Asian markets rose Thursday as investors brushed off <a href="https://www.wionews.com/americas/donald-trump-xi-jinping-and-trade-a-high-stakes-game-of-chicken-216697">Donald Trump</a>'s latest dig at China and threatened to impose more tariffs on the country's goods if crunch talks with Xi Jinping fail this weekend.

Before setting off for the <a href="https://www.wionews.com/videos/kim-and-trump-impersonators-wow-osaka-crowds-ahead-of-g20-summit-230561">G20 summit in Japan</a>, the president said in an interview that he had a "Plan B" in case the face-to-face talks show no progress, adding he would "take in billions and billions of dollars a month and we'll do less and less business with them".

He said Xi wanted to make a deal as "China's economy is going down the tubes".

His remarks on Fox Business Network came soon after Treasury Secretary Steven Mnuchin said the two sides were "90 per cent" of the way to an agreement when talks broke down last month, with the US blaming Beijing for backsliding.

Still, observers said traders were taking the latest developments with a pinch of salt.

"The market is unreactive to these types of headlines given that Trump has continued to adopt a 'good cop/bad cop' strategy with... Mnuchin," said Stephen Innes at Vanguard Markets.

"Instead, market participants are content to wait for Saturday's meeting to unfold where the proof will be in the pudding.

"A harmonious photo op could go a long way to soothing investors' concerns at the market open on Monday."

Oil steps back after the rally&nbsp;

However, while there is optimism for an eventual agreement, analysts say they are not expecting anything major to come out of the Osaka meeting.

OANDA senior market analyst Alfonso Esparza said: "The G20 is looking to be a disappointment to investors looking for a blockbuster trade deal to be announced and is now expected to yield a new round of talks between the US and China to be held later this year."

And Eli Lee, head of the investment strategy at Bank of Singapore, added: "Our baseline scenario is that both sides will commit to re-engaging in trade negotiations while Trump puts the final round of tariffs on hold for a few months."

Hong Kong added 1.4 per cent, Shanghai jumped 0.7 per cent and Tokyo ended up 1.2 per cent.

Sydney was 0.4 per cent higher, Singapore rose 0.7 per cent, Seoul put on 0.6 per cent and Taipei jumped 1.1 per cent. Wellington, Mumbai, Manila and Jakarta also rose.

In early trade London gained 0.3 per cent, Paris rose 0.2 per cent and Frankfurt gained 0.7 per cent.

Regional energy firms enjoyed healthy interest after a rally in oil prices Wednesday fuelled by data showing US inventories had seen their biggest weekly drop since September 2016 owing to a dip in US production and improving exports.&nbsp;

Brent rallied more than two per cent and WTI shot up almost three per cent on the news, though both edged down Thursday.

&nbsp;Key figures around 0810 GMT&nbsp;

Tokyo - Nikkei 225: UP 1.2 percent at 21,338.17 (close)

Hong Kong - Hang Seng: UP 1.4 per cent at 28,621.42 (close)

Shanghai - Composite: UP 0.7 percent at 2,996.79 (close)

London - FTSE 100: UP 0.3 percent at 7,437.60

Euro/dollar: DOWN at $1.1360 from $1.1366 at 2050 GMT

Pound/dollar: DOWN at $1.2680 from $1.2685

Dollar/yen: UP at 108.04 yen from 107.78

Bitcoin: DOWN at $12,355 from $13,661

West Texas Intermediate: DOWN 21 cents at $59.17 per barrel

Brent North Sea crude: DOWN 37 cents at $66.12 per barrel

New York - Dow: FLAT at 26,536.82 (close)

Asian markets rose Thursday as investors brushed off Donald Trump's latest dig at China and threatened to impose more tariffs on the country's goods if crunch talks with Xi Jinping fail this weekend.

Asian markets rose Thursday as investors brushed off Donald Trump's latest dig at China and threatened to impose more tariffs on the country's goods if crunch talks with Xi Jinping fail this weekend. Before setting off for the G20 summit in Japan, the president said in an interview that he had a "Plan B" in case the face-to-face talks show no progress, adding he would "take in billions and billions of dollars a month and we'll do less and less business with them". He said Xi wanted to make a deal as "China's economy is going down the tubes". His remarks on Fox Business Network came soon after Treasury Secretary Steven Mnuchin said the two sides were "90 per cent" of the way to an agreement when talks broke down last month, with the US blaming Beijing for backsliding. Still, observers said traders were taking the latest developments with a pinch of salt. "The market is unreactive to these types of headlines given that Trump has continued to adopt a 'good cop/bad cop' strategy with... Mnuchin," said Stephen Innes at Vanguard Markets. "Instead, market participants are content to wait for Saturday's meeting to unfold where the proof will be in the pudding. "A harmonious photo op could go a long way to soothing investors' concerns at the market open on Monday." Oil steps back after the rally However, while there is optimism for an eventual agreement, analysts say they are not expecting anything major to come out of the Osaka meeting. OANDA senior market analyst Alfonso Esparza said: "The G20 is looking to be a disappointment to investors looking for a blockbuster trade deal to be announced and is now expected to yield a new round of talks between the US and China to be held later this year." And Eli Lee, head of the investment strategy at Bank of Singapore, added: "Our baseline scenario is that both sides will commit to re-engaging in trade negotiations while Trump puts the final round of tariffs on hold for a few months." Hong Kong added 1.4 per cent, Shanghai jumped 0.7 per cent and Tokyo ended up 1.2 per cent. Sydney was 0.4 per cent higher, Singapore rose 0.7 per cent, Seoul put on 0.6 per cent and Taipei jumped 1.1 per cent. Wellington, Mumbai, Manila and Jakarta also rose. In early trade London gained 0.3 per cent, Paris rose 0.2 per cent and Frankfurt gained 0.7 per cent. Regional energy firms enjoyed healthy interest after a rally in oil prices Wednesday fuelled by data showing US inventories had seen their biggest weekly drop since September 2016 owing to a dip in US production and improving exports. Brent rallied more than two per cent and WTI shot up almost three per cent on the news, though both edged down Thursday. Key figures around 0810 GMT Tokyo - Nikkei 225: UP 1.2 percent at 21,338.17 (close) Hong Kong - Hang Seng: UP 1.4 per cent at 28,621.42 (close) Shanghai - Composite: UP 0.7 percent at 2,996.79 (close) London - FTSE 100: UP 0.3 percent at 7,437.60 Euro/dollar: DOWN at $1.1360 from $1.1366 at 2050 GMT Pound/dollar: DOWN at $1.2680 from $1.2685 Dollar/yen: UP at 108.04 yen from 107.78 Bitcoin: DOWN at $12,355 from $13,661 West Texas Intermediate: DOWN 21 cents at $59.17 per barrel Brent North Sea crude: DOWN 37 cents at $66.12 per barrel New York - Dow: FLAT at 26,536.82 (close)

Asian markets rally as crucial Donald Trump-Xi Jin Ping meeting approaches

The US Treasury placed Iraq-based South Wealth Resources on its sanctions blacklist Wednesday, saying the company is an important weapons trafficking and financial front for Iran's Islamic Revolutionary Guard Corps.

