Digital taxes in the UK and France are ‘discriminatory’ toward US firms: Mnuchin

Digital taxes in the UK and France are ‘discriminatory’ toward US firms: Mnuchin23 Hours AgoU.S. Treasury Secretary Steven Mnuchin says Washington is looking for a “broad solution” to digital taxes that will be supported by the Organization for Economic Co-operation and Development.


Digital taxes in the UK and France are ‘discriminatory’ toward US firms: Mnuchin23 Hours AgoU.S. Treasury Secretary Steven Mnuchin says Washington is looking for a “broad solution” to digital taxes that will be supported by the Organization for Economic Co-operation and Development.
Digital taxes in the UK and France are ‘discriminatory’ toward US firms: Mnuchin Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-10
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Digital taxes in the UK and France are 'discriminatory' toward US firms: Mnuchin

Digital taxes in the UK and France are ‘discriminatory’ toward US firms: Mnuchin

23 Hours Ago

U.S. Treasury Secretary Steven Mnuchin says Washington is looking for a “broad solution” to digital taxes that will be supported by the Organization for Economic Co-operation and Development.


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Trump is ‘perfectly happy’ to hit China with new tariffs if Xi meeting doesn’t go well, Mnuchin says

Kevin Lamarque | ReutersU.S. President Donald Trump will make a decision about whether to slap China with more tariffs after meeting with his Chinese counterpart later this month in Japan. “If China wants to move forward with the deal, we’re prepared to move forward on the terms we’ve done. If China doesn’t want to move forward, then President Trump is perfectly happy to move forward with tariffs to re-balance the relationship,” he said. At that time, Xi and Trump agreed to suspend planned incre


Kevin Lamarque | ReutersU.S. President Donald Trump will make a decision about whether to slap China with more tariffs after meeting with his Chinese counterpart later this month in Japan. “If China wants to move forward with the deal, we’re prepared to move forward on the terms we’ve done. If China doesn’t want to move forward, then President Trump is perfectly happy to move forward with tariffs to re-balance the relationship,” he said. At that time, Xi and Trump agreed to suspend planned incre
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Trump is 'perfectly happy' to hit China with new tariffs if Xi meeting doesn't go well, Mnuchin says

U.S. President Donald Trump walks with Treasury Secretary Steven Mnuchin in Washington, U.S., April 21, 2017. Kevin Lamarque | Reuters

U.S. President Donald Trump will make a decision about whether to slap China with more tariffs after meeting with his Chinese counterpart later this month in Japan. That’s according to U.S. Treasury Secretary Steven Mnuchin, who told CNBC on Sunday that the American leader will be trying to determine if Chinese President Xi Jinping is willing to head “in the right direction” on a deal to reshape the trade and commercial relationships between the world’s top two economies. “We’re going to need to see action, and President Trump is going to need to make sure he’s clear that we’re moving in the right direction to a deal,” Mnuchin told CNBC’s Nancy Hungerford. “The president will make a decision after the meeting.” Trump has previously indicated he expects to plan his next trade war moves after that G-20 meeting. “If China wants to move forward with the deal, we’re prepared to move forward on the terms we’ve done. If China doesn’t want to move forward, then President Trump is perfectly happy to move forward with tariffs to re-balance the relationship,” he said. The two presidents last met in December 2018 in Buenos Aires — already several months into their escalating trade war. At that time, Xi and Trump agreed to suspend planned increases in tariffs while both sides redoubled negotiating efforts. The subsequent few months saw no further escalations amid repeated rounds of talks in both Washington and Beijing, but that pause ended in May when Trump unexpectedly said on Twitter that his administration would be levying new taxes on $200 billion worth of Chinese goods — and he threatened even more to come.

