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With Mexico Deal done, the US is urging China to resume trade negotiations

Fukuoka: One down, others to go. President Donald Trump claimed a victory after Washington and Mexico had agreed on measures to turn the flow of Central American migrants to the United States.

Trump announced plans to set a 5% tax on Mexican exports, and Finance Minister Steven Mnuchin, who was in Fukuoka on Saturday talking to reporters on the sidelines of a meeting of the 20 largest financial leaders economies, urged China to do the same. return to stalled negotiations.

Mnuchin said he planned to have a private conversation with the head of the Chinese central bank, Yi Gang.

In a G-20 group meeting later in the day, the two friendly comments exchanged, but there were no new signs that Beijing is ready to compromise in the trade and technology dispute.

"From our perspective of where we are now, it is a consequence of going back to important commitments," Mnuchin said.

"I don't think it's a collapse of faith or good or bad faith. … If they want to come back and finalize the deal on the terms that we negotiated, that would be great." Mnuchin said he had no direct message to give to Yi, who so far participated in the eleven rounds of talks about resolving the two largest economies in the world over technology and trade.

He said there were no plans for trade negotiations in Washington or Beijing before Presidents Donald Trump and Xi Jinping meet in Osaka for the G-20 summit on 28 and 29 June.

"This will be one-on-one with Gov. Yi just to talk about trade issues," said Mnuchin.

But he added: "I would expect that the most important progress will be at the G-20 meetings of the presidents."

The Trump government started knocking on imports of Chinese goods almost a year ago, accusing Beijing of using robbery to give Chinese companies a head start in advanced technologies such as artificial intelligence, robotics, and electric vehicles.

That tactic, the US argues, involves hacking computers from US companies to steal trade secrets, force foreign companies to transfer sensitive technology in exchange for access to the Chinese market and unfairly subsidize Chinese technology companies.

The deal with Mexico helps reduce uncertainty about the deal that Washington recently reached on the review of the North American Free Trade Agreement.

The new deal between the US and Mexico-Canada is on its way to a vote in Congress and may be hampered by new rates.

But the US is still negotiating new trade agreements with Japan after withdrawing from a Pacific Rim arrangement, the Trans-Pacific Partnership proposed by the Obama era.

America's huge trade deficit with China, a record $ 379 billion last year, is a factor driving Trump's frustrations with Beijing.

The US now imposes 25% tax on $ 250 billion worth of Chinese goods.

Beijing has outpaced its goal of targeting $ 110 billion worth of American products, with an emphasis on agricultural products such as soybeans, with a deliberate effort to hurt Trump supporters in the US core area.

The US has prepared to expand 25% retaliation increases on another $ 300 billion of Chinese products, and Mnuchin said it would be willing to take this step if negotiations with Beijing fail.

But he said that Trump had not yet taken a decision, and suggested room for further delays, depending on the outcome of his discussion with Xi later this month.

"As the President said, if we can make the right deal, that's great, if we can't, we'll continue with rates," he said.

. (tagsToTranslate) China (t) donald trump (t) Mexico (t) us (t) US-China rates

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