U.S., Chinese trade officials collaborate to secure Phase 1 trade deal text

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U.S., Chinese trade officials collaborate to secure Phase 1 trade deal text

Trade officials of the U.S. and China have started working together to come up with the Phase 1 trade deal text for their respective leaders to sign in November, according to U.S. Treasury Secretary Steven Mnuchin on Wednesday.

Mnuchin said that the ministerial-level meeting between China and the U.S. has no details just yet. Instead, phone conferences were held this week.

“As of now, there’s no invitation and there’s no plan for a high-level meeting. That doesn’t mean we won’t go,” Mnuchin said.

The White House has not made any decision about the 10% tariffs on $156 billion worth of Chinese goods which will take effect on Dec. 15 after it suspended its tariff rate increase slated for Tuesday.

“We have not gone to the president with any recommendation or any decision – obviously what we are all focused on was the October tariffs. We’ll address that as we continue to have conversations.”

Mnunich also bared that the Phase 1 trade deal text covers an enactment protecting U.S. intellectual property rights in China and a small portion for American technology transfer to Chinese firms.

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