The Treasury said the company, Manabea Tharwat al-Janoob General Trading Company, was used by the IRGC to smuggle "hundreds of millions of dollars' worth" of weapons to IRGC allies in Iraq.&nbsp;

South Wealth Resources has also helped move millions of dollars to Iraq "for illicit financial activity benefitting" the IRGC and Iraq militias it supports.

The company and two Iraqis who worked with it were placed on the US sanctions blacklist, which seeks to lock them out of the international financial system by forbidding Americans and companies with US units, particularly banks, from doing business with them.

The company and the two Iraqis, Makki Kazim Abd Al Hamid Al Asadi and Muhammed Husayn Salih al-Hasani, were also placed on the US State Department's list of "Specially Designated Global Terrorists."&nbsp;

"Treasury is taking action to shut down Iranian weapons smuggling networks that have been used to arm regional proxies of the IRGC Qods Force in Iraq, while personally enriching regime insiders," Treasury Secretary Steven Mnuchin said in a statement.&nbsp;

"The Iraqi financial sector and the broader international financial system must harden their defences against the continued deceptive tactics emanating from Tehran in order to avoid complicity in the IRGC's ongoing sanctions evasion schemes and other malign activities," he said.

The US Treasury placed Iraq-based South Wealth Resources on its sanctions blacklist Wednesday, saying the company is an important weapons trafficking and financial front for Iran's Islamic Revolutionary Guard Corps.

The US Treasury placed Iraq-based South Wealth Resources on its sanctions blacklist Wednesday, saying the company is an important weapons trafficking and financial front for Iran's Islamic Revolutionary Guard Corps. The Treasury said the company, Manabea Tharwat al-Janoob General Trading Company, was used by the IRGC to smuggle "hundreds of millions of dollars' worth" of weapons to IRGC allies in Iraq. South Wealth Resources has also helped move millions of dollars to Iraq "for illicit financial activity benefitting" the IRGC and Iraq militias it supports. The company and two Iraqis who worked with it were placed on the US sanctions blacklist, which seeks to lock them out of the international financial system by forbidding Americans and companies with US units, particularly banks, from doing business with them. The company and the two Iraqis, Makki Kazim Abd Al Hamid Al Asadi and Muhammed Husayn Salih al-Hasani, were also placed on the US State Department's list of "Specially Designated Global Terrorists." "Treasury is taking action to shut down Iranian weapons smuggling networks that have been used to arm regional proxies of the IRGC Qods Force in Iraq, while personally enriching regime insiders," Treasury Secretary Steven Mnuchin said in a statement. "The Iraqi financial sector and the broader international financial system must harden their defences against the continued deceptive tactics emanating from Tehran in order to avoid complicity in the IRGC's ongoing sanctions evasion schemes and other malign activities," he said.

US blacklists Iraq firm as Revolutionary Guard guns front

US Treasury Secretary Steven Mnuchin said on Sunday that President Donald Trump might ease US restrictions on Huawei if there was progress in the trade row with China - but absent a deal, Washington would maintain tariffs to cut its deficit.

"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," Mnuchin said. "But these are national security issues."

Washington has imposed and then toughened import tariffs on Chinese goods in a bid to reduce the United States' trade deficit and combat what it calls unfair trade practices.

It has also accused the Chinese telecommunications giant of espionage and stealing intellectual property, allegations that Huawei Technologies Co Ltd, a leading provider of next-generation 5G technology, denies.

Washington has put Huawei on a blacklist that effectively bans US firms from doing business with it, and has put pressure on its allies also to shut Huawei out, arguing that Huawei could use its technology to carry out espionage for Beijing.

Mnuchin said the United States was prepared to come to a deal with China, but also to maintain tariffs if necessary.

"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 rebalance the relationship," Mnuchin said.

Commenting on an immigration deal between Mexico and the United States, Mnuchin said he believed that Mexico would meet its commitments, but added that Trump "reserves the right" to impose tariffs if the commitments were not met.

Trump himself tweeted on Saturday that "Mexico will try very hard, and if they do that, this will be a very successful agreement between the United States and Mexico".

US Treasury Secretary Steven Mnuchin said on Sunday that President Donald Trump might ease US restrictions on Huawei if there was progress in the trade row with China - but absent a deal, Washington would maintain tariffs to cut its deficit.

US Treasury Secretary Steven Mnuchin said on Sunday that President Donald Trump might ease US restrictions on Huawei if there was progress in the trade row with China - but absent a deal, Washington would maintain tariffs to cut its deficit. "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," Mnuchin said. "But these are national security issues." Washington has imposed and then toughened import tariffs on Chinese goods in a bid to reduce the United States' trade deficit and combat what it calls unfair trade practices. It has also accused the Chinese telecommunications giant of espionage and stealing intellectual property, allegations that Huawei Technologies Co Ltd, a leading provider of next-generation 5G technology, denies. Washington has put Huawei on a blacklist that effectively bans US firms from doing business with it, and has put pressure on its allies also to shut Huawei out, arguing that Huawei could use its technology to carry out espionage for Beijing. Mnuchin said the United States was prepared to come to a deal with China, but also to maintain tariffs if necessary. "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 rebalance the relationship," Mnuchin said. Commenting on an immigration deal between Mexico and the United States, Mnuchin said he believed that Mexico would meet its commitments, but added that Trump "reserves the right" to impose tariffs if the commitments were not met. Trump himself tweeted on Saturday that "Mexico will try very hard, and if they do that, this will be a very successful agreement between the United States and Mexico".

US Treasury Secretary Mnuchin says Trump could ease up on Huawei if trade talks advance

US Treasury Secretary Steven Mnuchin said on Saturday that the <a href="https://www.wionews.com/world/mexico-reaches-deal-with-us-on-migration-averting-tariff-war-trump-225346">US-Mexico immigration deal met President Donald Trump's objectives</a> of fixing immigration problems on the southern US border, but Trump will retain the authority to impose tariffs if Mexico fails to live up to it.

The deal averts a 5%<a href="https://www.wionews.com/world/mexico-promises-unprecedented-steps-to-curb-migration-in-us-deal-joint-statement-225371"> tariff on all Mexican goods</a> that was due to start on Monday, with Mexico agreeing to rapidly expand a <a href="https://www.wionews.com/world/mexico-offers-to-send-national-guard-to-guatemala-to-stem-migration-sources-225134">controversial asylum program</a> and deploy security forces to stem the flow of illegal Central American migrants.