‘We’ve stopped negotiating’

American officials have repeatedly claimed that action was in response to China attempting to renegotiate parts of a deal it had previously agreed to — which Beijing has denied — and the prospect of additional tariffs on that $325 billion worth of Chinese products has hung over the bilateral relationship for the last month. “We made enormous progress, I think we had a deal that was almost 90% done. China wanted to go backwards on certain things,” Mnuchin said. “We’ve stopped negotiating.” Where the countries go from here, according to the Treasury secretary, is up to Trump to decide when he and Xi meet in Osaka, Japan at the end of June. “In the case of Buenos Aires, we came out of that, we had direction from the two presidents, (Trump) put the increases on hold. The president will make a decision after the meeting,” Mnuchin said. “I believe if China is willing to move forward on the terms that we were discussing, we’ll have an agreement. If they’re not, we will proceed with tariffs,” he added.

The thorny issues

Mnuchin weighed in on several of the thorniest subjects thought to be separating the American and Chinese sides from a deal. For one, he said that the issue of removing China’s so-called non-tariff barriers to foreign companies succeeding within its borders remains central to the U.S. position on the talks. “In negotiating our agreement, one of the big parts of the agreement has always been about non-tariff barriers, is about forced technology transfer. These are very important issues to us, and critical to any agreement,” Mnuchin said. “These are issues where we’ve made a lot of progress, and any agreement we have, we’ll need to be certain that that’s included.” American officials and businesses have long argued that China’s official and unofficial rules put non-Chinese firms at a disadvantage in the country. One of the most frequently cited examples is a “forced tech transfer” regime — in which companies are coerced into sharing their advanced technology and know-how with Chinese organizations in exchange for market access. Trump has also suggested that he may want his negotiating teams to pick up the issue of China’s currency, but Mnuchin on Sunday dismissed the notion that Beijing is actively keeping the yuan low in an effort to win a trade advantage over the likes of the U.S. Instead, he said, any weakness now seen in the Chinese currency is the result of downward economic pressures — in part due to Trump’s tariffs on the country. “I do think their currency has been under pressure,” the Treasury secretary said. “There’s no question that, as we put on tariffs, people will move their manufacturing outside of China, into other areas, and that’s going to have a very negative impact on their economy. And I think you see that reflected in the currency.” Another topic that has raised tensions between Beijing and Washington is Chinese telecommunications giant Huawei. The U.S. government has cracked down on the tech firm, effectively blacklisting it from doing business with American businesses, on the basis of claims it is a security risk. The rationale, according to the Trump administration is that the firm’s involvement in sensitive networking technology could potentially be leveraged by Beijing for spying or other malicious actions. Both China and the company have denied such a risk exists. Mnuchin emphasized that the Huawei blacklisting is solely a national security issue, and isn’t a non-tariff front of the trade war — even though Trump has suggested that the telecom company could get wrapped into a wider deal. “They’re separate from trade: Both we and China have acknowledged that in our discussions,” he said. “Now, of course, President Trump, when he has the meeting, to the extent he gets certain comfort on Huawei or other issues, obviously we can talk about national security issues, but these are separate issues, they’re not being linked to trade.” He emphasized the U.S. claim — central to recruiting allies in its effort to control the spread of Huawei tech — that Trump’s prior comments do not reveal an effort to gain trade leverage over Beijing: “I think what the president is saying is, if we move forward on trade, that perhaps he’ll be willing to do certain things on Huawei if he gets comfort from China on that, and certain guarantees.”

The next meeting


Company: cnbc, Activity: cnbc, Date: 2019-06-09  Authors: everett rosenfeld
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‘We have all these tools’: Mnuchin defends using punishing tariffs to solve security problems

Speaking to CNBC’s Nancy Hungerford in Fukuoka, Japan, Mnuchin defended the president’s mixing of trade and non-trade issues — something that’s drawn criticism from outside commentators. Asked if trade could again be used as a weapon in non-trade disputes, Mnuchin said, “I think it’s very important that we have all these tools, that we use them. And President Trump has really done a great job at using these tools.” Mnuchin stressed that Washington’s ongoing campaign against telecommunications be


Speaking to CNBC’s Nancy Hungerford in Fukuoka, Japan, Mnuchin defended the president’s mixing of trade and non-trade issues — something that’s drawn criticism from outside commentators. Asked if trade could again be used as a weapon in non-trade disputes, Mnuchin said, “I think it’s very important that we have all these tools, that we use them. And President Trump has really done a great job at using these tools.” Mnuchin stressed that Washington’s ongoing campaign against telecommunications be
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'We have all these tools': Mnuchin defends using punishing tariffs to solve security problems

The White House has had no problem leveraging American economic heft to bring other countries to heel on issues that aren’t related to the economy — and it may continue to do so, Treasury Secretary Steven Mnuchin indicated to CNBC on Sunday.

