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Steven Mnuchin says, “we’re expecting to progress in upcoming US-China trade talks”

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Steven Mnuchin

The US Treasury Secretary Steven Mnuchin stated on Thursday, that “we’re hoping to progress in the upcoming US-China trade discussions.” He added that trade negotiators need to make “important advancement” when China visits the US in early-October.

According to The National, however, Washington and Beijing will initially hold discussions at the deputy level, and later senior authorities will discuss to settle on an agreement.

According to The New York Times, On Wednesday, President Trump delayed the next planned 25 percent tariffs increase on China by two weeks as a “goodwill gesture.” at the request of the Vice Premier of China, Liu He, as China will be celebrating their 70th Anniversary on Oct. 1.

The friendly gestures by both nations raised hopes of a future Trade resolution.

Mnuchin told in an interview to CNBC, that President Trump was optimistic about the possibilities for a deal to settle the trade contention. He restated that the US President would acknowledge a deal only if it’s a good deal for the benefit of US workers and companies. The President is prepared to raise tariffs if necessary.

He added that “We don’t need a trip that is only a progression of dialogs,”  “We need to gain significant ground.”

President Trump consented to Beijing’s solicitation to delay a series of tax increases on $250 billion worth of merchandise from Oct. 1 until Oct. 15.

China said on Wednesday that it was thinking of purchasing American farm products including pork and soybeans, which were not on its prior rundown list.

Trump on Thursday said in his tweet that “It is presumed that China will purchase many of our agriculture items.” 

The American farmers have bared the result of the US-China trade dispute, particularly after US soy fares crumbled a year ago, for all intents and purposes clearing out outside business sectors that ranchers had gone through years developing.

Trump has blamed Beijing for breaking vows to purchase more US farm products and has offered billions in aid to farms gravely weakened due to trade war.

The senior officials from US and China preliminary talks are going to take place this month. Steve Mnuchin and US trade representative Bob Lighthizer are preparing for the meeting next month in Oct.

“We didn’t gain the ground we needed to” at the last meeting in Shanghai in late July, Mnuchin stated in CNBC interview.

President Trump has since long considered deficits to be a defeat for the US, saying they add up to stealing. It is a view dismissed by most financial experts.

According to The National, US Treasury has taken in $66bn in Customs duties in the 11 months till August end, and 73 percent more than in a similar period of last year. American traders paid the tariffs.

Article Credit:- The National/CNBC

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