USA hopes for trade deal as pressure increases on China

USA hopes for trade deal as pressure increases on China

US Treasury Secretary Steven Mnuchin today said rising debt levels in low-income countries threaten to generate significant economic and social instability and imperil hard-won developmental gains.

The heated trade rhetoric comes at a delicate moment, as Washington and Beijing are seeking to address North Korea's nuclear program - which Pyongyang said Saturday it would largely scale back.

Dujovne met with reporters Friday to summarize talks that the G-20 nations had held as a prelude to the spring meetings of the 189-nation International Monetary and its sister lending agency, the World Bank.

China retaliated with tariffs of its own on USA imports, particularly from the agriculture and metal industries.

In a statement to the IMF's steering committee, which meets on Saturday, Mnuchin said countries which have large and persistent external surpluses must do more to carry their share of the adjustment.

Observing that global growth has further strengthened and is increasingly broad-based, driven by a strong rebound in investment and trade, the IMFC said risks are broadly balanced in the near term, but remain skewed to the downside beyond the next several quarters.

When asked whether he believed the US and China could put an end to the rising tensions between them, Mnuchin said the U.S.is "cautiously optimistic".

He added that countries should continue to use the multilateral system in dealing with global challenges. "I'm not going to make a comment on timing, nor do I have anything confirmed".

In a statement at the end of three days of meetings yesterday, the IMFC heeding to the voice of countries like India, the US, Britain and France, called on the International Monetary Fund and the World Bank to work on a multi-pronged programme to enhance debt transparency and sustainability.

Secretary Mnuchin indicated he is now involved in a "dialogue" with the Chinese government to resolve the trade dispute.

As the midterm congressional elections approach in the United States, the Trump administration needs something eye-catching to regain support before the vote and to please giant companies like Boeing and General Motors and agricultural concerns like the American Soybean Association, said Tu Xinquan, director of the China Institute for WTO Studies at the University of International Business and Economics in Beijing. Moscow is seeking "clarification" on United States sanctions, Mnuchin said, without elaborating.

"We call upon the International Monetary Fund to develop credible policy advice for re-balancing of the global economy while drawing attention to the adverse implications of policy spillovers on other countries", Patel said.

"I did meet with the Chinese here. China welcomes this", the China Commerce Ministry said in a statement on its website, confirming it had received information about Mnuchin's potential visit.

"China has received the information that the U.S. side wishes to come to Beijing in order to conduct economic and trade consultations".

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