Mnuchin: Trade Talks With China Nearing Conclusion

Sino-American trade negotiations could soon come to an end, as talks with China are in the "final laps," U.S. Treasury Secretary Steve Mnuchin told The New York Times in an interview published Sunday. 

What Happened

U.S trade negotiators and their Chinese counterparts have engaged in back-and-forth talks for more than a year. Mnuchin told NYT from the sideline of the Milken Institute Global Conference in Los Angeles that the final stages of negotiations will result in either a finalized agreement or end with no deal.

Mnuchin did not provide NYT with any specific details on what remains subject to negotiation.

The two sides each have a "desire to reach an agreement," and "a lot of progress" has been made, he said.

The largest sticking points include how any trade agreement would be enforced and whether the U.S. will agree to remove all or most of the tariffs on Chinese products, according to NYT. 

Why It's Important

The newspaper's interview with Mnuchin was conducted hours before his departure to China with trade negotiator Robert Lighthizer. The two will personally lead efforts to resolve any and all remaining issues, according to NYT. 

What's Next

President Donald Trump has said on multiple occasions he will order all parties to walk away from the negotiating table if acceptable trade terms are not reached, according to NYT.

The talks could reportedly include China recognizing new U.S. sanctions on Iranian oil, as China is a major importer of oil from the country.

Finally, a Chinese trade delegation is expected to come to Washington May 8, and this could mark the conclusion to trade talks, according to NYT. 

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