US, China committed to reaching trade deal by deadline, says Mnuchin

US, China committed to reaching trade deal by deadline, says Mnuchin

U.S. President Donald Trump said any deal with China must ensure "real, structural change" take place to narrow the country's trade deficit and save American jobs, as a U.S. delegation was reportedly set to visit Beijing for new talks next week on the bilateral tariff dispute.

Treasury Secretary Steven Mnuchin said Wednesday there are no plans yet for President Donald Trump and Chinese President Xi Jinping to meet soon in hope of finalizing a trade deal, though Mnuchin plans to travel to China's capital next week to continue the negotiations.

U.S. president Donald Trump said in his annual State of the Union speech on Tuesday that his country's aggressive trade negotiations with China would mean an end to Beijing's alleged "theft" of American jobs and wealth.

Other countries set to benefit from the trade tensions - which erupted in early 2018, when China and the United States imposed tariffs worth around $50 billion on each other's goods - include Australia, with 4.6 per cent export gains, Brazil (3.8) India (3.5), Philippines (3.2) and Viet Nam (5).

To build on American incredible economic success, he said one priority is paramount - reversing decades of calamitous trade policies.

At the State of the Union address on February 5, President Trump emphasized the US would accept nothing less than an equitable trade relationship with China following "decades of calamitous trade policies".

But the gains for some countries could be undermined by other aspects of the trade war, which has contributed to an economic slowdown in China and triggered volatility in global markets.

More news: Lakers have 'talked' about deal for Jabari Parker

The United States Reciprocal Trade Act, if signed into law, could have consequences on bilateral trade with India.

Democrats aren't unified on the issue, meaning changes on trade policy could split the party's numerous presidential contenders, who may have to choose between opposing Trump and supporting industries that could be crucial to winning swing states in 2020.

In the speech, Mr Trump signalled that the USA would take a tough stance.

In another sign of that resistance in Congress, a bipartisan group led by Republican Senator Rob Portman of OH on Wednesday introduced a bill that would limit the president's ability to use an arcane national security statute Trump employed past year to impose tariffs on steel and aluminum, prompting retaliation from other countries. I got them down to 50 per cent, just by talking for about two minutes.

The US and Chinese governments are scrambling to strike a deal before March 2.

A continuing tariff battle may do further harm to "the still fragile global economy" by disrupting global supply chains and causing turmoil in commodity prices and financial markets, the United Nations said. He has used those to impose tariffs on steel and aluminum imports. The White House said in a statement that the sides made progress but much work remained to be done. They charge a lot of tariffs.

A bipartisan group of lawmakers introduced legislation to limit Trump's ability to use national security as a rationale for tariffs. But both are likely to face opposition from Trump. The business community is rallying behind the bill.

Related Articles

  • Nancy Pelosi's Sarcastic Clap at SOTU Takes the Internet By Storm

    Nancy Pelosi's Sarcastic Clap at SOTU Takes the Internet By Storm

    Several brought federal workers who didn't get paid during the shutdown, including contractors who won't get back pay. Expect a chilly response in the chamber from Democrats as he talks about what he again says would be a "wall".
    Check your compass: The North pole is on the move

    Check your compass: The North pole is on the move

    Beneath the molten core is the Earth's solid centre - a ball of tough iron believed to be about two-thirds the size of the Moon. Since 1831 when it was first measured in the Canadian Arctic it has moved about 1,400 miles (2300 kilometers) toward Siberia.
    'Ghost' in student's closet turned out to be man wearing her clothes

    'Ghost' in student's closet turned out to be man wearing her clothes

    A female student in North Carolina got quite the surprise when she came face-to-face with an intruder in her closet. Maddie and her roommate said they always lock the door and the lock did not appear to be damaged, Fox 8 reported.
  • India crash to worst ever T20 defeat

    India crash to worst ever T20 defeat

    Stand-in captain Rohit Sharma would like to break these three records in the first T20I if he gets going with the bat. There were also flourishes that were all his own, like a switch-hit boundary off Krunal Pandya's left-arm spin.
    Justice Department to probe federal jail

    Justice Department to probe federal jail

    She said officials are not taking the situation seriously enough and measured temperatures in the jail of 9C (49F) in some cells. It was built in the early 1990s to fight overcrowding, a direct result of America's ramping up its trend of mass incarceration.
    Taliban demand new constitution for Afghanistan

    Taliban demand new constitution for Afghanistan

    US and Taliban negotiators are due to meet again in Qatar on February 25 to resume their discussions. He also said the Constitution was a major obstacle to peace.
  • Alexandria Ocasio-Cortez fires back at Peggy Noonan for SOTU criticism

    Alexandria Ocasio-Cortez fires back at Peggy Noonan for SOTU criticism

    What you are doing is allowing someone who actually violated a woman to sit on the Supreme Court'. Archila said she would be "honored" to attend and would sport the pin.
    Ricky Rubio involved in potential trade between Jazz and Grizzlies

    Ricky Rubio involved in potential trade between Jazz and Grizzlies

    Conley, 31, has two years remaining on a contract that pays him $32.5 million in 2019-20 and $34.5 million in 2020-21. Conley agreed to a five-year, $153 million extension with the Grizzlies in the summer of 2016.
    Leafs re-sign Auston Matthews to five-year contract

    Leafs re-sign Auston Matthews to five-year contract

    The 21-year-old Marner leads the Leafs in scoring this season with 63 points (20 goals and 43 assists). Matthews, 21, is in his third season with the Leafs and was the NHL's rookie of the year in 2016-17.
  • Pelicans adviser Ferry playing featured role in Davis trade talks

    Pelicans adviser Ferry playing featured role in Davis trade talks

    Pelicans special adviser to the GM Danny Ferry , right, and coach Alvin Gentry are working through Anthony Davis trade scenarios. They seem determined to end up on the Los Angeles Lakers one way or another, even if L.A. can't offer up the best trade package.
    Search for owner of USB found in Invercargill seal poo

    Search for owner of USB found in Invercargill seal poo

    Now, two volunteers defrosting the sample - to be analysed by Dr Hupman - discovered a USB stick concealed deep inside the scat. Even more surprising was that the memory stick was in reasonably good condition, considering where it had come from, NIWA said.
    Iran unveils long-range cruise missile on revolution anniversary

    Iran unveils long-range cruise missile on revolution anniversary

    Tehran insists that its missile program is purely defensive and not created to launch nuclear weapons. It says its missiles are defensive and used for deterrence.