The US and China will set up “enforcement offices” to monitor the implementation of a trade deal that will end their dispute, US Treasury Secretary Steven Mnuchin announced on 12 April.
“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,” said Mnuchin.
Mnuchin and the US’ Trade Representative Robert Lighthizer expects to conclude a bilateral deal in May that will be signed by US President Donald J. Trump and his Chinese counterpart Xi Jinping during a summit.
Like Europe, the US is demanding an end to intellectual property theft, forced technology access, cybertheft, subsidies for Chinese state-owned companies, and greater market access for US firms. Washington also wants a fixed commitment to buying a specific volume of American products so as to reduce the trade deficit.
China appears to agree on an enforcement mechanism, although neither China’s Trade Representative nor the Chinese Embassy commented on the progress of ongoing negotiations.
The US wants to keep the existing tariffs and gradually eliminate them as China implements the agreement.