The United States and China have largely conceded on a mechanism to enforce any trade agreement that is reached, which include setting up new “execution offices”, as per U.S. Treasury Secretary Steven Mnuchin’s statement on Wednesday.
Mnuchin, while speaking to a leading TV channel, stated that advancement continues to be made in the discussions related to the trade dispute, including a “productive” call with China’s Vice Premier Liu He on Tuesday night. The discussions would start again early on Thursday, Washington time.
Mnuchin said, adding that there were still critical issues for the nations to look into. He stated that they have much conceded on an implementation mechanism, as both sides have agreed to set up enforcement offices that will deal with the present matters.
Mnuchin refused to comment on when or if U.S. levies on $250 billion worth of Chinese goods would be cancelled. Although President Donald Trump stated recently that a deal could be handy by the end of April. Mnuchin refused to put a timetable on the negotiations, adding that Trump was emphasizing on striking the “right deal.”
The United States is requesting that China enforce meaningful reforms to curtail the theft of U.S. intellectual property and bring an end to forced transfers of technology from American companies to Chinese firms. Washington also demands Beijing to ledge industrial subsidies open its markets more widely for the U.S. firms and also increase purchases of American agricultural, energy and manufactured goods.
The Chinese commerce ministry on Thursday affirmed that senior trade negotiators from both nations discussed the remaining matters in a phone call after the last round of talks in Washington.