Markets have been on edge in recent weeks as U.S. President Donald Trump threatened Mexico with tariffs unless it vowed new assistance on immigration issues, and suggested that he was willing to link trade talks with Beijing to American security concerns around Chinese tech giant Huawei.

Speaking to CNBC’s Nancy Hungerford in Fukuoka, Japan, Mnuchin defended the president’s mixing of trade and non-trade issues — something that’s drawn criticism from outside commentators.

Asked if trade could again be used as a weapon in non-trade disputes, Mnuchin said, “I think it’s very important that we have all these tools, that we use them. And President Trump has really done a great job at using these tools.”

The secretary was referring, in particular, to the threat of tariffs on Mexico over its role in Central American migration as well as the increasing tariffs imposed on China in an attempt to address the U.S.-China trade deficit and curb what the administration calls Beijing’s “unfair” trade practices.

Mnuchin stressed that Washington’s ongoing campaign against telecommunications behemoth Huawei is a national security issue, not a trade-related one. But he added that Trump may soften the stiff restrictions that the U.S. has slapped on the Shenzhen-based company after feeling satisfied on the trade issue.


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Mnuchin and Lighthizer opposed Trump tariffs on Mexico, source says

President Donald Trump’s Treasury secretary and top trade advisor opposed his surprise plan to impose new tariffs on Mexican imports, according to a source close to the White House who said the idea was pushed by immigration hawk Stephen Miller. The announcement came as Trump was “riled up” by conservative radio commentary about the recent surge in border crossings, according to the source. Miller’s role was confirmed by the source close to the White House and a person briefed on the matter. A W


President Donald Trump’s Treasury secretary and top trade advisor opposed his surprise plan to impose new tariffs on Mexican imports, according to a source close to the White House who said the idea was pushed by immigration hawk Stephen Miller. The announcement came as Trump was “riled up” by conservative radio commentary about the recent surge in border crossings, according to the source. Miller’s role was confirmed by the source close to the White House and a person briefed on the matter. A W
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Mnuchin and Lighthizer opposed Trump tariffs on Mexico, source says

President Donald Trump’s Treasury secretary and top trade advisor opposed his surprise plan to impose new tariffs on Mexican imports, according to a source close to the White House who said the idea was pushed by immigration hawk Stephen Miller.

The announcement came as Trump was “riled up” by conservative radio commentary about the recent surge in border crossings, according to the source.

Trump made the announcement Thursday night on Twitter. He said he will impose 5% tariffs on all Mexican imports starting June 10 and escalate them to 25% “until such time as illegal migrants coming through Mexico, and into our Country, STOP.”

Anticipation that the tariffs combined with an escalating U.S.-China trade war could cool global growth sent equities sharply lower Friday, with the major U.S. indexes off by 1% in afternoon trading.

The opposition by Treasury Secretary Steve Mnuchin and U.S. Trade Representative Robert Lighthizer marked a rare moment of unity from two top administration officials with starkly different economic ideologies.

Miller’s role was confirmed by the source close to the White House and a person briefed on the matter.

Trump’s move was announced as the administration’s most prominent free-trade advocates — including economic aide Larry Kudlow and Vice President Mike Pence — were not around to argue against it. Pence was in Canada on Thursday. Kudlow, a former CNBC contributor, was undergoing surgery for a hip replacement, according to three sources.

Lighthizer’s opposition to the tariffs was earlier reported by The Wall Street Journal.

“Lighthizer is not happy,” an unnamed administration official told the paper.

