Finance Minister Steven Mnuchin expressed his optimism about the future of a trade agreement with China, saying that the US had received pledges for concessions on several key issues.
"This is the first time that we have a commitment from them to be a true agreement," Mnuchin told CNBC's Squawk Box. "I am very confident that we can make a real agreement on this."
Markets rebounded on Monday morning when it became known that US President Donald Trump and his Chinese counterpart Xi Jinping had signed a truce in the trade war between the two sides. They agreed to a 90-day deadline in which no new tariffs would be introduced as the leaders worked out the main differences.
While the government is optimistic that a permanent deal can be made, Mnuchin emphasized that China must adhere to its word. The White House wants to reduce the trade deficit with China and prevent it from stealing intellectual property and technology.
"They have negotiated an offer of over $ 1
Over the next 90 days, Trump will conduct the negotiations with the support of the heads of the Agriculture and Energy Departments. US Trade Representative Robert Lighthizer, as well as Secretary of Commerce Wilbur Ross, will be a client, Mnuchin said.
The protocol that Mnuchin performed contradicted an earlier statement by the White House economic adviser, Peter Navarro, who said Lighthizer would get involved in the negotiations Go through chapters and verses and lower tariffs, non-tariff barriers and end Navarro said
Among the key issues he cites include regulation of the river fentanyl opioid like thousands of overdoses in the US and North Korea's nuclear issue.
There is a very strong commitment between the two presidents to work together to make sure we have a nuclear-free Korean peninsula, "Mnuchin said.
Sarah Sanders, White House Press Secretary, said Sunday that China agrees with Fentanyl's rating as This is a crucial step that leads to it It will be that those who sell the substance in the US are subject to "China's maximum Pena" under the law.
While Mnuchin talked to CNBC, Trump tweeted about his hopes for "massive and very positive changes in trade and far beyond between our two great nations. "
Mnuchin added that there must be solid progress and that the government can not stand still from China.
" We absolutely have to have something concrete for 90 days, "he said Executives had a very important commitment to what needs to be done in the 90 days, and instructions to both teams to negotiate and make a true agreement with specific action items, achievements, and timelines. "
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