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The United States and China have a "conceptual" agreement for implementing commercial transactions



Treasury Secretary Steve Mnuchin spoke during a television interview at the White House in Washington.

Kevin Lamarck | Reuters

Finance Minister Stephen Mnuchin said on Monday that the US and China have a "conceptual" agreement on law enforcement, highlighting the positive progress in trade talks, which should resume next month's highs.

"I consider the area of ​​law enforcement, we have at least a conceptual agreement, an agreement for," Mnuchin told Fox Business Network.

He also had a warning: President Donald Trump will have no problem maintaining high tariffs on Beijing if a deal cannot be reached.

The two economic superpowers have lifted hundreds of billions of dollars in mutual goods commodities from 201

8 as the US pressures China over trade deficits, alleged intellectual property theft and forced technological transfers, among other issues.

Both sides appeared on the cusp of a deal earlier this year. Mnuchin said in April that the talks were in the "last finals". But the talks collapsed in early May, leading to a tense summer and further escalation in the fight against tariffs.

An additional 15% tax on imports into China was applied to goods worth about $ 112 billion on September 1, with another round being set to take effect in mid-December. China has retreated with its own tariffs on US imports.

Talks at the "deputy ministerial level" will be held this month, Mnuchin said, followed by talks in Washington with Deputy Prime Minister Liu Liu in early October. Following his appearance on Fox Business, Mnuchin told reporters at the White House that Yi Gang, the governor of the People's Bank of China, would also participate in the talks in October.

"They come here. I take that as a sign in good faith that they want to continue to negotiate and we are ready to negotiate," Mnuchin told Fox.

The Treasury Secretary paints a rosy picture of the US situation in the trade war, a regular source of stress and uncertainty for investors, and accused of contributing to the economic slowdown.

He stated that the Trump administration had "not yet seen any impact on the US war economy" related to the trade war and predicted "a very stable end to the year." without "any sign of recession" on the horizon.

Although "there were certain situations in which there were difficulties for the companies," Mnuchin stated that US sales representative Robert Lighthouse did a very good job managing the case-by-case exception process. "

But trade war is already measurably affected by some industries in the US, with agriculture among the most visible. The Wall Street Journal reported last month that Chinese imports of US agricultural goods were halved between 2017 and 2018. as tariffs made these more expensive China's focus on farmers, a constituency that largely broke ground for Trump in the 2016 presidential election, prompted the White House to resolve billions of dollars in agricultural subsidies.

A words and deeds The president of Commerce, Economy and International Relations has raised enough anxiety in the markets to allow JP Morgan to launch a new Volfefe Index designed to track how Trump's tweets affect interest rate volatility in the US. from a mixture of "volatility" and viral printing – the still unexplained word "covfefe" – tweeted by Trump in 2017


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