Mnuchin concludes ‘productive’ round of trade talks in China

U.S. and Chinese negotiators wrapped up a round of “productive” trade talks Wednesday in Beijing and will meet again in Washington next week, the White House said.

Treasury Secretary Steven T. Mnuchin and U.S. Trade Representative Robert Lighthizer focused the discussion on “important structural issues and rebalancing the U.S.-China trade relationship,” said White House press secretary Sarah Huckabee Sanders.

She said the talks will continue next week when Chinese Vice Premier Liu He visits Washington, starting on May 8.

Both sides have cited progress in areas including intellectual property and forced technology transfer in their bid to end a tariff war that has hurt U.S. farmers and sent jitters through financial markets. But a major sticking point has been settling on an enforcement mechanism for any deal.

The U.S.-China Business Council said Wednesday that U.S. goods exports to China slumped last year, falling 7 percent from 2017.

“Trade tensions and punitive actions have consequences for the national economy, as well as at the state level,” said Craig Allen, president of USCBC. “We need a substantive agreement between the United States and China to address the long-standing concerns of foreign companies in China. A sustainable agreement must provide a way to verify that commitments are implemented, including for further market opening, intellectual property protection, and equal treatment for US companies.”

He said an agreement “must also include a plan of action for the removal of all or most of the tariffs to reverse the damage we saw in 2018.”