"We now have an agreement that we believe is going to fix the immigration issue. And that was extremely important to the president," Mnuchin told Reuters in an interview on the sidelines of a G20 finance meeting in Fukuoka, Japan.

Mnuchin, who said he participated in a call with Trump just before the deal was announced, said the president would retain the right to impose tariffs if Mexico did not keep its commitments.

"Our expectation is that Mexico will do what they've committed to do and our expectation is that we won’t need to put tariffs in place, but obviously if that's not the case, the president retains that authority."

US Treasury Secretary Steven Mnuchin said on Saturday that the US-Mexico immigration deal met President Donald Trump's objectives of fixing immigration problems on the southern US border, but Trump will retain the authority to impose tariffs if Mexico fails to live up to it.

US Treasury Secretary Steven Mnuchin said on Saturday that the US-Mexico immigration deal met President Donald Trump's objectives of fixing immigration problems on the southern US border, but Trump will retain the authority to impose tariffs if Mexico fails to live up to it. The deal averts a 5% tariff on all Mexican goods that was due to start on Monday, with Mexico agreeing to rapidly expand a controversial asylum program and deploy security forces to stem the flow of illegal Central American migrants. "We now have an agreement that we believe is going to fix the immigration issue. And that was extremely important to the president," Mnuchin told Reuters in an interview on the sidelines of a G20 finance meeting in Fukuoka, Japan. Mnuchin, who said he participated in a call with Trump just before the deal was announced, said the president would retain the right to impose tariffs if Mexico did not keep its commitments. "Our expectation is that Mexico will do what they've committed to do and our expectation is that we won’t need to put tariffs in place, but obviously if that's not the case, the president retains that authority."

US Treasury's Mnuchin says Mexico immigration deal fixes problems

China's central bank chief said Friday the country has <a href="https://www.wionews.com/world/explainer-us-china-trade-war-the-levers-they-can-pull-224809">plenty of policy tools left to handle the trade war</a> with the United States.

There is "tremendous" room to counter the deepening trade war, People's Bank of China governor Yi Gang said in an interview with Bloomberg TV.

"We have plenty of room in interest rates, we have plenty of room in required reserve ratio rate, and also for the fiscal, monetary policy toolkit, I think the room for adjustment is tremendous," Yi said on Bloomberg TV.

<a href="https://www.wionews.com/world/china-warns-its-companies-on-us-travel-rebuffs-trade-criticism-224200">Ties between China and the US</a> have deteriorated sharply after trade negotiations stalled last month without a deal to lift bruising tariffs on goods worth $360 billion in two-way trade.

China said Thursday that it would soon release detailed information about a planned blacklist of "unreliable" foreign companies and individuals, that analysts expect will target firms cutting off supplies to <a href="https://www.wionews.com/world/amid-us-china-row-huawei-signs-deal-with-russian-telecom-company-mts-to-develop-5g-network-224867">Chinese tech giant Huawei</a>.

Last month the US Commerce Department placed Huawei and dozens of its affiliates on an "entity list" on grounds of national security, curbing its access to crucial US-made components and software -- through a 90-day reprieve was later issued.

Yi has participated in several rounds of the trade negotiations with Washington and is scheduled to meet with US Treasury Secretary Steven Mnuchin this weekend during the G20 gathering of financial policymakers in Japan.

He said the meeting with Mnuchin would be "productive talk, as always," but trade war discussions would be "uncertain and difficult", according to Bloomberg News.

Watch: IMF's Lagarde warns of 'growing concerns' over trade tensions

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/wion-wallet-imfs-lagarde-warns-of-growing-concerns-over-trade-tensions-224901/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

China's yuan, or renminbi, the currency has also rapidly depreciated against the dollar as trade tensions have ramped up in recent weeks, nearing the critical seven to the dollar exchange rate.

The central bank has long prevented the yuan from falling below seven, but Yi hinted the bank may no longer defend the currency at that level.

"I don't think along this mathematical scale any number is more important (than) the other number," he said.

"The trade war would have a temporary depreciation pressure on the renminbi, but you see, after the noise, (the) renminbi will continue to be very stable and relatively strong compared to emerging market currencies, even compared to convertible currencies," he told Bloomberg TV.

"I'm very confident (the) renminbi will continue to be stable at a more or less equilibrium level," Yi said.

China's central bank chief said Friday the country has plenty of policy tools left to handle the trade war with the United States. There is "tremendous" room to counter the deepening trade war, People's Bank of China governor Yi Gang said in an interview with Bloomberg TV.

China's central bank chief said Friday the country has plenty of policy tools left to handle the trade war with the United States. There is "tremendous" room to counter the deepening trade war, People's Bank of China governor Yi Gang said in an interview with Bloomberg TV. "We have plenty of room in interest rates, we have plenty of room in required reserve ratio rate, and also for the fiscal, monetary policy toolkit, I think the room for adjustment is tremendous," Yi said on Bloomberg TV. Ties between China and the US have deteriorated sharply after trade negotiations stalled last month without a deal to lift bruising tariffs on goods worth $360 billion in two-way trade. China said Thursday that it would soon release detailed information about a planned blacklist of "unreliable" foreign companies and individuals, that analysts expect will target firms cutting off supplies to Chinese tech giant Huawei. Last month the US Commerce Department placed Huawei and dozens of its affiliates on an "entity list" on grounds of national security, curbing its access to crucial US-made components and software -- through a 90-day reprieve was later issued. Yi has participated in several rounds of the trade negotiations with Washington and is scheduled to meet with US Treasury Secretary Steven Mnuchin this weekend during the G20 gathering of financial policymakers in Japan. He said the meeting with Mnuchin would be "productive talk, as always," but trade war discussions would be "uncertain and difficult", according to Bloomberg News. Watch: IMF's Lagarde warns of 'growing concerns' over trade tensions × China's yuan, or renminbi, the currency has also rapidly depreciated against the dollar as trade tensions have ramped up in recent weeks, nearing the critical seven to the dollar exchange rate. The central bank has long prevented the yuan from falling below seven, but Yi hinted the bank may no longer defend the currency at that level. "I don't think along this mathematical scale any number is more important (than) the other number," he said. "The trade war would have a temporary depreciation pressure on the renminbi, but you see, after the noise, (the) renminbi will continue to be very stable and relatively strong compared to emerging market currencies, even compared to convertible currencies," he told Bloomberg TV. "I'm very confident (the) renminbi will continue to be stable at a more or less equilibrium level," Yi said.

China has tools to handle trade war with US: Central bank chief Yi Gang

The US&nbsp;Treasury Secretary Steven Mnuchin defied a congressional subpoena seeking six years of <a href="https://www.wionews.com/world/standoff-intensifies-as-democrats-subpoena-trump-tax-returns-217679">President Donald Trump's tax returns </a>on Friday, all but guaranteeing a federal court battle with Congress over the records.