A White House spokesperson did not respond to a request for comment. Jeff Emerson, a USTR spokesperson, said Lighthizer supports Trump’s strategy.

Peter Navarro, a White House economic advisor, told CNBC earlier Friday that Trump’s threat of new tariffs came in response to Mexico’s “export” of “illegal aliens.”

“Look at what we are trying to do. This is actually a brilliant move by the president to get Mexico’s attention, to get them to help us, because so far they have just been standing by,” Navarro said.


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Treasury Secretary Mnuchin says China trade talks are done for the day

U.S. trade talks with China ended Friday as Liu He, the top Chinese trade negotiator, left the Office of the U.S. Trade Representative. Thank you,” Treasury Secretary Steven Mnuchin told CNBC after Liu’s departure. Both Mnuchin and U.S. Trade Representative Robert Lighthizer shook hands with Liu as he left the office. The two Trump administration officials were seen entering the White House after the two days of U.S.-China talks ended. The world’s two largest economies engaged on Thursday and Fr


U.S. trade talks with China ended Friday as Liu He, the top Chinese trade negotiator, left the Office of the U.S. Trade Representative. Thank you,” Treasury Secretary Steven Mnuchin told CNBC after Liu’s departure. Both Mnuchin and U.S. Trade Representative Robert Lighthizer shook hands with Liu as he left the office. The two Trump administration officials were seen entering the White House after the two days of U.S.-China talks ended. The world’s two largest economies engaged on Thursday and Fr
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Treasury Secretary Mnuchin says China trade talks are done for the day

U.S. trade talks with China ended Friday as Liu He, the top Chinese trade negotiator, left the Office of the U.S. Trade Representative.

“They were constructive discussions between both parties, that’s all we’re going to say. Thank you,” Treasury Secretary Steven Mnuchin told CNBC after Liu’s departure. Both Mnuchin and U.S. Trade Representative Robert Lighthizer shook hands with Liu as he left the office.

The two Trump administration officials were seen entering the White House after the two days of U.S.-China talks ended.

The world’s two largest economies engaged on Thursday and Friday as they tried to salvage a trade deal that appeared to be within their grasp only a week ago. The U.S. increased tariffs on $200 billion in Chinese goods to 25% from 10% on Friday following what it called China’s decision to back out of key commitments to a developing agreement.


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Treasury Secretary Steven Mnuchin won’t release Trump’s tax returns to Congress, says no ‘legitimate legislative purpose’

Treasury Secretary Steven Mnuchin on Monday said he will not allow President Donald Trump’s tax returns to be released to Congress by the IRS, as a powerful oversight committee has requested. House Democrats had asked the IRS to release six years of Trump’s personal and business tax returns. Experts have said the U.S. tax code mandates that anyone’s tax returns “shall” be released to one of the authorized panels if they request them. Trump has repeatedly rebuffed requests to release his tax retu


Treasury Secretary Steven Mnuchin on Monday said he will not allow President Donald Trump’s tax returns to be released to Congress by the IRS, as a powerful oversight committee has requested. House Democrats had asked the IRS to release six years of Trump’s personal and business tax returns. Experts have said the U.S. tax code mandates that anyone’s tax returns “shall” be released to one of the authorized panels if they request them. Trump has repeatedly rebuffed requests to release his tax retu
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Treasury Secretary Steven Mnuchin won't release Trump's tax returns to Congress, says no 'legitimate legislative purpose'

Treasury Secretary Steven Mnuchin on Monday said he will not allow President Donald Trump’s tax returns to be released to Congress by the IRS, as a powerful oversight committee has requested.

The formal denial, coming weeks after acting White House chief of staff Mick Mulvaney said Congress will never get those tax returns, sets the stage for yet another fight over documents sought by the Democratic-led House of Representatives from the Republican Trump’s administration.

The dispute could end up in court.

In a letter to House Ways and Means Committee Chairman Richard Neal, D-Mass., Mnuchin said that after conferring with the Justice Department, he has determined that the request “lacks a legitimate legislative purpose” and that because of that the request would be denied.

