U.S. House Speaker Nancy Pelosi
- Treasury Secretary Steven Mnuchin
- White House Chief of Staff Mark Meadows
will meet again on Tuesday for further talks on the next around of coronavirus economic aid.
Pelosi said the talks Monday had been productive
Archives of “Steven Mnuchin” tag
rssGOP leaders said to meet at White House later today to discuss next coronavirus bill
FOX News reporter, Chad Pergram, reaffirms the earlier story
Senate majority leader, Mitch McConnell, and House GOP leader, Kevin McCarthy, will be headed to the White House later to discuss the next stimulus bill with Trump and Mnuchin. This adds to the story from earlier in the day here.
The end of the month is going to be an interesting time, as the US approaches a fiscal cliff with stimulus money set to run out in the coming weeks/months.
Amid a surge in virus cases and the likelihood of the economy facing more dire consequences – not to mention election uncertainty, it will be interesting to see if the market can hold up in the way that it has over the past few months. A neat summary by Bloomberg:
US and China negotiators had ‘constructive discussions’ on Saturday
Steve Mnuchin and Robert Lighthizer spoke with Liu He on Saturday
Chinese officials held a phone call with US counterparts at the White House’s request on Saturday, according to a statement from the Chinese Commerce Ministry.
The sides held “constructive discussions” on each other’s core concerns and agreed to maintain close communication, the statement said.
On Thursday, White House economic adviser Larry Kudlow boosted markets when he said negotiations are in the final stages though “not done yet.”
There has been no word on whether the US has accepted China’s demand that tariffs be scaled back. Nor has China signaled it will put a dollar figure on agricultural purchases; along with a host of other issues.
Tariffs being imposed Dec.15 if no China trade deal, says Mnuchin
U.S. Treasury Secretary Steven Mnuchin said on Monday that an additional round of tariffs on Chinese imports will likely be imposed if a trade deal with China has not been reached by then, but added that he expected the agreement to go through.
“I have every expectation – if there’s not a deal, those tariffs would go in place – but I expect we’ll have a deal,” he said in an interview with CNBC, when asked about a round of tariffs scheduled for Dec. 15.
U.S. President Donald Trump said on Friday that China and the United States had reached the first phase of a trade deal that covered agriculture, currency and some aspects of intellectual property protections, and would ease the reciprocal trade restrictions that the world’s two largest economies have been imposing for 15 months.
But officials on both sides have said more work is needed to finalize the accord, and Trump acknowledged the agreement could still collapse. U.S. Trade Representative Lighthizer said on Friday that Trump had not made a decision about the December tariffs.
Mnuchin said more trade negotiations at various levels would take place over the coming weeks, including a phone call between himself, Lighthizer and Chinese Vice Premier Liu He, and talks between Trump and Chinese leader Xi Jinping.
Asked about a dispute between China and the U.S. National Basketball Association stemming from a tweet by Houston Rockets manager Daryl Morey expressing support for pro-democracy protests in Hong Kong, Mnuchin said he hoped the two sides could come to a solution.
US Treas Sec Mnuchin says hopeful China trade talks will make progress
US Treasury Secretary Mnuchin comments
- hopeful China trade talks will make progress
- Huawei is not a pawn in trade talks
Munchy has been loquacious:
Mnuchin: Trump prepared to keep tariffs in place and raise them if necessary
ICYMI: Mnuchin says yuan will be in focus in next round of China talks
An overnight report on comments from US Treasury Secretary Mnuchin
- “I expect the governor of the People’s Bank of China to come over for these talks,” Mnuchin told reporters Monday. “So part of the conversations we will be having with them is around currency and currency manipulation.”
Via Politico (more at the link, but the quote above is the gist of it)
Chinese companies looking to buy U.S. farm products -Xinhua
Some Chinese companies are seeking new purchases of U.S. agricultural products, China’s official Xinhua News Agency said on Sunday, citing authorities, as Beijing and Washington look for ways to end a protracted trade war.
U.S. President Donald Trump and Chinese President Xi Jinping agreed at last month’s G-20 summit in Osaka to restart trade talks that stalled in May.
Trump said at the time he would not impose new tariffs and U.S. officials said China agreed to make agricultural purchases. But Trump said on July 11 that China was not living up to promises to buy U.S. farm goods.
Chinese businesses have made inquiries with U.S. exporters to buy crops and agricultural products and applied for the lifting of tariffs, Xinhua said, citing Chinese authorities. China’s Customs Tariff Commission will arrange for experts to appraise the Chinese companies’ tariff exclusion applications, Xinhua said.
“Relevant Chinese departments expressed hope that the United States would meet China halfway, and earnestly implement the United States’ relevant promises,” the news agency said, without elaborating.
The world’s two largest economies have been embroiled in a tariff battle since July 2018, as the United States presses China to address what it sees as decades of unfair and illegal trading practices. (more…)
US Treas Sec Mnuchin warns that debt ceiling could be hit in September
The debt ceiling drums are being beat again, US Treasury Secretary Mnuchin warned that it’d be hit in September.
- “We model various scenarios for cash projections. Based on updated projections, there is a scenario in which we run out of cash in early September, before Congress reconvenes,” “it is impossible to identify precisely how long extraordinary measures [to avoid default] will last.”
The administration wants to borrow more, increase debt in the US. The usual.
House Speaker Pelosi and Senate Majority Leader McConnell want to rasiet eh ceiling as per Mnuchin’s request, but want it as part of a broader, two-year budget agreement.
Discussions on the timetable will continue this week.
