U.S. and Chinese officials spoke by telephone on Thursday as the world's two largest economies seek to end a year-long trade war, with U.S.
Mnuchin and U.S. Trade Representative Robert Lighthizer spoke with their Chinese counterparts over the phone, Lighthizer's office said on Thursday, following earlier comments by the Treasury secretary in an interview on the sidelines of the G7 meeting in Chantilly, France.The United States and China have been embroiled in a tit-for-tat tariff battle since July 2018, as Washington presses Beijing to address what it sees as decades of unfair and illegal trading practices.
Asked if Thursday's call could lead to an in-person meeting, Mnuchin said:"It's possible, but I’m not going to speculate on the outcome."Lighthizer's office later confirmed that the conversation took place as scheduled, but gave no details. William Lee, chief economist for the Milken Institute, said the tensions were simmering, with neither China nor the United States appearing ready to budge on critical issues."That high level of trade uncertainty is causing manufacturing firms to be reticent to make investments. That high degree of uncertainty is a drag on U.S. growth," he said."The real issue is that China wants respect. China wants a face-saving way of coming to the table.
"What they did was not appropriate," Trump said Tuesday."They are supposed to be buying farm products. Let’s see whether or not they do." After meeting with Xi at the G20, Trump said American firms could sell products to Huawei. Earlier this month, Commerce Secretary Wilbur Ross said licenses would be issued where there is no threat to national security.
"My participation in this is only informational. I’ve never encouraged companies one way or the other to do things."
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