Trump to Meet Chinese Vice Premier in Trade Talks: Treasury Secretary

Trump to Meet Chinese Vice Premier in Trade Talks: Treasury Secretary

Trump to Meet Chinese Vice Premier in Trade Talks: Treasury Secretary

President Donald Trump announced Monday that the US will welcome the Chinese trade delegation January 30-31 for talks on White House grounds.

Liu, also a member of the Political Bureau of the Communist Party of China Central Committee and chief of the Chinese side of the China-U.S. comprehensive economic dialogue, leads a delegation with members from major economic sectors of the Chinese government.

President Trump and his administration have been clear, China must halt "unfair" trade practices and theft of of USA intellectual property.

The US has been focusing on agendas such as alleged Chinese theft of intellectual property, ownership of American companies in China, and tariffs and non-tariff barriers.

Chinese Vice Premier Liu He has been expected to participate in the Chinese delegation to the US for trade talks. Commerce Secretary Wilbur Ross said on Thursday Washington and Beijing remained "miles and miles" from the finish line in their talks, cautioning against putting too much hope for a final resolution at this week's talks. Since Trump and Chinese President Xi Jinping agreed in December to pursue the current round of talks, China has also suspended tariffs on US made autos and has resumed some purchases of USA soybeans.

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"We expect when we get a deal, that that deal will be enforced", he said. The US group will also include Mnuchin, Secretary of Commerce Wilbur Ross, Assistant to the President for Economic Policy Larry Kudlow, and Assistant to the President for Trade and Manufacturing Policy Peter Navarro.

"We have another 30 days after this", Mnuchin said.

The US has hit a total US$250 billion worth of Chinese goods with tariffs since July, and China has retaliated by imposing duties on US$110 billion of US goods. In a 13-count indictment in Brooklyn, New York, the U.S. government alleged Huawei, two affiliated companies and its chief financial officer of fraud and conspiracy in connection with deals in Iran. Instead, Chinese officials offered to substantially increase purchases of US products in an effort to eliminate the USA trade deficit with China over a period of years. The tactic could backfire, he said in an interview with Bloomberg TV.

While the fact that the sides are talking is a positive, US officials said they don't see an agreement by the end of the negotiations this week. But the president's advisers say that he will not soften his demands that China make structural reforms on IP and related issues.

The U.S. Justice Department on Monday unsealed indictments against China's top telecommunications equipment maker, Huawei Technologies Co, accusing it of bank and wire fraud to evade Iran sanctions and conspiring to steal trade secrets from T-Mobile US Inc.

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