The U.S. and China have largely agreed on an enforcement mechanism for a bilateral trade deal, Treasury Secretary Steven Mnuchin said on Wednesday.
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The U.S. and China are not close to agreeing on a reform agenda for the World Trade Organization, World Trade Organization Director-General Roberto Azevêdo said last week.
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Brazilian Economy Minister Paulo Guedes said on Thursday that Brazil was continuing to trade as usual with both the U.S. and China despite what he called a “global trade war.”
China and the European Union on Tuesday agreed to “fight against unilateralism and protectionism” and “commit to complying” with the rules set by the World Trade Organization. They also pledged to work on strengthening rules on industrial subsidies.
As the U.S. International Trade Commission gathers input on the effects of duty suspensions and reductions enacted under the Miscellaneous Tariff Bill Act of 2018, Commissioner Meredith Broadbent this week suggested the Trump administration use MTB to gain more concessions in trade talks.
A bilateral deal between the U.S. and China is not likely to address the underlying structural issues that have put China’s economy -- which the U.S. and others argue does not adhere to market-based practices -- at odds with the kind of reform the U.S. is seeking at the World Trade Organization, analysts said on Thursday.
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As high-level U.S.-China trade talks resume in Washington this week, negotiators will continue to grapple with two key issues: the removal of tariffs and an enforcement and monitoring mechanism, according to the U.S. Chamber of Commerce.