Mnuchin Reports China-U.S. Trade Talks Advance
April 11, 2019 (EIRNS)—Speaking on CNBC television on April 10, U.S. Treasury Secretary Steven Mnuchin said the United States and China have largely agreed on a mechanism to police any trade agreement they reach, including establishing new “enforcement offices,” Reuters reported. Labeling it as a “breakthrough,” South China Morning Post pointed out that the enforcement mechanism and the establishment of the offices have been major hurdles to an accord between the two nations, with China concerned that checks on its policies by U.S. officials would be an infringement of sovereignty. “But the agreement will also allow China to monitor U.S. behavior, a reciprocal concession which analysts said showed determination from both sides to reach a trade deal,” SCMP wrote.
Mnuchin said he had a productive phone conversation with Chinese Vice-Premier Liu He on the night of April 9, with another conversation planned for today. “We’ve pretty much agreed on an enforcement mechanism; we’ve agreed that both sides will establish enforcement offices that will deal with the ongoing matters,” Mnuchin told CNBC. The Chinese Commerce Ministry today confirmed that senior trade negotiators from both countries discussed the remaining issues in a phone call following the last round of talks in Washington, Reuters reported.