Trump to dispatch Mnuchin to China to discuss trade

25 April, 2018, 15:28 | Author: Diane Mills
  • Christine Lagarde head of the International Monetary Fund, attends a conference at the Cannes Lions Festival in Cannes France

"The president has been very clear on what our objectives are", Mnuchin said.

Lagarde's advice came as U.S. Treasury Secretary Steven Mnuchin said Saturday that he was considering a trip to Beijing to discuss trade issues with his Chinese counterparts.

"We've got a very good chance at making a deal", said Trump during a meeting with visiting French President Emmanuel Macron at the White House.

Some say Secretary Mnuchin's visit to China might not produce a meaningful agreement, as China's economic model is heavily dependent on the status quo in worldwide trade.

"It is important that as a global community we keep trade open and ensure that we work within the multilateral system".

"We are going to continue the sanctions" and a "maximum pressure" campaign until North Korea abandons its nuclear-weapons program in a verifiable way, he said.

Mnuchin has expressed optimism that the countries could avoid a trade war.

More news: Ederson: PL records 'mean a lot' to Man City stars

Zhong added that mandatory domestic partnership requirements for foreign companies to operate in the Chinese market could be relaxed further, particularly in the automotive, aerospace, and shipbuilding sectors.

The Chinese Commerce Ministry on Sunday welcomed the move.

Washington is preparing to impose high tariffs on Chinese imports in response to what it considers to be violations of intellectual property rights.

During the spring meetings, Christine Lagarde, managing director of the International Monetary Fund, and other financial leaders around the world called on the United States and China to resolve trade tensions through dialogues and rules-based multilateral institutions.

In a statement posted online, China's Ministry of Commerce said: "The Chinese side has received information that the U.S. side hopes to come to Beijing to discuss economic and trade issues". He met last week with financial officials from China, Japan and Europe. "We're cautiously optimistic to see if we can try to reach an agreement", Mnuchin said.

Christopher Balding, associate professor at the HSBC Business School in Shenzhen, said: "I wouldn't read too much into it".

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