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[size=36]US, China to resume trade talks next week in Beijing[/size]
10:52 - 07/02/2019
Follow - up - balances News
US Treasury Secretary Stephen Mnotchen said he would travel with other US officials to Beijing next week for talks on trade with a view to reaching an agreement to avoid an increase of US tariffs on Chinese goods on the second of March.
The talks led by US Trade Representative Robert Laitheiser in Washington last week with Chinese Vice Premier Liu He was "very constructive," Menuchin said in an interview with CNBC.
"Ambassador Laitheiser and I and a large team will go to Beijing next week. We are committed to continuing these talks ... We are making a huge effort to try to reach an agreement before the deadline. That is our goal. "
US President Donald Trump said in a State of the Union address on Tuesday that any trade deal with China "must include a real structural change to end unfair trade practices, reduce chronic trade deficits and protect US jobs."
Trump pledged to raise US tariffs on Chinese imports worth $ 200 billion from 10 percent to 25 percent if the two sides could not reach an agreement by 12:01 am (0501 GMT) on March 2.
The trade deficit between the United States and China hit $ 382 billion in the first 11 months of 2018, exceeding the $ 375 billion deficit in 2017, but the trade deficit contracted in November from October, the Commerce Department said on Wednesday.
"We are also focusing on a fair and free trade for American companies and have access to the market there and there will be greater equality of opportunity, which will reduce the trade deficit," Menuchin said, adding that much work was needed to reach an agreement. "I do not think it would be useful to speculate on the outcome because we have a lot of work to do."
US Treasury Secretary Stephen Mnotchen said he would travel with other US officials to Beijing next week for talks on trade with a view to reaching an agreement to avoid an increase of US tariffs on Chinese goods on the second of March.
The talks led by US Trade Representative Robert Laitheiser in Washington last week with Chinese Vice Premier Liu He was "very constructive," Menuchin said in an interview with CNBC.
"Ambassador Laitheiser and I and a large team will go to Beijing next week. We are committed to continuing these talks ... We are making a huge effort to try to reach an agreement before the deadline. That is our goal. "
US President Donald Trump said in a State of the Union address on Tuesday that any trade deal with China "must include a real structural change to end unfair trade practices, reduce chronic trade deficits and protect US jobs."
Trump pledged to raise US tariffs on Chinese imports worth $ 200 billion from 10 percent to 25 percent if the two sides could not reach an agreement by 12:01 am (0501 GMT) on March 2.
The trade deficit between the United States and China hit $ 382 billion in the first 11 months of 2018, exceeding the $ 375 billion deficit in 2017, but the trade deficit contracted in November from October, the Commerce Department said on Wednesday.
"We are also focusing on a fair and free trade for American companies and have access to the market there and there will be greater equality of opportunity, which will reduce the trade deficit," Menuchin said, adding that much work was needed to reach an agreement. "I do not think it would be useful to speculate on the outcome because we have a lot of work to do."
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