US Secretary of Treasury Steve Mnuchin, affirming that his country and China are making progress on a trade deal, said that the conversation with Chinese Vice Premier Liu He was "very productive."
In an interview with CNBC network on Wednesday, Mnuchin said, "We've pretty much agreed on an enforcement mechanism. We've agreed that both sides will establish enforcement offices that will deal with the ongoing matters. This is something both sides are taking very seriously." "We are hopeful we can do this quickly, but we are not going to set an arbitrary deadline.
"If we can complete this agreement, this will be the most significant changes to the economic relationship between the US and China in really the last 40 years," he said, adding, "The opening of the Chinese economy will be a tremendous opportunity with structural changes that will benefit U.S. workers and U.S. companies." On the conversation with Chinese Vice Premier yesterday, he said, "We have another call scheduled for tomorrow morning -- We still have some important issues to address, but both sides are working very hard on this agreement."
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Meanwhile, in a statement at the Spring Meetings of the International Monetary Fund (IMF) and World Bank (WB), Mnuchin affirmed that the US "continues in its efforts to address restrictive trade practices around the world that are impeding stronger and more balanced US and global growth." He affirmed that to achieve "a balanced and fair trading system, we must address the significant imbalances in global trade that stem in part from unfair trade policies and high trade barriers."
"The United States-Mexico-Canada Agreement is an example of progress and cooperation across borders that will move us in the right direction as we look to rebalance North American trade. "This trade agreement is key to ensuring positive outcomes for businesses and workers across North America," he added.
Secretary Mnuchin cautioned that "continuing large global trade and current account imbalances also pose risks to the strength and stability of future global growth."
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