US Treasury Secretary Steven Mnuchin said Tuesday he welcomed support from Senate Democrats on the White House's trade talks with China, describing the opposition party's views as aligned with those of President Donald Trump.

Mnuchin's remarks came in response to accusations from Chuck Schumer, the top Democrat in the Senate, that he had urged Trump to soften his stance in the trade talks with Beijing.

"I was pleased to review your letter... that strongly supports President Trump's efforts to hold the Chinese government accountable for its longtime 'predatory trade policies,'" Mnuchin said.

"We welcome all allies in this ongoing effort to counter China's unfair economic practices and to advance the president's pro-growth, pro-America agenda."

In a letter on Friday, Schumer -- as well as Oregon's Ron Wyden, the top Democrat on the Senate Finance Committee, and Sherrod Brown, who represents the key industrial swing state of Ohio -- said they were "very troubled" by reports that Mnuchin had called for the American side to "back down."

Trump and Chinese officials projected optimism last week after two days of negotiations aimed at reaching a trade agreement before a March 1 deadline, after which US tariffs on Chinese goods are due to rise sharply.

Beijing has offered to buy more American exports, including agricultural goods, to help re-balance China's soaring trade surplus with the United States.

But US officials, as well as Japan and the European Union, also accuse China of unfair trade practices, including the forced transfer and alleged theft of intellectual property as well as massive state intervention in markets.

In Friday's letter, the Democrat senators said they worried Washington would accept "merely a trade balance recalibration" rather than pursue fundamental changes to Chinese economic policy.

The trade war as also sparked divergences within Trump's Cabinet, with Mnuchin widely seen as less eager for confrontation than US Trade Representative Robert Lighthizer, who is leading the talks, and White House trade advisor Peter Navarro.

The two sides have slapped tariffs on $360 billion in two-way trade, which has weighed on the manufacturing sectors in both countries.

Related Links
Global Trade News

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

UN says EU could win big in US-China trade war
Geneva (AFP) Feb 4, 2019
Neither protagonist in the US-China trade war stands to benefit from their stand-off, the UN said Monday, suggesting others could cash in instead, with the EU possibly winning big. In a report, the UN Conference on Trade and Development (UNCTAD) examined the repercussions of the tariff tit-for-tat already under way between the two trade giants, as well as the expected impact of a significant tariff hike scheduled to take effect on March 1. The report, titled "The Trade Wars: The Pain and the Gai ... read more