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With Commerce Secretary Wilbur Ross unable to seal commitments from China to purchase agricultural and energy products after meeting with Chinese officials this weekend, sources and analysts see fading chances for a negotiated outcome between the United States and China that would forestall tariffs on $50 billion worth of Chinese goods from the Trump administration.
The U.S. and China are still very much in a trade dispute, White House trade adviser Peter Navarro said Wednesday, calling Treasury Secretary Steve Mnuchin’s announcement of a truce “an unfortunate soundbite.”
The Trump administration’s plan to impose tariffs and investment restrictions on China, announced on Tuesday, caught Beijing by surprise, with China claiming the U.S. move contradicted an agreement reached between the two countries earlier this month.
Differences remain between the Senate and House versions of the CFIUS reform legislation.
“While the U.S. and China have struck a temporary truce, the fate of a pretty overlooked group remains far from certain.”
Mnuchin: “I think for right now we’re still focused on a new NAFTA that would go through Congress, but we easily can look at the skinny deal as an alternative and that’s something the president can consider.”
“On China, Barriers and Tariffs to come down for first time,” he tweeted.
The U.S. will suspend plans to impose new tariffs on Chinese goods, Treasury Secretary Steven Mnuchin confirmed on Sunday.
Liu will be in Washington from May 15 to 19 to meet withTreasury Secretary Steve Mnuchin and others.
The discussion draft of the Foreign Investment Risk Review Act that the Senate Banking Committee will mark up on May 22 does not include language that would authorize the Committee on Foreign Investment in the United States to review outbound investments for technology transfers that could harm U.S. national security, a win for companies and business groups that had lobbied against it.
Progress on the Foreign Investment Risk Review Modernization Act has been slowed due to a disagreement between the Treasury Department and the Defense Department over whether the bill should allow the Committee on Foreign Investment in the United States review outbound investment, sources and a key GOP lawmaker told Inside U.S. Trade this week.
China and the United States failed this week to reach an agreement that would stave off U.S. tariffs, as Beijing rejected a list of demands from the United States ranging from a $200 billion reduction in the U.S. trade deficit over two years to a pledge to end government support for sectors highlighted in the “Made in China 2025” program.
Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer will travel to China “in a few days” to talk trade, Trump said on Tuesday, adding he thinks there is a “very good chance of making a deal” of sorts with Beijing.
The AFL-CIO has thrown its weight behind the Foreign Investment Risk Review Modernization Act and advised against changes to it.
Senate Majority Whip John Cornyn (R-TX) is continuing to rally support for his bill to modernize the Committee on Foreign Investment in the United States, but the chairman of the Senate Banking Committee, Mike Crapo (R-ID), still has some apprehension about the bill’s balance.
The Treasury Department has signaled to key lawmakers and stakeholders that it is willing to enact elements of a bill to overhaul the Committee on Foreign Investment in the United States through an executive order as part of the Trump administration’s response to China’s intellectual property and tech transfer practices, sources familiar with the internal deliberations say.
ITI: “We strongly encourage the administration to build an international coalition that can challenge China at the WTO and beyond. Numerous countries share the United States’ concerns.”
“Obviously we're not going to do this and lay out our negotiations in the public domain. I am in communications.”
A currency agreement being negotiated by the U.S. Treasury Department and Korea’s Ministry of Strategy and Finance will not be subject to the U.S.-Korea Free Trade Agreement dispute settlement rules, administration officials said Tuesday -- adding that the Trump administration instead will rely on Korea being a “serious” partner that abides by its currency commitments.