In a widely expected move, Mnuchin rejected a demand for the documents from House Ways and Means Committee Chairman Richard Neal, saying the panel lacks "a legitimate legislative purpose" for obtaining the tax records that Democrats view as critical to their efforts to investigate Trump and his presidency.

"We are unable to provide the requested information in response to the committee's subpoena," Mnuchin said in a letter to Neal, released ahead of a 5 p.m. EDT (2100 GMT) deadline for delivering the documents.

Neal later issued a statement, saying he was "consulting with counsel on how best to enforce the subpoenas moving forward."

Hours earlier, the Democratic chairman had said he was inclined to turn to federal court to obtain Trump's tax returns if the administration missed the deadline. "We will likely proceed to court as quickly as next week," Neal had told reporters.

Asked whether he would also pursue contempt charges against administration officials, Neal told reporters: "I don't see that right now as an option. I think that the better option for us is to proceed with a court case."

Trump's refusal to cooperate in numerous congressional probes of him, his family and his presidency is forcing Democrats, who control the House of Representatives, to look to the courts to enforce their oversight powers under the US&nbsp;Constitution.

The likely decision to avoid contempt proceedings disappointed some Democrats on Neal's tax panel.

"This is a way for some congressmen to go south on the issue: leave it to the courts. It really absents us from our responsibilities," said Representative Bill Pascrell, who helped lead the push to obtain Trump's tax returns.

OTHER DEMOCRATS MOVE TOWARD CONTEMPT

Unlike Neal, other top Democrats faced with administration defiance over inquiries have moved toward contempt charges.

House Judiciary Committee Chairman Jerrold Nadler's panel voted last week to recommend that the House cite Attorney General William Barr with contempt of Congress for defying a subpoena for US&nbsp;Special Counsel Robert Mueller's unredacted Russia investigation report.

Trump's decision to assert executive privilege over Mueller-related material last week has stymied efforts by Democrats to get current and former members of the executive branch to testify, including Mueller himself, according to congressional aides.

Democrats had sought to have Mueller testify by May 23, but sources familiar with the matter said on Friday that Mueller was unlikely to appear before the committee.

Democrats could move forward with more contempt citations as early as next week. Nadler has threatened to hold former White House counsel Don McGahn in contempt if he fails to show up for a hearing slated for Tuesday.

House Intelligence Committee Chairman Adam Schiff is also planning "enforcement action" against the Justice Department over a separate Mueller-related subpoena.

Democratic leaders are considering bundling separate contempt citations into a single House of Representatives package to bring to a floor vote later this year.

On Wednesday, White House counsel Pat Cipollone sent a letter to Nadler, saying Congress has no right to conduct a "do-over" of Mueller's Russia probe, and that it would not participate in his committee's investigation.

But congressional pressure on Trump is only expected to intensify.

Schiff's committee meets on Monday to release closed-door testimony by former Trump lawyer Michael Cohen, who is in prison. Cohen talked to the panel in March about issues including Trump's involvement in pursuing a Moscow tower project during the 2016 presidential election. Trump at the time publicly denied any links to Russia.

On Thursday, House Oversight Committee Chairman Elijah Cummings announced another probe into the Trump administration, targeting what Cummings called "secret ethics waivers" allowing political appointees to continue working on matters they worked on before entering government.

In a statement, Cummings said he had requested that the administration turns over copies of waivers for political appointees to let them conduct official business, despite potential conflicts of interest.

The US Treasury Secretary Steven Mnuchin defied a congressional subpoena seeking six years of President Donald Trump's tax returns on Friday, all but guaranteeing a federal court battle with Congress over the records.

The US Treasury Secretary Steven Mnuchin defied a congressional subpoena seeking six years of President Donald Trump's tax returns on Friday, all but guaranteeing a federal court battle with Congress over the records. In a widely expected move, Mnuchin rejected a demand for the documents from House Ways and Means Committee Chairman Richard Neal, saying the panel lacks "a legitimate legislative purpose" for obtaining the tax records that Democrats view as critical to their efforts to investigate Trump and his presidency. "We are unable to provide the requested information in response to the committee's subpoena," Mnuchin said in a letter to Neal, released ahead of a 5 p.m. EDT (2100 GMT) deadline for delivering the documents. Neal later issued a statement, saying he was "consulting with counsel on how best to enforce the subpoenas moving forward." Hours earlier, the Democratic chairman had said he was inclined to turn to federal court to obtain Trump's tax returns if the administration missed the deadline. "We will likely proceed to court as quickly as next week," Neal had told reporters. Asked whether he would also pursue contempt charges against administration officials, Neal told reporters: "I don't see that right now as an option. I think that the better option for us is to proceed with a court case." Trump's refusal to cooperate in numerous congressional probes of him, his family and his presidency is forcing Democrats, who control the House of Representatives, to look to the courts to enforce their oversight powers under the US Constitution. The likely decision to avoid contempt proceedings disappointed some Democrats on Neal's tax panel. "This is a way for some congressmen to go south on the issue: leave it to the courts. It really absents us from our responsibilities," said Representative Bill Pascrell, who helped lead the push to obtain Trump's tax returns. OTHER DEMOCRATS MOVE TOWARD CONTEMPT Unlike Neal, other top Democrats faced with administration defiance over inquiries have moved toward contempt charges. House Judiciary Committee Chairman Jerrold Nadler's panel voted last week to recommend that the House cite Attorney General William Barr with contempt of Congress for defying a subpoena for US Special Counsel Robert Mueller's unredacted Russia investigation report. Trump's decision to assert executive privilege over Mueller-related material last week has stymied efforts by Democrats to get current and former members of the executive branch to testify, including Mueller himself, according to congressional aides. Democrats had sought to have Mueller testify by May 23, but sources familiar with the matter said on Friday that Mueller was unlikely to appear before the committee. Democrats could move forward with more contempt citations as early as next week. Nadler has threatened to hold former White House counsel Don McGahn in contempt if he fails to show up for a hearing slated for Tuesday. House Intelligence Committee Chairman Adam Schiff is also planning "enforcement action" against the Justice Department over a separate Mueller-related subpoena. Democratic leaders are considering bundling separate contempt citations into a single House of Representatives package to bring to a floor vote later this year. On Wednesday, White House counsel Pat Cipollone sent a letter to Nadler, saying Congress has no right to conduct a "do-over" of Mueller's Russia probe, and that it would not participate in his committee's investigation. But congressional pressure on Trump is only expected to intensify. Schiff's committee meets on Monday to release closed-door testimony by former Trump lawyer Michael Cohen, who is in prison. Cohen talked to the panel in March about issues including Trump's involvement in pursuing a Moscow tower project during the 2016 presidential election. Trump at the time publicly denied any links to Russia. On Thursday, House Oversight Committee Chairman Elijah Cummings announced another probe into the Trump administration, targeting what Cummings called "secret ethics waivers" allowing political appointees to continue working on matters they worked on before entering government. In a statement, Cummings said he had requested that the administration turns over copies of waivers for political appointees to let them conduct official business, despite potential conflicts of interest.

