Daily Management Review

United States and China to implement trade agreement


US Treasury Secretary Steven Mnuchin said that Washington and Beijing are making progress in trade negotiations. In particular, the parties agreed on a mechanism that will ensure compliance with the trade agreement.

"We generally agreed on a mechanism to ensure compliance [with the agreement]. We agreed that both parties will set up appropriate bodies to deal with current issues. Both sides take this very seriously," Mnuchin said in an interview with CNBC.

He declined to comment on whether the United States would use the duties as a tool to ensure compliance with the terms of the trade transaction. US President Donald Trump said earlier that US duties on Chinese goods worth $ 250 billion may be retained even after an agreement has been concluded. China insists on the abolition of duties under the transaction.

Mnuchin also said that his meeting with Vice Premier of the State Council of the People's Republic of China Liu He was "productive" on Tuesday.

"We have yet to solve some important issues, but both sides are working very hard on this agreement," the US Treasury Secretary said.

The US president said after another round of trade talks in Washington last week that he expects a “monumental” trade agreement with China over the next four weeks.

However, according to Mnuchin, there are no specific dates for concluding a deal.

"We hope to do it quickly, but we are not going to set arbitrary deadlines," he said. "If we can conclude this agreement, this will be the most significant change in economic relations between the US and China over the past 40 years."

source: reuters.com