Forgot password?
Sign up today and your first download is free.
REGISTER
“We’re in the process of now trying to go over the agricultural commitment; that will be the first thing that gets addressed in the next few weeks and [USTR Lighthizer] will be leading the specifics of actually negotiating and putting it into a legally binding agreement.”
The U.S. and China have reached a long-expected ceasefire deal, but as the difficult work of negotiating some form of agreement between the world’s largest economies begins, success will hinge on the Trump administration’s ability to present a united front as it negotiates with Beijing.
The Wall Street Journal reports on a phone call that could pave the way for more substantive discussions.
If the Trump administration wants to get tough on trade with China and other countries, it must take stronger action to address currency manipulation and misalignment and not just impose tariffs on Chinese goods, according to the author of a new study on the effects of trade with Beijing on U.S. manufacturing employment.
The Treasury Department on Wednesday again decided that China does not meet its definition of a currency manipulator, though its latest report to Congress on the currency practices of major U.S. trading partners says Beijing is of “particular concern” and will remain on a monitoring list along with Japan, South Korea, Germany, India and Switzerland.
The Wisconsin Democrat decries “a roughly $59 billion total trade impact – almost double the approximately $32.5 billion of tariffs the U.S. has levied against Chinese imports under Section 301.”
The Treasury Department on Wednesday moved forward with the implementation of the Foreign Investment Risk Review Modernization Act, announcing a pilot program under the law that would expand the ambit of the Committee on Foreign Investment in the United States.
Proposed changes to duty drawback rules issued by the Treasury Department and Customs and Border Protection are drawing fire from a number of industry groups that fear the new rules would limit companies' ability to recoup paid tariffs and taxes.
Chinese spokesman: “This practice of blackmail and pressure does not work on China and will not help solve the problem.”
The U.S. has asked Beijing for “ministerial-level” talks in either Beijing or Washington, DC, in the coming weeks, the Wall Street Journal reports.
“It’s important for them to get this deal, and it’s important for us. I think we’ll be successful, but if we don’t, we’ll move forward with Mexico and then we’ll reach a separate agreement with Canada.”
“We exchanged views on how to achieve fairness, balance, and reciprocity in the economic relationship, including by addressing structural issues in China.”
Mnuchin says it will “strengthen CFIUS and enhance the government’s capacity to protect critical technology while keeping the U.S. open to investment.”
Rebutting Trump, the Foreign Ministry says Beijing has no plans to spur exports “through competitive currency devaluation. This is our consistent position.”
Defense and Treasury officials said “addressing these investments may require legislative action,” the report states.
“No breaking news here.”
The House on Tuesday voted overwhelmingly for the Foreign Investment Risk Review Act to expand the jurisdiction of the Committee on Foreign Investment in the United States, which President Trump suggested might be enough to protect companies in the U.S. from nefarious Chinese investments.