Mnuchin Says Enforcement Mechanism Settled With China; Grassley Encouraged by Announcement
Treasury Secretary Steven Mnuchin told CNBC on April 10 that lengthy phone calls between U.S. and Chinese negotiators are continuing to advance a trade deal. "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," he said.
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Senate Finance Committee Chairman Chuck Grassley, R-Iowa, when asked about that comment during a meeting with reporters later in the afternoon, said that it was good news. "There’s only one caveat I would put on the statement -- Mnuchin making the statement instead of [U.S. Trade Representative Robert] Lighthizer making the statement. Mnuchin is a little softer on trade issues with China than Lighthizer is, but they’re a team, so maybe they’re on the same page...."
Grassley said that from what he knows of the deal's contours, "I think it’s much better than I thought it would be." The fact that Mnuchin said enforcement is nearly agreed to is of paramount importance, "because whatever you agreed to with China in the past ... they didn’t live up to it." He pointed to the 2011 agreement (see 11051128) as an example of unfulfilled pledges. Without enforcement, Grassley said, "all the other accomplishments you had would be hollow victories."