FLASH: Treasury Secretary Steven Mnuchin said Wednesday that US-China trade talks continue to make progress and the 2 sides have settled on a mechanism to police any agreement, including new enforcement offices.
Secretary Mnuchin, speaking on television, said that a call with Chinese Vice Premier Liu He Tuesday night was productive and discussions would be resumed Thursday.
“We have pretty much agreed on an enforcement mechanism, we have agreed that both sides will establish enforcement offices that will deal with the ongoing matters,” Secretary Mnuchin said, adding that there were still important issues for the United States and China to address.
“As soon as we are ready and we have this done, he’s ready and willing to meet with President Xi, and it’s important for the 2 leaders to meet and we’re hopeful we can do this quickly, but we are not going to set an arbitrary deadline,” Secretary Mnuchin said.
The United States demands that China implement significant reforms to curb the theft of US intellectual property and end forced transfers of technology from American companies to Chinese firms.
Washington wants Beijing to curb industrial subsidies, open its markets more widely to US firms and vastly increase purchases of American agricultural, energy and manufactured goods.