Mnuchin to visit China to discuss trade issues

25 April, 2018, 15:30 | Author: Kim Reid
  • Shadowy tariff dodgers stand to profit off US-China trade dispute

Mnuchin is understood to have already met with China's new central bank governor, Yi Gang, during the weekend's meetings to discuss giving global competitors easier access to Chinese markets.

An Associated Press report says U.S. Treasury Secretary Steven Mnuchin showed cautious optimism over the weekend that the U.S. and China could settle their differences without a full-blown trade war.

During a meeting with French President Emmanuel Macron at the White House, Trump stressed his tough stance on reducing the U.S. trade deficit with China.

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Mnuchin had said Saturday during the spring meetings of the International Monetary Fund and World Bank in the USA capital that "a trip is under consideration". "We can't trade with them".

China said on Sunday it welcomed the suggestion of a visit.

He has said that the $375 billion gap between what the US imports from China and what the USA exports to China is costing Americans jobs and must be narrowed, demanding that China open up its markets to more American goods such as automobiles.

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China Commerce Minister Zhong also reaffirmed Beijing's pledge to ramp up protections of intellectual property in an attempt to restore the confidence of global manufacturing giants in their Chinese operations. Meanwhile, ongoing economic reforms in the United States are necessitating that global trade rules be altered significantly. He met last week with financial officials from China, Japan and Europe. The discussions focused on issues related to the Chinese central bank, not trade, said the secretary.

But he said China was committed to a series of reforms similar to those called for by the United States, including lower tariffs and protections for American technology. "I think China is very serious; we're very".

Mnuchin also said he met with Russian Finance Minister Anton Siluanov during the International Monetary Fund meeting, at Russia's request. He said the ongoing multilateral consultations could eventually produce certain positive developments - without elaborating further.

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