China and the US have agreed on the installation of enforcement offices in their respective countries that will monitor the implementation of a deal which could put an end to the trade war.
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The announcement was made by US Treasury Secretary Steven Mnuchin after a call with China’s vice-premier, Liu He.
US Trade Representative, Robert Lighthizer and Mnuchin are hoping to get a deal in place within the next four weeks that can be signed off by Trump and Chinese President, Xi Jinping. This will be in an effort to restart the US-China relationship and ease global economic concerns.
The enforcement of any deal between the super powers has been a major sticking point in negotiations. The US are insisting on quite specific guarantees that the Chinese will stick to its commitments and the right to impose tariffs if China fails to tow the line.
Mncuchin stated the following. “We’ve pretty much agreed on an enforcement mechanism. We’ve agreed that both sides will establish enforcement offices that will deal with the ongoing matters. This is something both sides are taking very seriously.”
Despite this progress there are still problems that need to be overcome. The US would like to continue with existing tariffs on Chinese goods in order to keep pressure on China while Beijing of course, would like them stopped immediately.
The US and China have now come close on two occasions to announce an end to the trade war, but they have been held off to allow for more detailed negotiations.
Those purchasing the US dollar should be aware that if a deal does come to fruition this could result in volatility for the greenback.
The Michigan Consumer Sentiment Index is a survey of personal consumer confidence in economic activity. It gives us an idea of how much consumers are willing to spend considering their current financial situation. There is predicted to be a fall for previous data which could result in market movement.
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