US Treasury Secretary Mnuchin rejects subpoena for Trump tax returns

Talks to end a worrisome <a href="https://www.wionews.com/photos/top-facts-how-us-china-talks-differ-from-any-other-trade-deal-217563">US-China trade battle</a> were "constructive," US Treasury Secretary Steven Mnuchin said Friday, a sign of hope that Washington and Beijing could seal a deal to avert damage to the global economy.

"They were constructive discussions between both parties, that's all we're going to say," Mnuchin was quoted as saying by CNBC following a two-hour negotiating session.

Moments earlier, Chinese Vice Premier Liu He shook hands with both men on the steps of the US Trade Representative's office before driving off.

Mnuchin and US Trade Representative Robert Lighthizer then headed for the White House.

At his hotel, Liu told reporters that the talks had gone "fairly well," according to Bloomberg, which nevertheless cited sources saying little progress had occurred.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/us-comfortable-with-higher-tariffs-on-china-if-trade-negotiations-fail-217569/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

President Donald <a href="https://www.wionews.com/world/tariffs-will-bring-in-far-more-wealth-to-our-country-than-even-phenomenal-deal-of-traditional-kind-donald-trump-217507">Trump said Friday he was in no hurry to reach a deal with Beijing</a>, arguing the United States was negotiating from a position of strength.

Just hours earlier, Washington had pulled the trigger on an increase in punitive duties on $200 billion in Chinese imports to 25 per cent from 10 per cent, and Beijing responded vowing to take the "necessary countermeasures."

The glimmer of hope cheered Wall Street, which had been under pressure all week, with the benchmark Dow Jones Industrial Average regaining much of the morning's losses but staying in the red. European and Asian markets seemed more optimistic.

After weeks of rising optimism, the tone out of the White House has veered to anger and then nonchalance.&nbsp;

On May 5, Trump erupted on Twitter, saying the talks were progressing "too slowly," accusing the Chinese of backing out of commitments and announcing the tariff increase.

But in a series of early morning tweets Friday, he said, "Talks with China continue in a very congenial manner -- there is absolutely no need to rush -- as Tariffs are NOW being paid to the United States by China."

The US leader continues to argue that tariffs could in some ways be preferable to reaching a trade deal.

"Tariffs will bring in FAR MORE wealth to our country than even a phenomenal deal of the traditional kind," Trump wrote.

Since last year, the United States and China have exchanged tariffs on more than $360 billion in two-way trade, gutting US agricultural exports to China and weighing on both countries' manufacturing sectors.

Trump began the standoff because of complaints about unfair Chinese trade practices.

The US is pressing China to change its policies on protections for intellectual property, massive subsidies for state-owned firms, and to reduce the yawning trade deficit.

Lighthizer and Mnuchin met the Chinese delegation for about 90 minutes Thursday evening and then had a working dinner with Liu.

'No one wins'

Liu had said Thursday on his arrival in Washington that the prospects for the talks were "promising" but warned raising tariffs would be "harmful to both sides."

"I hope to engage in rational and candid exchanges with the US side," he told Chinese state media.

The higher duty rates imposed on Friday will hit a vast array of Chinese-made electrical equipment, machinery, auto parts and furniture.

But due to a quirk in their implementation, products already on ships headed for US ports before midnight will only pay the 10 per cent rate.

That could effectively provide a short grace period for the sides to avert an even more serious escalation.

"While we are disappointed that the stakes have been raised, we nevertheless support the ongoing effort by both sides to reach agreement on a strong, enforceable deal that resolves the fundamental, structural issues our members have long faced in China," said business lobby the American Chamber of Commerce in China.

Economists stress that duties are paid by US companies and consumers and result in higher prices, while farmers and manufacturers complain about the loss of markets for their exports due to retaliation from China and other targets of Trump's trade wrath.

"NO ONE WINS A TRADE WAR," trade analyst Chad Bown of the Peterson Institute for International Economics said on Twitter.

A Chinese central bank advisor told state-run Financial News that Trump's tariff hike and Chinese retaliation would lower economic growth by 0.3 percentage points.

It is "within a controllable range," the advisor Ma Jun said.

Oxford Economist estimates the same magnitude of the slowdown in the US economy and is warning that recession risks are on the rise.

But the International Monetary Fund has sounded the alarm that the conflict and the loss of confidence it creates will have a wider impact on the global economy and is a major risk to growth.

Talks to end a worrisome US-China trade battle were "constructive," US Treasury Secretary Steven Mnuchin said Friday, a sign of hope that Washington and Beijing could seal a deal to avert damage to the global economy.

Talks to end a worrisome US-China trade battle were "constructive," US Treasury Secretary Steven Mnuchin said Friday, a sign of hope that Washington and Beijing could seal a deal to avert damage to the global economy. "They were constructive discussions between both parties, that's all we're going to say," Mnuchin was quoted as saying by CNBC following a two-hour negotiating session. Moments earlier, Chinese Vice Premier Liu He shook hands with both men on the steps of the US Trade Representative's office before driving off. Mnuchin and US Trade Representative Robert Lighthizer then headed for the White House. At his hotel, Liu told reporters that the talks had gone "fairly well," according to Bloomberg, which nevertheless cited sources saying little progress had occurred. President Donald Trump said Friday he was in no hurry to reach a deal with Beijing, arguing the United States was negotiating from a position of strength. Just hours earlier, Washington had pulled the trigger on an increase in punitive duties on $200 billion in Chinese imports to 25 per cent from 10 per cent, and Beijing responded vowing to take the "necessary countermeasures." The glimmer of hope cheered Wall Street, which had been under pressure all week, with the benchmark Dow Jones Industrial Average regaining much of the morning's losses but staying in the red. European and Asian markets seemed more optimistic. After weeks of rising optimism, the tone out of the White House has veered to anger and then nonchalance. On May 5, Trump erupted on Twitter, saying the talks were progressing "too slowly," accusing the Chinese of backing out of commitments and announcing the tariff increase. But in a series of early morning tweets Friday, he said, "Talks with China continue in a very congenial manner -- there is absolutely no need to rush -- as Tariffs are NOW being paid to the United States by China." The US leader continues to argue that tariffs could in some ways be preferable to reaching a trade deal. "Tariffs will bring in FAR MORE wealth to our country than even a phenomenal deal of the traditional kind," Trump wrote. Since last year, the United States and China have exchanged tariffs on more than $360 billion in two-way trade, gutting US agricultural exports to China and weighing on both countries' manufacturing sectors. Trump began the standoff because of complaints about unfair Chinese trade practices. The US is pressing China to change its policies on protections for intellectual property, massive subsidies for state-owned firms, and to reduce the yawning trade deficit. Lighthizer and Mnuchin met the Chinese delegation for about 90 minutes Thursday evening and then had a working dinner with Liu. 'No one wins' Liu had said Thursday on his arrival in Washington that the prospects for the talks were "promising" but warned raising tariffs would be "harmful to both sides." "I hope to engage in rational and candid exchanges with the US side," he told Chinese state media. The higher duty rates imposed on Friday will hit a vast array of Chinese-made electrical equipment, machinery, auto parts and furniture. But due to a quirk in their implementation, products already on ships headed for US ports before midnight will only pay the 10 per cent rate. That could effectively provide a short grace period for the sides to avert an even more serious escalation. "While we are disappointed that the stakes have been raised, we nevertheless support the ongoing effort by both sides to reach agreement on a strong, enforceable deal that resolves the fundamental, structural issues our members have long faced in China," said business lobby the American Chamber of Commerce in China. Economists stress that duties are paid by US companies and consumers and result in higher prices, while farmers and manufacturers complain about the loss of markets for their exports due to retaliation from China and other targets of Trump's trade wrath. "NO ONE WINS A TRADE WAR," trade analyst Chad Bown of the Peterson Institute for International Economics said on Twitter. A Chinese central bank advisor told state-run Financial News that Trump's tariff hike and Chinese retaliation would lower economic growth by 0.3 percentage points. It is "within a controllable range," the advisor Ma Jun said. Oxford Economist estimates the same magnitude of the slowdown in the US economy and is warning that recession risks are on the rise. But the International Monetary Fund has sounded the alarm that the conflict and the loss of confidence it creates will have a wider impact on the global economy and is a major risk to growth.

