US-China trade talks entered a full day meeting in Beijing today. Treasury Secretary Steven Mnuchin said as he left his hotel today that “we had a very productive working dinner last night, and we are looking forward to meeting today.” As in other similar occasions, there was no further elaboration. Meanwhile, Trade Representative Robert Lighthizer was quiet on the topic.
Back in the US, White House economic adviser Larry Kudlow said the trade negotiation is “not time-dependent” but “policy- and enforcement-dependent”. And it may take “if it takes a few more weeks, or if it takes months, so be it.” On the topic of lifting imposed tariffs in case of a deal, Kudlow said “we’re not going to give up our leverage”. Nevertheless, “It doesn’t necessarily mean that all of the tariffs would be kept in place. Some of the tariffs would be kept there.
