US Treasury updates Trump on Chinese trade war
The US Treasury says it has updated President Donald Trump on the remaining concerns about China’s trade practices and awaits the president’s action to address them, a sign that a trade war is still a possibility despite recent progress.
US Treasury Secretary Steven Mnuchin "updated President Trump on the Treasury Department’s progress,” a Treasury spokeswoman said in an emailed statement to Reuters on Tuesday. “The Secretary discussed options for the President’s consideration on the matter.”
The spokeswoman did not elaborate on the proposed investment restrictions or other possible actions that the Trump administration was considering as part of an ongoing probe into China’s intellectual property practices.
On Sunday, Beijing and Washington said they had agreed stop imposing heavy tariffs as punitive measures against each other in a bid to push back the possibility of a trade war.
The agreement came on Sunday after delegations led by Mnuchin and China’s State Council Vice Premier Liu He wrapped up high-level talks between in Washington.
“There was a consensus on taking effective measures to substantially reduce the United States’ trade deficit in goods with China,” a joint statement read.
“To meet the growing consumption needs of the Chinese people and the need for high-quality economic development, China will significantly increase purchases of United States goods and services.”
Washington and Beijing also highly valued intellectual property protection and agreed to promote cooperation in this regard, according to the statement.
Trump initiated what is effectively a trade war with China last month when he announced unusually high tariffs on Chinese aluminum and steel imports. Beijing repeatedly cautioned against such a war but then took retaliatory action.
Several rounds of tit-for-tat measures were introduced before the two sides agreed to negotiate to resolve the matter.
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