US officials say trade talks with China were 'constructive'

Top US and Chinese<a href="https://www.wionews.com/world/mike-pompeo-confident-china-trade-talks-will-not-be-hurt-over-iran-oil-sanctions-214566"> trade negotiators resumed</a> talks on Wednesday as they an eye an endgame to a months-long dispute that has hit businesses with bruising tariffs.

Vice Premier Liu He, a close aide to President Xi Jinping on economic matters, greeted US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to begin what the US side has described as a decisive phase in the talks.

The world's two leading economies have exchanged tariffs on $360 billion worth of goods since President Donald Trump launched a trade war last year.

Mnuchin and Lighthizer exchanged pleasantries with Liu when they arrived at the Diaoyutai state guest house on Wednesday, with the US treasury chief pointing to his red tie and smiling at the vice premier, who wore the same colour.

"Morning. Good to see you," Liu told the Americans, to which Mnuchin replied: "Nice to see you. It's good to be back here." Mnuchin told reporters earlier that he had a "nice" working dinner with Liu on Tuesday night.

Liu is expected to head to Washington on May 8th for further talks.

The US side is pressing China to overhaul its industrial policy by further opening its market to foreign firms, stopping massive subsidies to domestic companies and curbing the alleged theft of American technology.

Beijing has made public displays of concessions, with Xi last week saying China would abolish "unjustified regulations, subsidies and practices that impede fair competition and distort the market".

China has also passed a foreign investment law that promises to protect the intellectual property of overseas companies.

The Financial Times reported on Wednesday that Trump was dropping a key demand in the negotiations, with the US likely to accept a watered-down commitment from China on commercial cyber theft.

Such a concession could remove a major obstacle for a final deal in the fraught talks.

Mnuchin said earlier this week that the sides were close to agreement on tough enforcement provisions in any trade pact.

He also said the talks were in a decisive phase, telling the Fox Business channel "there's a strong desire from both sides to see if we can wrap this up or move on".

"We hope within the next two rounds -- in China and in DC -- to be at the point where we can either recommend to the president we have a deal or make a recommendation that we don't," he said. 
&nbsp;

Top US and Chinese trade negotiators resumed talks on Wednesday as they an eye an endgame to a months-long dispute that has hit businesses with bruising tariffs.

Top US and Chinese trade negotiators resumed talks on Wednesday as they an eye an endgame to a months-long dispute that has hit businesses with bruising tariffs. Vice Premier Liu He, a close aide to President Xi Jinping on economic matters, greeted US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to begin what the US side has described as a decisive phase in the talks. The world's two leading economies have exchanged tariffs on $360 billion worth of goods since President Donald Trump launched a trade war last year. Mnuchin and Lighthizer exchanged pleasantries with Liu when they arrived at the Diaoyutai state guest house on Wednesday, with the US treasury chief pointing to his red tie and smiling at the vice premier, who wore the same colour. "Morning. Good to see you," Liu told the Americans, to which Mnuchin replied: "Nice to see you. It's good to be back here." Mnuchin told reporters earlier that he had a "nice" working dinner with Liu on Tuesday night. Liu is expected to head to Washington on May 8th for further talks. The US side is pressing China to overhaul its industrial policy by further opening its market to foreign firms, stopping massive subsidies to domestic companies and curbing the alleged theft of American technology. Beijing has made public displays of concessions, with Xi last week saying China would abolish "unjustified regulations, subsidies and practices that impede fair competition and distort the market". China has also passed a foreign investment law that promises to protect the intellectual property of overseas companies. The Financial Times reported on Wednesday that Trump was dropping a key demand in the negotiations, with the US likely to accept a watered-down commitment from China on commercial cyber theft. Such a concession could remove a major obstacle for a final deal in the fraught talks. Mnuchin said earlier this week that the sides were close to agreement on tough enforcement provisions in any trade pact. He also said the talks were in a decisive phase, telling the Fox Business channel "there's a strong desire from both sides to see if we can wrap this up or move on". "We hope within the next two rounds -- in China and in DC -- to be at the point where we can either recommend to the president we have a deal or make a recommendation that we don't," he said.

Good to see you, says Chinese negotiator to Mnuchin as US-China trade talks enter final lap

US Secretary of State Mike Pompeo on Monday expressed confidence that trade talks between the United States and China will not be affected by the end of Iran oil waivers this week.

Pompeo warned countries and companies that it would be a costly mistake to violate US&nbsp;sanctions by importing Iranian oil after Wednesday when the waivers for eight importers end.

China, India and Turkey are among Iran's largest oil importers that were granted waivers from US&nbsp;sanctions to allow them time to find alternative supplies.

"We have had lots of talks with China about this issue," Pompeo said at a newsmaker event by The Hill news outlet. "I'm confident that the trade talks will continue and run their natural course."

His comments come as US&nbsp;Treasury Secretary Steven Mnuchin heads to Beijing and said he hopes the two economic powerhouses can finalize a trade deal with two more rounds of talks left..

