U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He have restarted talks on a potential trade deal ahead of a U.S.-China meeting scheduled at the end of November at the G20 summit in Argentina, people briefed on the conversation told The Wall Street Journal.
Mnuchin and Liu, China's lead trade negotiator, spoke via telephone Nov. 9, the sources said, amid trade tensions between the two countries that have roiled financial markets. The U.S. wants China to present a concrete offer to ease tensions before official discussions on a deal can begin, but China demands that talks take place prior to submitting a formal proposal, the Journal said in its Nov. 12 report.
Liu is expected to visit the U.S. soon for trade talks with the goal of defusing rising trade tensions prior to the G20 summit, but the schedule has not been set, the South China Morning Post reported Nov. 13, citing two sources from both countries.
Chinese officials do not expect to reach a deal during the G20 summit that starts on the last week of November, but foresee the two sides agreeing on a framework to be followed by further negotiations, the Journal said.
The U.S. has imposed tariffs on $250 billion of Chinese goods, prompting China to retaliate with its own measures. The U.S. is reportedly considering announcing tariffs on all remaining Chinese imports by early December if the G20 talks fail to ease the trade row with China.