“I am informing you now that that [Treasury] Department may not lawfully fulfill the Committee’s request,” Mnuchin wrote to Neal, whose committee is one of three congressional panels with the power to request a president’s income tax returns.

House Democrats had asked the IRS to release six years of Trump’s personal and business tax returns. Experts have said the U.S. tax code mandates that anyone’s tax returns “shall” be released to one of the authorized panels if they request them.

Mnuchin’s letter called that request “unprecedented” and said it also “presents serious constitutional questions, the resolution of which may have lasting consequences for all taxpayers.”

Mnuchin also said that the Justice Department intends to “memorialize its advice in a published legal opinion as soon as practicable.”

Neal, in a statement, said, “Today, Secretary Mnuchin notified me that the IRS will not provide the documents I requested under Section 6103 of the Internal Revenue Code. I will consult with counsel and determine the appropriate response.”

Trump has repeatedly rebuffed requests to release his tax returns to the public, saying they are being audited. But Trump’s former personal attorney Michael Cohen has testified to Congress that he has seen no proof that Trump was being audited.

Cohen entered a federal prison in upstate New York on Monday to begin serving a three-year sentence for multiple crimes.

In April, Trump said Americans don’t care if they can see his tax returns.

“Remember, I got elected last time,” Trump told reporters then. “The same exact issue, with the same intensity, which wasn’t very much. Because frankly, the people don’t care.”

However, a poll conducted around the same time found that 51% of voters supported Democrats’ bid to obtain his tax returns, compared with 36% of voters who oppose that effort.


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China’s Liu is still set to join trade talks this week as US says tariffs will rise on Friday

President Donald Trump speaks while meeting with China’s Vice Premier Liu He in the Oval Office of the White House in Washington, U.S., April 4, 2019. The tariff increase will go into effect at 12:01 a.m. on Friday, U.S. Trade Representative Robert Lighthizer told reporters on Monday. But the U.S. would reconsider the duties if talks get back on track, Treasury Secretary Steven Mnuchin also said. The comments from top U.S. trade officials follow a choppy day in both Asian and U.S. stock markets


President Donald Trump speaks while meeting with China’s Vice Premier Liu He in the Oval Office of the White House in Washington, U.S., April 4, 2019. The tariff increase will go into effect at 12:01 a.m. on Friday, U.S. Trade Representative Robert Lighthizer told reporters on Monday. But the U.S. would reconsider the duties if talks get back on track, Treasury Secretary Steven Mnuchin also said. The comments from top U.S. trade officials follow a choppy day in both Asian and U.S. stock markets
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China's Liu is still set to join trade talks this week as US says tariffs will rise on Friday

President Donald Trump speaks while meeting with China’s Vice Premier Liu He in the Oval Office of the White House in Washington, U.S., April 4, 2019.

Chinese Vice Premier Liu He is expected to join a delegation in the United States this week, a potentially positive sign for a trade agreement between the U.S. and China even as the Trump administration says it will hike tariffs on Chinese goods.

The tariff increase will go into effect at 12:01 a.m. on Friday, U.S. Trade Representative Robert Lighthizer told reporters on Monday. But the U.S. would reconsider the duties if talks get back on track, Treasury Secretary Steven Mnuchin also said.

Liu’s presence could be telling: market watchers considered it more likely that the U.S. would hike tariffs on $200 billion in Chinese goods to 25% from 10% if he did not attend the talks. Still, some new roadblocks have emerged ahead of the next round of negotiations.

U.S. officials on Monday accused China of reneging on commitments made as part of the negotiations. Lighthizer described an “erosion of commitments” on the part of the Chinese.

The Chinese team is set to come to Washington on Thursday and Friday, according to Lighthizer. Talks continue, and the two sides are not cutting off discussions after President Donald Trump threatened to increase tariffs already placed on Chinese products and add new duties, the trade official said.

U.S. stocks did not move drastically in extended-hours trading following the remarks from Lighthizer and Mnuchin. The SPDR S&P 500 ETF Trust, which tracks the S&P 500 index, was down about 0.5% in extended trade.