Pompeo said the United States had worked to find alternative oil supplies to ensure the global oil market is well stocked as oil purchases from Iran are cut.

"We are convinced we can make sure the markets are adequately supplied. We are continuing to work on that," he said.

"Companies that choose to violate the sanctions ... we will pursue and we will ensure they are held accountable for the violations they engage in," he said.

Trump administration official said on Friday that neither a wind-down period nor a short-term waiver on China's oil purchases are being considered.

Under US sanctions law, importers of Iranian oil including China, India and Turkey, could be allowed a wind-down period before getting to zero oil purchases, including a short-term waiver. Any wind-down measures would be different than the 180-day exceptions the Trump administration granted in November to China and seven other importers for significantly reducing oil purchases from Iran, measures set to end in May.

The United States reimposed sanctions in November on exports of Iranian oil after US&nbsp;President Donald Trump last spring unilaterally pulled out of a 2015 accord between Iran and six world powers to curb Tehran’s nuclear program.

US Secretary of State Mike Pompeo on Monday expressed confidence that trade talks between the United States and China will not be affected by the end of Iran oil waivers this week.

US Secretary of State Mike Pompeo on Monday expressed confidence that trade talks between the United States and China will not be affected by the end of Iran oil waivers this week. Pompeo warned countries and companies that it would be a costly mistake to violate US sanctions by importing Iranian oil after Wednesday when the waivers for eight importers end. China, India and Turkey are among Iran's largest oil importers that were granted waivers from US sanctions to allow them time to find alternative supplies. "We have had lots of talks with China about this issue," Pompeo said at a newsmaker event by The Hill news outlet. "I'm confident that the trade talks will continue and run their natural course." His comments come as US Treasury Secretary Steven Mnuchin heads to Beijing and said he hopes the two economic powerhouses can finalize a trade deal with two more rounds of talks left.. Pompeo said the United States had worked to find alternative oil supplies to ensure the global oil market is well stocked as oil purchases from Iran are cut. "We are convinced we can make sure the markets are adequately supplied. We are continuing to work on that," he said. "Companies that choose to violate the sanctions ... we will pursue and we will ensure they are held accountable for the violations they engage in," he said. Trump administration official said on Friday that neither a wind-down period nor a short-term waiver on China's oil purchases are being considered. Under US sanctions law, importers of Iranian oil including China, India and Turkey, could be allowed a wind-down period before getting to zero oil purchases, including a short-term waiver. Any wind-down measures would be different than the 180-day exceptions the Trump administration granted in November to China and seven other importers for significantly reducing oil purchases from Iran, measures set to end in May. The United States reimposed sanctions in November on exports of Iranian oil after US President Donald Trump last spring unilaterally pulled out of a 2015 accord between Iran and six world powers to curb Tehran’s nuclear program.

Mike Pompeo 'confident' China trade talks will not be hurt over Iran oil sanctions

<a href="https://www.wionews.com/world/our-country-is-full-turn-around-trump-to-asylum-seekers-at-mexico-border-208260">President Donald Trump</a> on Friday said talks with Beijing were making progress toward ending the trade war between the world's two top economies, but he again stopped short of predicting success.

"The China meeting was a big success," Trump told reporters, discussing the latest round of shuttle diplomacy conducted this week in Washington.&nbsp;

"I don't want to predict a deal or not a deal, but we're very well along," he added. "We have really negotiated probably the two hardest points."

He offered no detail on what those two points were, however.

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin engaged in trade talks with a Chinese delegation led by Vice Premier Liu He from April 3-5 in Washington.

"Significant work remains" in the talks, the White House said in a statement later in the day, "and the principals, deputy ministers, and delegation members will be in continuous contact to resolve outstanding issues."

Those issues include "intellectual property, forced technology transfer, non-tariff barriers, agriculture, services, purchases, and enforcement."

The statement, however, did say that both sides had "productive meetings and made progress on numerous key issues."

Top White House economic adviser Larry Kudlow told Bloomberg Television that the talks had been "very productive" and were "moving the ball in the right direction."

The US side was less interested in the timing of a deal than "getting a good deal," he said.

Kudlow said progress had been made on how to enforce the commitments made by both sides, the theft of intellectual property, forced transfers of technology and commodity sales.

"I am not here to provide details as those are in the middle of the negotiations that are ongoing," he said.

On Thursday, Trump stopped short of announcing a date for a summit to seal a final deal with his Chinese counterpart Xi Jinping, something he said as far back as February was likely a month away.

Instead, the Republican president said the talks were likely to stretch on for another four weeks, with any summit coming shortly thereafter.

In China, Xi said Friday he hoped the talks would conclude "as soon as possible," according to state media.

Since last year, the two countries have exchanged tariffs on more than $360 billion in two-way trade.

President Donald Trump on Friday said talks with Beijing were making progress toward ending the trade war between the world's two top economies, but he again stopped short of predicting success.

President Donald Trump on Friday said talks with Beijing were making progress toward ending the trade war between the world's two top economies, but he again stopped short of predicting success. "The China meeting was a big success," Trump told reporters, discussing the latest round of shuttle diplomacy conducted this week in Washington. "I don't want to predict a deal or not a deal, but we're very well along," he added. "We have really negotiated probably the two hardest points." He offered no detail on what those two points were, however. US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin engaged in trade talks with a Chinese delegation led by Vice Premier Liu He from April 3-5 in Washington. "Significant work remains" in the talks, the White House said in a statement later in the day, "and the principals, deputy ministers, and delegation members will be in continuous contact to resolve outstanding issues." Those issues include "intellectual property, forced technology transfer, non-tariff barriers, agriculture, services, purchases, and enforcement." The statement, however, did say that both sides had "productive meetings and made progress on numerous key issues." Top White House economic adviser Larry Kudlow told Bloomberg Television that the talks had been "very productive" and were "moving the ball in the right direction." The US side was less interested in the timing of a deal than "getting a good deal," he said. Kudlow said progress had been made on how to enforce the commitments made by both sides, the theft of intellectual property, forced transfers of technology and commodity sales. "I am not here to provide details as those are in the middle of the negotiations that are ongoing," he said. On Thursday, Trump stopped short of announcing a date for a summit to seal a final deal with his Chinese counterpart Xi Jinping, something he said as far back as February was likely a month away. Instead, the Republican president said the talks were likely to stretch on for another four weeks, with any summit coming shortly thereafter. In China, Xi said Friday he hoped the talks would conclude "as soon as possible," according to state media. Since last year, the two countries have exchanged tariffs on more than $360 billion in two-way trade.

Trump sees progress in China talks but doesn't predict success

<a href="https://www.wionews.com/opinions/us-china-trade-talks-free-trade-must-not-be-derailed-198923">Trade talks</a> between the United States and China made "good headway" last week in Beijing and the two sides aim to bridge differences during talks that could extend beyond three days this week, White House economic adviser Larry Kudlow said.

