US and China Fail to Agree on Trade Truce Extension

According to the International Desk of Webangah News Agency, The Financial Times, citing American sources, reported that Washington and Beijing were unable to reach an agreement on extending the trade truce during talks in New York between U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier He Lifeng.

The primary point of contention between the two sides reportedly revolves around the duration of the extension. The United States is seeking a six-month extension, while China desires the agreement to last until the end of Donald Trump’s presidential term.

A source speaking to the Financial Times also indicated that Washington believes China has fulfilled only about two-thirds of its commitments regarding the supply of rare earth elements to the U.S. and its allies.

Nevertheless, Mnuchin stated that both parties are committed to maintaining the stability that has been established in the trade relationship between the two countries over the past year.

These discussions took place prior to the official visit of Chinese President Xi Jinping to the United States. Xi is scheduled to travel to the U.S. from September 23rd to 25th at the invitation of President Trump.