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Trade discussions have reportedly resumed between Treasury Secretary Steven Mnuchin and his Chinese counterpart, Vice Premier Liu He, to ease tensions amid an escalating trade war.
The Wall Street Journal reported the pair spoke by phone about a possible future trade deal. During the call, Mnuchin pushed China to offer a formal agreement before the countries begin negotiations, the Journal reported.
Though the conversation did not lead to any breakthrough, the renewed discussions indicate the two sides are trying to reach an accommodation, the Journal reported, citing unnamed officials.
The conversation between the financial leaders comes a few weeks after President Donald Trump tweeted about a “long and very good” conversation about trade with Chinese President Xi Jinping.
“Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina,” Trump said.
Bloomberg reported at the end of October the U.S. is preparing to slap tariffs on all remaining Chinese imports by early December if those G-20 talks do not ease tensions.
Washington has already imposed tariffs on $250 billion worth of Chinese goods and Beijing has responded with $110 billion in retaliatory duties.
Of those tariffs, $200 billion of goods are set to increase from 10 percent to 25 percent Jan. 1, the Journal noted.
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