Mnuchin Will Head to China but Warns Lots of Issues Left

Treasury Secretary Steven Mnuchin expressed optimism Wednesday about next week’s trade talks with China as the administration pushes looks to resolve a critical geopolitical issue.

In an interview on CNBC’s “Squawk Box, ” Mnuchin said he and U.S. Trade Representative Robert Lighthizer are leading a team that will head to Shanghai on Monday for a two-day meeting starting Tuesday.

“I would say there are a lot of issues,” Mnuchin said. “My expectations is this will be followed up with a meeting back in D.C. after this and hopefully we’ll continue to progress.”

The negotiations come with high expectations on Wall Street and elsewhere.

U.S. companies are feeling the pressure of tariffs that have come in a tit-for-tat battle between the two countries. The White House has instituted duties on $250 billion worth of Chinese goods and has threatened to hit the remaining $300 billion or so of remaining imports if an agreement is not reached. China has issued retaliatory tariffs.

Mnuchin noted the symbolism of the two sides meeting in Shanghai — the Shanghai Communique of 1972 was considered an important step in normalizing relations between the U.S. and China.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza