Mnuchin expects more face-to-face China trade meetings

Talks with Chinese trade negotiators are continuing and further trips to China are in the planning stages, according to Treasury Secretary Stephen Mnuchin.

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"There's isn't an invitation in place from Vice Premier Liu He at this time," Mnuchin told FOX Bsuiness' Edward Lawrence. "But it doesn't mean a U.S. delegation won't go."

"There's definitely level calls going on this week, they'll be a principal call that we have with him next week," said Mnuchin.

"My expectation is we will most likely have some meetings, we have not yet determined whether they will be first deputy level meetings," Mnuchin added.

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On Thursday, China's commerce ministry said that China hoped to reach a phased agreement with the United States over trade as early as possible, and make progress on cancelling tariffs on each others' goods.

A phased agreement would help restore market confidence and reduce uncertainty, Gao Feng, spokesman at the ministry, told reporters, adding that both sides were maintaining close communication.

If need be, Mnuchin and Ambassador Robert Lighthizer are prepared to travel. The two are expected to meet with the Vice Premier before the two presidents meet.

The U.S. and China announced the framework last week for the first phase of a trade deal that would see Beijing raise its agricultural purchases to as much as $50 billion from about $8 billion to $16 billion in addition to reforming intellectual property practices.

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In return, the U.S. agreed to not raise tariffs on Chinese products from 25 percent to 30 percent on Oct. 15. A decision has not yet been made on the tariff increase scheduled for Dec. 15.