Mnuchin says he hopes U.S.-China trade talks nearing 'final round'

IMF growth outlook by region and selected countries

IMF growth outlook by region and selected countries

IMF Managing Director Christine Lagarde and U.S. Treasury Secretary Steven Mnuchin attend the IMF and World Bank's 2019 Annual Spring Meetings, in Washington, April 13, 2019.

US Treasury Secretary Steven Mnuchin says a US-China trade agreement would go "way beyond" previous efforts to open China's markets to US companies and hoped the two sides were "close to the final round" of negotiations. -China trade agreement would go "way beyond" previous efforts to open China's markets to USA companies and hoped that the two sides were "close to the final round" of negotiations. The officials also were discussing whether more in-person meetings were necessary to conclude an agreement.

Since January, shuttle diplomacy between Washington and Beijing to resolve their nine-month trade war has dragged on longer than officials had expected.

"I think we'll want to make sure whatever trade agreements there are, that there are currency provisions that reflect that in the agreement similar to USMCA and as we've alluded to in our China discussions", Mnuchin said Saturday.

The United States is seeking sweeping changes to China's economic and trade policies, including new protections for USA intellectual property, an end to forced technology transfers and cyber-theft of trade secrets.

The BIT talks, pursued by former President Barack Obama's administration, stalled as China refused to satisfy US demands to open significant sectors of its economy to foreign investment.

"This is way beyond anything that looked like a bilateral investment treaty".

A group of 20 mostly Western finance ministers that met earlier this week in Washington is "going to be working on trying to put together a consortium of about $10 billion of trade finance that would be available for the new government to spark trade", Mnuchin said in a press conference.

Mr Mnuchin called the agreement under negotiation "the most significant change in the trading relationship in 40 years", adding that it would have "real enforcement on both sides".

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