The comments from top U.S. trade officials follow a choppy day in both Asian and U.S. stock markets sparked by Trump’s tweeted tariff threat. Stocks initially fell Monday after Trump first announced the tariff increase in a tweet Sunday.

While U.S. equities initially plunged Monday, they recovered throughout the day as investors surmised that the president may not have upended the talks. CNBC previously reported that a Chinese team would still come to the U.S. this week for talks, although it may be smaller than originally planned.

U.S. officials said they saw a shift in tone in the talks over the weekend. Mnuchin said China wanted to go back on clear commitments that had the potential to change the deal significantly.

Lighthizer and Mnuchin did not comment on the separate tariffs on $325 billion in Chinese products that Trump threatened in a tweet Sunday.

— CNBC’s Stephanie Dhue contributed to this report

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China and US kick off latest trade talks after ‘nice’ working dinner

China and the United States began their latest talks in Beijing on Wednesday aimed at ending a bitter trade war, after U.S. Treasury Secretary Steven Mnuchin said he had a “nice” working dinner the night before with China Vice Premier Liu He. “Nice to see you, it’s good to be back here,” Mnuchin told Liu. We had a nice working dinner, thank you,” Mnuchin told reporters at his Beijing hotel, when asked if he had met with Liu on Tuesday. U.S. President Donald Trump has said that he may keep some t


China and the United States began their latest talks in Beijing on Wednesday aimed at ending a bitter trade war, after U.S. Treasury Secretary Steven Mnuchin said he had a “nice” working dinner the night before with China Vice Premier Liu He. “Nice to see you, it’s good to be back here,” Mnuchin told Liu. We had a nice working dinner, thank you,” Mnuchin told reporters at his Beijing hotel, when asked if he had met with Liu on Tuesday. U.S. President Donald Trump has said that he may keep some t
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China and US kick off latest trade talks after 'nice' working dinner

Chinese Vice Premier Liu He (R), US Treasury Secretary Steven Mnuchin (C) and Trade Representative Robert Lighthizer pose before they proceed to their meeting at the Diaoyutai State Guesthouse in Beijing on May 1, 2019.

China and the United States began their latest talks in Beijing on Wednesday aimed at ending a bitter trade war, after U.S. Treasury Secretary Steven Mnuchin said he had a “nice” working dinner the night before with China Vice Premier Liu He.

Mnuchin, along with U.S. Trade Representative Robert Lighthizer, are holding a full day of discussions, before Liu goes to Washington next week for another round of talks in what could be the end game for negotiations.

Liu greeted Mnuchin and Lighthizer as they arrived at a state guest house in Beijing and the three men exchanged pleasantries, but did not make comments directly to reporters.

“Nice to see you, it’s good to be back here,” Mnuchin told Liu. They then all went straight into the meeting room. Liu had entertained his U.S. guests on Tuesday night just after they arrived.

“We did. We had a nice working dinner, thank you,” Mnuchin told reporters at his Beijing hotel, when asked if he had met with Liu on Tuesday. He did not elaborate.

Beijing and Washington have cited progress on issues including intellectual property and forced technology transfer to help end a conflict marked by tit-for-tat tariffs that have cost both sides billions of dollars, disrupted supply chains and roiled financial markets.

But U.S. officials say privately that an enforcement mechanism for a deal and timelines for lifting tariffs are sticking points. Chinese officials have also acknowledged that they view the enforcement mechanism as crucial, but say that it must work two ways and cannot put restraints only on China.

In Washington, people familiar with the talks say that the question of whether and when U.S. tariffs on $250 billion worth of Chinese goods will be removed will probably be among the last issues to be resolved.

U.S. President Donald Trump has said that he may keep some tariffs on Chinese goods for a “substantial period”.

The United States has also been pressing China to further open up its market to U.S. firms. China has repeatedly pledged to continue reforms and make it easier for foreign companies to operate in the country.

In comments published in Wednesday, China’s top banking and insurance regulator said the government will further open up its banking and insurance sectors.


