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Minister of Finance, Steven Mnuchin, said on Wednesday that the United States and China are moving closer to finalizing a long-awaited deal.
Mnuchin made the announcement in the backdrop of the G-20 meeting this weekend in Japan, where President Trump and President Xi Jinping could be the breakthrough in the trade talks, which recently stalled.
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“We were about 90% of the way there, and I think there is a way to complete this,” he told CNBC.
“We were about 90% of the way there (with a quote) and I think there is a way to complete this.”
— Minister Of Finance, Steven Mnuchin
“The message we want to hear is that you want to come back to the table and continue to make, because I think it is a good result for their economy and the US-economy, balanced trade, and continue to build on this relationship,” he continued.
“I am confident that we can move forward with a plan to … President Trump and President Xi have a very close relationship. We had a productive meeting at the recent G-20.”
Mnuchin claims he remained confident that an agreement ink, the pointed out by the end of this year, but it could be that “it is right the efforts in place.”
The US and China are embroiled in a trade war with the two countries punitive duties on each other in retaliation.
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Last month, the Trump administrative duties increased to 200 billion dollars in Chinese imports from 10 percent to 25 percent.
In retaliation, China customs duty increases on thousands of American products to the value of over 60 billion US dollars. A 25-percent tariff was levied on a few thousand other products, including soy oil, peanut oil, petrochemical, frozen, minerals, and other.
Trump repeated China criticized for, in his view, unfair trade practices, the use of the US market at the expense of American manufacturing and other jobs.
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Experts said that, while the trump-Xi meeting of the G-20 is unlikely to be a deal that on the weekend, it should be the progress of the talks and the opening of more opportunities for the negotiating parties to find a solution to come to the deal closing.