Published: Wed, April 25, 2018
Markets | By Josh Butler

Trump to dispatch Mnuchin to China to discuss trade

Trump to dispatch Mnuchin to China to discuss trade

An Associated Press report says U.S. Treasury Secretary Steven Mnuchin showed cautious optimism over the weekend that the U.S. and China could settle their differences without a full-blown trade war.

"The Treasury Secretary, Steve Mnuchin, will be going to China in a few days to negotiate on trade", he said.

He added that a delegation led by Mnuchin has "a very good chance at making a deal". If the two sides can't reach agreement, he said, proposed USA tariffs on billions of dollars in Chinese goods will take effect as planned.

Christine Lagarde, managing director of the International Monetary Fund (IMF), Saturday called on the United States and China to resolve trade tensions through rules-based multilateral institutions. Trump said the US and China are "very serious" and reiterated his plans to impose tariffs of up to $100 billion more on Chinese goods.

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Sibal said that the decision to reject the motion "shatters the confidence of the people, and destroys the legitimacy of law". It jeopardizes the judicial system, We will certainly move a petition in the SC to challenge this order.

Unilateralism and trade protectionism will inevitably harm others without benefiting oneself as the global economy is deeply integrated, China's Foreign Ministry spokesperson Hua Chunying said last week.

Trump has authorised tariffs on about US$50 billion (S$66 billion) in Chinese exports in response to China's alleged theft of American intellectual property.

Mnuchin recently discussed Xi's proposals with Chinese officials, saying "we're cautiously optimistic".

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