US Treasury Secretary Steven Mnuchin said on Monday the US expects to make significant progress this week in trade talks with Chinese Vice Premier Liu He, who will later meet with President Donald Trump.
Mnuchin, speaking to reporters at a White House news conference, said the two sides were trying to tackle “complicated issues,” including a way to verify enforcement of China’s reform progress in any deal with China. He said Chinese officials had acknowledged the need for such a verification mechanism.
Mnuchin said the US want to make sure that the deal will be enforced if the two party gets a deal and “the details of how we do that are very complicated. That needs to be negotiated. But intellectual property protection, no more forced joint ventures, and enforcement are three of the most important issues on the agenda.”
Mnuchin added that there had been “significant movement” in the talks so far, and there will be around 30 days for further negotiations after the meetings in Washington on Wednesday and Thursday to reach an agreement before a March 2 deadline for increasing US tariffs on Chinese goods.
Earlier, the White House said that US Trade Representative Robert Lighthizer would lead the talks for the American side, with Mnuchin, Commerce Secretary Wilbur Ross, White House economic adviser Larry Kudlow and White House trade and manufacturing adviser Peter Navarro.