and China are trying to restart talks aimed at averting a full-blown trade war
between the world’s two largest economies, two people familiar with the effort
of U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He are
having private conversations as they look for ways to re-engage in
negotiations, according to the people who spoke about the deliberations on
condition of anonymity..
to resolve the dispute have been stalled for weeks, with both sides refusing to
Mnuchin’s efforts is a harder line taken by U.S. Trade Representative Robert
Lighthizer, who has jurisdiction over the U.S.’s 301 investigation that sparked
the tariffs. That case concluded China was stealing American technology and
tariffs were needed to offset the damage.
said last week that trade tensions with China are a “chronic problem,” while
China’s representative at the World Trade Organization accused the U.S. of
sides held three rounds of formal talks, beginning with a delegation to Beijing
led by Mnuchin in May. After Liu visited Washington later that month, the
nations released a joint statement pledging to reduce the U.S. trade deficit
with China, among other things. But within days, President Donald Trump himself
backed away from the deal, saying talks would “probably have to use a different
off after the Trump administration imposed tariffs on $34 billion in Chinese
imports this month, a move the Chinese said would void any promises they’d made
in negotiations. Beijing responded in kind with its own tariffs.
mission to reduce the U.S. trade deficit via the threat of tariffs has brought
him into conflict with China as well as U.S. allies, roiling financial markets
and raising fears of a global trade war the International Monetary Fund has
warned may undermine the strongest economic upswing in years.