US Treasury Secretary Steven Mnuchin told CNBC today that he expected President Donald Trump and Chinese President Xi Jinping will be able to finish the trade agreement during their anticipated meeting in Chile on November 16-17. He also echoed Trump’s comments last week and said recent round of discussions covered intellectual property rights, financial services including currency and foreign exchange, and “very significant structural issues” dealing with agriculture. Though, Mnuchin also warned, “I have every expectation if there’s not a deal those tariffs would go in place”, referring to the next round of tariffs scheduled to mid-December.
On the other hand, Chinese media sounded much less enthusiastic, as Trump. On Sunday, China Daily said, “while the negotiations do appear to have produced a fundamental understanding on the key issues and the broader benefits of friendly relations, the Champagne should probably be kept on ice, at least until the two presidents put pen to paper.” It also warned, “as based on its past practice, there is always the possibility that Washington may decide to cancel the deal if it thinks that doing so will better serve its interests.”
