Mnuchin: Trump could ease restrictions on Huawei if trade talks advance

Mnuchin: Trump could ease restrictions on Huawei if trade talks advance

OECD chief Angel Gurria presented G20 finance ministers and central bank chiefs meeting over the weekend in the western Japanese city of Fukuoka with a "roadmap", already signed off by 129 countries, in a bid to clinch a long-term solution by 2020. "But these are national security issues".

The Trump administration began slapping tariffs on imports of Chinese goods almost a year ago, accusing Beijing of using predatory means to lend Chinese companies an edge in advanced technologies such as artificial intelligence, robotics and electric vehicles.

It has also accused the Chinese telecommunications giant of espionage and stealing intellectual property, allegations that Huawei Technologies Co Ltd, a leading provider of next-generation 5G technology, denies.

"We welcome the recent progress on addressing the tax challenges arising from digitization and endorse the ambitious program that consists of a two-pillar approach", the draft communique said. If they want to come back to the table and complete the deal on the terms that we were continuing to negotiate, that will be great.

"Our objective is to get the right agreement, not just to get an agreement".

China and the United States have publicly traded barbs since before the blacklist, but a June deal between Russia's largest network provider and Huawei to build 5G internet marked a significant escalation in the hostile dialog between the countries.

"I would say the U.S. has significant concerns with the two current taxes that are being proposed by France and the United Kingdom but let me give them some good credit for proposing them in the sense (that) they have created an urgency to deal with this issue", Mnuchin said at a public meeting before the formal G20 started.

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Mnuchin said he planned to have a private conversation with the head of China's central bank, Yi Gang.

While the trade war has unnerved investors, USA economic growth has continued.

"We reaffirm our commitment to use all policy tools to achieve strong, sustainable, balanced and inclusive growth, and safeguard against downside risks", the leaders said.

Speaking to reporters on the sidelines of a meeting of G20 finance ministers and central bank chiefs, Treasury Secretary Steven Mnuchin warned that Washington would press on with tariffs if a deal could not be reached.

President Donald Trump is expected to meet his Chinese counterpart Xi Jinping at the G20 summit in Osaka on June 28-29 and any potential breakthrough would likely only come then, he predicted.

"With so many countries expressing concern over the fallout (from the trade tensions), there seems to be some momentum to reflect that in the communique".

While they urged the stick to the worldwide rules that it spent decades promoting before President Donald Trump took office, the officials both in the southern Japanese city of Fukuoka and at parallel talks on trade and the digital economy in Tsukuba, near Tokyo, said there is a consensus on the need to revamp the WTO to bring it more in line with the digital economy realities of the 21st century. "If they don't, we'll proceed with our tariffs", Mnuchin told reporters on Saturday. He noted that the meeting would have two parts - one focused on general macroeconomic issues, such as currencies, and a separate discussion about trade.

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