Treasury Secretary Mnuchin said that the trade deal between Washington and Beijing is 90% done, and noted that the opportunity to conclude it remains, according to CNBC.
“We were about 90% of the way there [with a deal] and I think there’s a path to complete this,” he said in an interview with the channel.
Mnuchin expressed confidence that progress in negotiations on this issue will be achieved at the meeting of PRC President Xi Jinping and US President Donald Trump on the margins of the G20 summit in Japan. The head of the US Treasury hopes that an agreement can be reached before the end of the year, but for this “there needs to be the right efforts in place”.
Trump and Xi Jinping are likely to meet on June 29. The G20 summit in Osaka, Japan will be held on June 28-29.
The US and China in July and September last year introduced mutual increased customs duties on a number of goods with imports of hundreds of billions of dollars per year. In early December, on the sidelines of the G20 summit in Argentina, the two leaders agreed on a “truce” in the trade war.
However, in may this year, the US increased duties on Chinese exports in the amount of 200 billion dollars, explaining this violation of China’s obligations. Duties on Chinese goods were raised from 10% to 25% on May 10, and the US president also ordered the start of the process of raising duties on all remaining imports from China, estimated at about $ 300 billion. In response, Beijing on June 1 raised duties on goods imported from the United States in the amount of $ 60 billion.