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U.S. would re-open trade talks if China makes major modifications: Mnuchin

WASHINGTON (Reuters) – The United States and China may reopen talks on trade however solely if Beijing is prepared to make vital modifications, U.S. Treasury Secretary Steven Mnuchin stated on Thursday.

Treasury Secretary Steven Mnuchin arrives within the Rayburn House Office Building to testify earlier than a House Financial Services listening to on “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System” in Washington, U.S., July 12, 2018. REUTERS/Leah Millis

“I would say to the extent that the Chinese want to make serious efforts to make structural changes, I and the administration are available any time to discuss those,” Mnuchin stated throughout a listening to earlier than lawmakers in Washington.

Pressed on the potential adverse influence of a number of trade disputes on the U.S. financial system, Mnuchin stated the Trump administration was holding a watchful eye.

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“We are monitoring very carefully the impact of tariffs and we will continue to do so,” he stated.

On Wednesday, China stated it would hit again after Washington escalated their trade dispute, threatening 10 % tariffs on $200 billion of Chinese items.

Mnuchin additionally stated that the renegotiation of the North American Free Trade Agreement was an enormous precedence for the administration now that Mexico’s latest presidential election had handed.

The United States, Canada and Mexico have been negotiating to revamp the 24-year-old trade pact since final August, however talks have stalled over U.S. calls for on autos and different points.

Reporting by Lindsay Dunsmuir; Editing by Chizu Nomiyama and David Gregorio

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