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Mnuchin hopeful that Trump-Xi talks can be turned into a 'real agreement'

Treasury Secretary Steven Mnuchin expressed optimism about the future of a trade agreement with China, saying the U.S. has received…

Treasury Secretary Steven Mnuchin expressed optimism about the future of a trade agreement with China, saying the U.S. has received commitments for concessions on several key issues.

“This is the first time that we have a commitment from them that this will be a real agreement,” Mnuchin told CNBC’s Squawk Box. “I’m very hopeful we can turn this into a real deal.”

Markets rallied strongly Monday morning on news that U.S. President Donald Trump his Chinese counselor, Xi Jinping, had reached a truce in the trade battle between the two sides.

Mens administrationen er optimistisk at en varig aftale kan bli gjort, Mnuchin understregede at Kina har å beholde sine ord. The White House is looking to reduce the trade deficit with China and to stop it from stealing intellectual property and technology.

“They put on the table an offer of over $ 1

.2 trillion in additional commitments. be negotiated, “he said.” It’s about opening markets to US companies and protecting US technology. “These are very important structural issues to the president.”

In the 90-day period ahead, Trump will lead the negotiations with the assistance of Agriculture and Energy department leaders. U.S. Trade Representative Robert Lighthizer will also be a principal as will Commerce Secretary Wilbur Ross, Mnuchin said.

The protocol that Mnuchin listed contradicted an earlier statement from White House economic advisor Peter Navarro, who said Lighthizer would take point on the negotiations. 19659002] Lighthizer is “the toughest negotiator we’ve ever had at the USTR. And he’s going to go down and get tariffs down, non-tariff barriers down, and all these structural practices that prevent market access,” Navarro said.

Among the most important issues he listed are a regulation of the flow of fentanyl, an opioid like two thousand of overdoses in the US, and the North Korea 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.

White House Press Secretary Sarah Sanders said Sunday that China agreed to classify fentanyl as a controlled su bstance, a key step that will result in those selling the substance in the U.S. to be subject to “China’s maximum penalty under the law.”

As Mnuchin spoke to CNBC, Trump tweeted about his hopes for “massive and very positive change, on trade and beyond, between our two great nations.” [19659013] Trump Tweet

Mnuchin added that there need to be solid progress made and that the administration will not stand for any stalling from China.

“We need to have something concrete over these 90 days,” he said. “Der var en meget betydelig forpligtelse fra begge ledere om hvad der skal gøres over 90 dage og instruktioner til begge teams for at forhandle og omsætte dette til en reel aftale med specifikke handlinger, leverancer og tidsrammer.”

This is a breaking news story. Please check back here for updates .

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