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Mnuchin hopes for ‘substantial progress’ in China trade talks

(L-R) US Treasury Secretary Steven Mnuchin, US Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He pose for a group photo at the Diaoyutai State Guesthouse in Beijing on February 15, 2019. U.S. Treasury Secretary Steven Mnuchin said on Tuesday that he hopes to make “substantial progress” with Chinese negotiators in the next two rounds of trade talks, as the world’s two largest economies look for ways to end their bruising trade war. Mnuchin was speaking in Beijing, where he an


(L-R) US Treasury Secretary Steven Mnuchin, US Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He pose for a group photo at the Diaoyutai State Guesthouse in Beijing on February 15, 2019. U.S. Treasury Secretary Steven Mnuchin said on Tuesday that he hopes to make “substantial progress” with Chinese negotiators in the next two rounds of trade talks, as the world’s two largest economies look for ways to end their bruising trade war. Mnuchin was speaking in Beijing, where he an
Mnuchin hopes for ‘substantial progress’ in China trade talks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: jacob pramuk
Keywords: news, cnbc, companies, hopes, chinese, washington, vice, progress, talks, mnuchin, substantial, premier, trade, week, china, sides


Mnuchin hopes for 'substantial progress' in China trade talks

(L-R) US Treasury Secretary Steven Mnuchin, US Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He pose for a group photo at the Diaoyutai State Guesthouse in Beijing on February 15, 2019.

U.S. Treasury Secretary Steven Mnuchin said on Tuesday that he hopes to make “substantial progress” with Chinese negotiators in the next two rounds of trade talks, as the world’s two largest economies look for ways to end their bruising trade war.

Mnuchin was speaking in Beijing, where he and U.S. Trade Representative Robert Lighthizer will hold talks this week, before Chinese Vice Premier Liu He goes to Washington next week for another round of talks in what could be the end game for negotiations.

“We’ve a meeting here, and then the vice premier and team will be coming back to Washington D.C., and we hope to make substantial progress in these two meetings, ” Mnuchin told reporters.

Beijing and Washington have cited progress on issues including intellectual property and forced technology transfer to help end a conflict marked by tit-for-tat tariffs that have cost both sides billions of dollars, disrupted supply chains and roiled financial markets.

But U.S. officials say privately that an enforcement mechanism for a deal and timelines for lifting tariffs are sticking points.

“I’m not going to comment on specific issues of the discussions,” Mnuchin said. “They’ve been quite broad as I’ve said before. We’ve made a lot of progress. We look forward to the meetings here.”

At a separate meeting on Tuesday, with a group of former U.S. lawmakers, the Chinese government’s top diplomat, State Councillor Wang Yi, said the two countries’ interests were deeply connected.

“In recent months, both countries’ economic and trade teams have held many rounds of high-level consultations and achieved much positive progress,” China’s Foreign Ministry paraphrased Wang as saying.

China hopes that both sides can “work hard, exclude disturbances, and reach a mutually beneficial, win-win agreement”, he added.

Chinese officials have also acknowledged that they view the enforcement mechanism as crucial, but that it can’t only put restraints on China.

“There must be guarantees for implementation. This is an important part of the negotiations. We must, to the greatest extent possible, lower and prevent the chances of going back on promises,” one Chinese official close to senior leaders told Reuters.

A second Chinese official with knowledge of the situation said it was too early to say work was in the final stages, but that both sides were “sprinting.”

U.S. President Donald Trump said on April 4 that a deal might be worked out in about four weeks. Last week, he said he would soon host Chinese President Xi Jinping at the White House. A meeting between the two leaders is seen as needed to cement an agreement.

Mnuchin, speaking to Fox Business Network in an interview that aired on Monday, said the trade negotiations aimed at enforcement were close to finished.

China’s foreign ministry said at its daily press briefing that substantive progress had been made on the talks but gave no details.


Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: jacob pramuk
Keywords: news, cnbc, companies, hopes, chinese, washington, vice, progress, talks, mnuchin, substantial, premier, trade, week, china, sides


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House Democrats give IRS until April 23 to hand over Trump’s tax returns

House Democrats have given the Internal Revenue Service a new deadline to hand over President Donald Trump’s tax returns days after Treasury Secretary Steven Mnuchin said his department would miss the original deadline of April 10. In a letter to IRS Commissioner Charles Rettig sent Saturday by Ways and Means Committee Chairman Richard Neal, D-Mass., Democrats gave a second and final deadline of April 23 for six years of Trump’s personal and business tax returns. Please know that, if you fail to


House Democrats have given the Internal Revenue Service a new deadline to hand over President Donald Trump’s tax returns days after Treasury Secretary Steven Mnuchin said his department would miss the original deadline of April 10. In a letter to IRS Commissioner Charles Rettig sent Saturday by Ways and Means Committee Chairman Richard Neal, D-Mass., Democrats gave a second and final deadline of April 23 for six years of Trump’s personal and business tax returns. Please know that, if you fail to
House Democrats give IRS until April 23 to hand over Trump’s tax returns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-13  Authors: leigh ann caldwell, alex moe, kalhan rosenblatt, kevin lamarque
Keywords: news, cnbc, companies, treasury, irs, hand, department, trumps, personal, tax, neal, mnuchin, house, democrats, 23, returns, request


House Democrats give IRS until April 23 to hand over Trump's tax returns

House Democrats have given the Internal Revenue Service a new deadline to hand over President Donald Trump’s tax returns days after Treasury Secretary Steven Mnuchin said his department would miss the original deadline of April 10.

In a letter to IRS Commissioner Charles Rettig sent Saturday by Ways and Means Committee Chairman Richard Neal, D-Mass., Democrats gave a second and final deadline of April 23 for six years of Trump’s personal and business tax returns. The lawmakers could go to court to seek the returns if the IRS does not turn them over.

“To date, the IRS has failed to provide the requested return and return information despite an unambiguous legal obligation to do so … Please know that, if you fail to comply, your failure will be interpreted as a denial of my request,” Neal wrote in the letter.

The letter also states that there is “no valid basis to question the legitimacy of the Committee’s legislative purpose,” citing Supreme Court instructions that Congress’ power to investigate is “broad.”

“It is not the proper function of the IRS, Treasury, or Justice to question or second guess the motivations of the Committee or its reasonable determinations regarding its need for the requested tax returns and return information,” Neal wrote.

The Ways and Means Committee first sent a formal request to the Treasury Department for Trump’s tax returns on April 3, giving the department a deadline of April 10 to produce the documents.

“I today submitted to IRS Commissioner Rettig my request for six years of the president’s personal tax returns as well as the returns for some of his business entities. We have completed the necessary groundwork for a request of this magnitude and I am certain we are within our legitimate legislative, legal, and oversight rights,” Neal said in a statement.

But Treasury Secretary Steven Mnuchin pushed back on the request, saying his department would be unable to meet the deadline.

In a letter to Neal, Mnuchin said the Treasury was continuing to review Democrats’ request in light of “serious issues” about whether the request is proper.

“The legal implications of this request could affect protections for all Americans against politically motivated disclosures of personal tax information, regardless of which party is in power,” Mnuchin wrote, saying he was consulting with the Justice Department about the legality and constitutionality of Neal’s request.

Mnuchin said that “for the same reasons,” he intended to supervise the department’s review personally.

Trump’s tax returns have been a contentious subject since he was a candidate for president. He has claimed that he cannot release his returns because he is under audit by the IRS.

However, in congressional testimony in February, Trump’s former personal attorney Michael Cohen said he’d seen no proof that any audit was under way. And tax experts have said that even if he is under audit, there’s nothing to stop Trump from releasing his returns.


Company: cnbc, Activity: cnbc, Date: 2019-04-13  Authors: leigh ann caldwell, alex moe, kalhan rosenblatt, kevin lamarque
Keywords: news, cnbc, companies, treasury, irs, hand, department, trumps, personal, tax, neal, mnuchin, house, democrats, 23, returns, request


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