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1/17, 8:44 PM (Source: TeleTrader)
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Mnuchin wants to roll back China tariffs – report

Unspecified sources quoted by the Wall Street Journal said United States Trade Representative Robert Lighthizer is opposing an alleged plan by Secretary of the Treasury Steve Mnuchin to ease or abolish import tariffs for merchandise from China. The latter's plan is said to be a part of measures to reinstate confidence in the markets and to make the government in Beijing more inclined to a compromise in the ongoing negotiations to end the trade war.

Mnuchin has reportedly floated the idea to annul "some or all" of the protectionist measures introduced in the past year, which people with knowledge of the matter say is seen as an option to get China to undergo deeper reforms. They added Lighthizer is against such a move, claiming it could be interpreted as showing weakness. On the other hand, according to the information gathered by the news outlet, President Donald Trump is insisting the trade representative must reach a bilateral agreement.

New tariffs are on hold through March 1 as he and China's President Xi Jinping gave the talks a deadline. Insiders said Lighthizer seems to have become more open to change his position.

Breaking the News / IT