US wants structural changes to China’s economy, Steven Mnuchin tells G7 finance ministers
Ongoing trade talks in Beijing not ‘just about buying more goods’, US Treasury Secretary says
The United States wants trade talks in Beijing this weekend to result in structural changes to China’s economy, as well as increased Chinese purchases of American goods, US Treasury Secretary Steven Mnuchin said on Saturday.
US Commerce Secretary Wilbur Ross arrived in Beijing on Saturday with an inter-agency team of officials for talks on long-term purchases of US farm and energy commodities, just days after Washington renewed its threats to impose tariffs on Chinese goods.
The purchases are partly aimed at shrinking the US$375 billion US goods trade deficit with China.
Speaking at a G7 finance leaders meeting in Canada where he was the target of US allies’ anger over steel and aluminium tariffs, Mnuchin said the China talks would cover other issues, including the Trump administration’s desire to eliminate Chinese joint venture requirements and other policies that effectively force technology transfers.
“I want to be clear, this isn’t just about buying more goods, this is about structural changes,” Mnuchin said. “But I also fundamentally believe that if there are structural changes that allow our companies to compete fairly, by definition, that will deal with the trade deficit alone.”