Trump is leading U.S. trade negotiations with China: Mnuchin
- 5 years ago
After the leaders of the world's two biggest economies agreed to a temporary pause in their trade war,... U.S. Treasury Secretary Steven Mnuchin has made it clear there's only one person leading the trade negotiations with China.
And that person is President Trump.
Mnuchin also stressed the U.S. expects immediate action from China on its trade commitments.
Lee Seung-jae reports.
Speaking on the CNBC show "Squawk Box" on Monday,... U.S. Treasury Secretary Steven Mnuchin revealed President Trump himself will be the main person in charge of leading crunch trade negotiations with China.
Those remarks were echoed by President Trump himself,... who noted his good personal relationship with his Chinese counterpart Xi Jinping in a tweet on Monday.
According to Trump,... he and President Xi are "the only two people that can bring about massive and very positive change, on trade and far beyond",... adding a solution for North Korea would also be a great thing for China and the rest of the world.
At the G20 Summit in Argentina last weekend,... the two leaders agreed to a temporary truce,... with President Trump agreeing to maintain 10-percent tariffs on 200-billion dollars worth of Chinese goods, and not raise them to 25-percent.
In exchange, China offered more than one-point-two trillion dollars in additional commitments on trade.
China also agreed to lift tariffs, including reducing its 40-percent tariff on American cars,... which Mnuchin expects will eventually "fall to zero".
Despite the major agreements,... none of the commitments were agreed to in writing,... and the specifics have yet to be hammered out.
Despite Mnuchin's earlier comments on President Trump leading trade negotiations with China,... Trump named U.S. Trade Representative Robert Lighthizer to lead the talks with Beijing.
The move was confirmed on Monday by White House trade advisor Peter Navarro,... who called Lighthizer Washington's "toughest negotiator".
With the pause in place,... the 90-day period begins on January 1st,.. with the two countries expected to continue talks throughout that period.
Lee Seung-jae, Arirang News.
And that person is President Trump.
Mnuchin also stressed the U.S. expects immediate action from China on its trade commitments.
Lee Seung-jae reports.
Speaking on the CNBC show "Squawk Box" on Monday,... U.S. Treasury Secretary Steven Mnuchin revealed President Trump himself will be the main person in charge of leading crunch trade negotiations with China.
Those remarks were echoed by President Trump himself,... who noted his good personal relationship with his Chinese counterpart Xi Jinping in a tweet on Monday.
According to Trump,... he and President Xi are "the only two people that can bring about massive and very positive change, on trade and far beyond",... adding a solution for North Korea would also be a great thing for China and the rest of the world.
At the G20 Summit in Argentina last weekend,... the two leaders agreed to a temporary truce,... with President Trump agreeing to maintain 10-percent tariffs on 200-billion dollars worth of Chinese goods, and not raise them to 25-percent.
In exchange, China offered more than one-point-two trillion dollars in additional commitments on trade.
China also agreed to lift tariffs, including reducing its 40-percent tariff on American cars,... which Mnuchin expects will eventually "fall to zero".
Despite the major agreements,... none of the commitments were agreed to in writing,... and the specifics have yet to be hammered out.
Despite Mnuchin's earlier comments on President Trump leading trade negotiations with China,... Trump named U.S. Trade Representative Robert Lighthizer to lead the talks with Beijing.
The move was confirmed on Monday by White House trade advisor Peter Navarro,... who called Lighthizer Washington's "toughest negotiator".
With the pause in place,... the 90-day period begins on January 1st,.. with the two countries expected to continue talks throughout that period.
Lee Seung-jae, Arirang News.