US Treasury Secretary Mnuchin to Travel to China for Trade Talks Next Week
Treasury Secretary Steven Mnuchin will head to China next week to settle any trade disputes after The Trump Administration levied steep tariffs on China over its steel and aluminum exports to the US.
“I think we’ve got a very good chance of making a deal,” said President Donald Trump, who called China’s leader Xi Jinping “a friend of mine,” but noted there were still deal barriers.
“They trade with us,” the President said. “We can’t trade with them.”
Secretary Mnuchin will travel with US Trade Representative Robert Lighthizer, National Economic Council director Larry Kudlow, and White House trade adviser Peter Navarro.
The United States and China have each proposed imposing tariffs of $50-B on each other’s products after the Trump administration’s “Section 301” investigation into China’s business practices; Trump is looking to impose tariffs up to $100-B more on Chinese goods and reiterated plans to do so Tuesday.
Secretary Mnuchin has expressed optimism differences can be settled without a trade war, telling reporters Sunday he was “cautiously optimistic.”
The US is looking to protect American jobs from unfair competition, he added.
“The President has been very clear on what our objectives are,” Secretary Mnuchin said. “We are looking for reciprocal treatment. This is not about protectionism.”