additional comment after that. Trump also further given a signal of flexibility about the deadline. At the same time, Trump told reporters a delay was possible, and also he added, his administration has a “big team of individuals, very proficient individuals, over in China at once, negotiating on the China deal.”

President Trump is thinking about distinctive potential outcomes on the best way to treat the approaching March 12019, to achieve an economic alliance with China. The final agreement dramatically depends on the personal meeting in between, Trump and President Xi Jinping. Sarah Sanders, the White House Press Secretary, said that reaching an agreement to finish the trade war between the two economic superpowers would take an in-person meeting with Trump and Xi. She also added that Trump’s Mar-a-Lago retreat in Palm Beach, Florida, would build a decent venue for such a talk. The latest round of negotiations in Beijing began on Monday with discussions among deputy-level leading authorities to undertake to figure out technical details, including a mechanism for implementing any trade agreement. A growing number of U.S. businesses and lawmakers hope the tariff increase is delayed whereas the two sides tackle the strict U.S. demands for significant structural policy changes by China. They include ending the forced transfer of American trade secrets, curb Beijing’s industrial subsidies and implementing intellectual property rights.

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