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US open to facing repercussions: Mnuchin on trade deal with China

ANI  |  US 

The is open to facing "repercussions" if it does not live up to its commitment in any deal, as trade talks with are close to conclusion, according to

"It is more important to get it right than have an arbitrary date. I'm hopeful we're getting close to the final round of concluding issues," told reporters on the sidelines of the spring meetings of the Bank and here.

Reiterating that progress is being made with to clinch a trade deal, added, "If we are able to conclude this, it will be the most significant change in 20 years."

However, one sticking point has persisted throughout the rounds of negotiations held between USA and until now. USA wants to retain the ability to impose fresh tariffs on China should the later backslide on its commitments, while wants the tariffs done away with, according to Morning Post.

"I would expect that the enforcement mechanism works in both directions, that we expect to honor our commitments, and if we don't, there should be certain repercussions, and the same way in the other direction," the said.

US had earlier told reporters that the two sides are very close to reaching a deal, adding that the trade agreement would be "the granddaddy of them."

However, practicing caution, Trump said: "If we have a deal, we'll have a summit...If there's no deal, we're not going to have a summit."

The US and China initiated the ninth round of trade talks in in the first week of April. The trade dispute between the two countries would have originally seen the substantively increase tariffs on Chinese goods from March 1.

Trump has since withheld the tariff increase as talks between the two sides have been "promising," according to the leader.

The two countries now hope to reach a final trade deal which will be signed during a late-April summit at Mar-a-Lago in Florida, according to officials.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, April 14 2019. 06:52 IST