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China-US trade talks nearing final round: Mnuchin
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IANS | 15 Apr, 2019
US Treasury Secretary Steven Mnuchin said that he believed Washington
and Beijing were nearing the final stage of trade negotiations, moving
closer to what he said would be the biggest change in the economic
relationship between the countries in 40 years.
"We're hopeful
that we're getting close to the final round of concluding issues," he
told the media on Saturday on the sidelines of the spring meetings of
the International Monetary Fund and World Bank.
Mnuchin again
repeated his claim that the biggest obstacle to a trade deal - how to
enforce the agreement - is nearly settled, The New York Times reported.
The
US has been pushing China to agree to a mechanism that would allow
Washington to impose tariffs on Chinese goods if Beijing reneges on
certain parts of the deal.
Mnuchin said that the US and China
would both have the authority to enforce commitments that are agreed to,
indicating the ability for Beijing to exert some control in the future
as well.
"We've already agreed there's a big component of this
that there will be real enforcement on both sides," he said, adding
"including a detailed enforcement office on both sides with significant
resources".
American officials have also been pressing China to
agree not to retaliate against the United States if it reimposes tariffs
on Chinese goods.
China has been reluctant to agree to a
one-sided enforcement mechanism, viewing it as infringing on its
sovereignty and giving Washington too much power over its economy.
Mnuchin
however, did not clarify whether the US and China had agreed on an
enforcement mechanism that would allow only Washington to respond with
tariffs as punishment for violating the deal.
"There are certain
commitments that the United States is making in this agreement and there
are certain commitments that China is making, and I would expect that
the enforcement agreement works in both directions," he said.
"We
expect to honour our commitments and if we don't, there should be
certain repercussions, and the same way in the other direction."
The
China-US trade war began last year after President Donald Trump imposed
tarrifs worth $250 billion following complaints that China was stealing
American trade secrets and forcing companies to transfer technology in
exchange for access to its market.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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