Kudlow, speaking to reporters on Wednesday at an event organized by the Christian Science Monitor, said China had recognised problems for the first time during the talks that the United States has raised for years.

Negotiations continued in Washington on Wednesday after meetings last week in Beijing, spearheaded by US&nbsp;Trade Representative <a href="https://www.google.com/url?q=https://www.wionews.com/world/us-and-china-open-trade-talks-in-beijing-197284&amp;sa=U&amp;ved=0ahUKEwiS9J-OxbXhAhXRjOYKHcjCB2IQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw0hILGxRoNQmZwUAh7dAjpk">Robert Lighthizer</a> and Treasury Secretary <a href="https://www.google.com/url?q=https://www.wionews.com/world/so-far-so-good-steven-mnuchin-says-of-trade-talks-in-china-197240&amp;sa=U&amp;ved=0ahUKEwjk9cybxbXhAhXg73MBHc3VAEoQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw166SGi2CpUGSdzjm1490zV">Steven Mnuchin</a>.

<a href="https://www.google.com/url?q=https://www.wionews.com/world/us-china-report-progress-in-beijing-trade-talks-206635&amp;sa=U&amp;ved=0ahUKEwjwgcGvxbXhAhXh73MBHZozBKwQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw0ZlL_MbQGBucQYU-1ZqQyc">President Donald Trump</a> will meet with Vice Premier Liu He, who is leading the Chinese side in the talks, in the Oval Office at 4:30 p.m. (2030 GMT) on Thursday, the White House said.

The United States and China have levied tariffs on hundreds of billions of dollars' worth of two-way trade since July 2018. Trump has said he wants a "great deal" with China and has hinted that tariffs could remain in place for some time.

Chinese commitments to increase purchases of American agricultural, energy and manufactured products are expected to be part of a final deal, and a person familiar with the talks said China would get about six years to meet those commitments, or until 2025.

The deadline was reported earlier by Bloomberg, but Trump administration officials previously said that a six-year timeline for purchases exceeding $1 trillion had been under discussion.

A final number for the number of purchases has not been settled, the person said.

Kudlow said Liu and his team would remain in Washington for three days and possibly longer.

"We're covering issues that have never really been covered before, including enforcement," Kudlow said, listing U.S. accusations that Beijing engages in intellectual property theft, forced transfer of technology from US&nbsp;companies doing business in China, cyber hacking, tariffs and non-tariff barriers for commodity trading.

"All making good progress, all making good headway, but we're not there yet," he said about those areas. "We hope this week to get closer."

Kudlow said it was significant that China had "acknowledged these problems for the first time. They were in denial."

Those structural issues along with the way a potential deal would be enforced have been sticking points during months of talks between the world's two largest economies.

Kudlow said on Wednesday that US&nbsp;charges against Chinese telecommunications giant Huawei Technologies Co Ltd had generally not come up during trade talks.

Kudlow also said no decisions had been made on tariffs on auto imports coming from top US&nbsp;allies.

Trade talks between the United States and China made "good headway" last week in Beijing and the two sides aim to bridge differences during talks that could extend beyond three days this week, White House economic adviser Larry Kudlow said.

Trade talks between the United States and China made "good headway" last week in Beijing and the two sides aim to bridge differences during talks that could extend beyond three days this week, White House economic adviser Larry Kudlow said. Kudlow, speaking to reporters on Wednesday at an event organized by the Christian Science Monitor, said China had recognised problems for the first time during the talks that the United States has raised for years. Negotiations continued in Washington on Wednesday after meetings last week in Beijing, spearheaded by US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. President Donald Trump will meet with Vice Premier Liu He, who is leading the Chinese side in the talks, in the Oval Office at 4:30 p.m. (2030 GMT) on Thursday, the White House said. The United States and China have levied tariffs on hundreds of billions of dollars' worth of two-way trade since July 2018. Trump has said he wants a "great deal" with China and has hinted that tariffs could remain in place for some time. Chinese commitments to increase purchases of American agricultural, energy and manufactured products are expected to be part of a final deal, and a person familiar with the talks said China would get about six years to meet those commitments, or until 2025. The deadline was reported earlier by Bloomberg, but Trump administration officials previously said that a six-year timeline for purchases exceeding $1 trillion had been under discussion. A final number for the number of purchases has not been settled, the person said. Kudlow said Liu and his team would remain in Washington for three days and possibly longer. "We're covering issues that have never really been covered before, including enforcement," Kudlow said, listing U.S. accusations that Beijing engages in intellectual property theft, forced transfer of technology from US companies doing business in China, cyber hacking, tariffs and non-tariff barriers for commodity trading. "All making good progress, all making good headway, but we're not there yet," he said about those areas. "We hope this week to get closer." Kudlow said it was significant that China had "acknowledged these problems for the first time. They were in denial." Those structural issues along with the way a potential deal would be enforced have been sticking points during months of talks between the world's two largest economies. Kudlow said on Wednesday that US charges against Chinese telecommunications giant Huawei Technologies Co Ltd had generally not come up during trade talks. Kudlow also said no decisions had been made on tariffs on auto imports coming from top US allies.

US-China talks making progress, could be extended: White House

The United States imposed sanctions on Friday on six <a href="http://www.wionews.com/world/russia-china-veto-us-push-for-fresh-election-in-venezuela-200376">Venezuelan security officials</a> for obstructing aid that Washington had tried to force in as part of its effort to support the country's opposition leader against President Nicolas Maduro.&nbsp;

"We are sanctioning members of Maduro's security forces in response to the reprehensible<a href="http://www.wionews.com/world/colombia-venezuela-border-bridge-remains-closed-amid-us-aid-standoff-200319"> violence, tragic deaths, and unconscionable</a> torching of food and medicine destined for sick and starving Venezuelans," Treasury Secretary Steven Mnuchin said in a statement.

The six include Major General Richard Jesus Lopez Vargas, the commander of the Venezuelan National Guard, and Jesus Maria Mantilla Oliveros, commander of a unit tasked by Maduro with reinforcing security on the Brazilian border, the Treasury Department said.

The sanctions freeze any assets in the United States by the six security officials as well as US financial dealings with them.&nbsp;

The United States, backed by Colombia and Brazil, last weekend tried to push badly needed aid into the crisis-torn country in coordination with Venezuelan opposition leader Juan Guaido, whom Washington has recognized as interim president.

Venezuelan forces blocked the operation, fearing it was a precursor to an invasion as President Donald Trump has not ruled out the use of force to depose Maduro.

Four people were killed in the ensuing melee and Guaido was stuck outside Venezuela, although he has vowed to return.

"The United States strongly supports the efforts of Interim President Juan Guaido, and Treasury will continue to target Maduro loyalists prolonging the suffering of the victims of this man-made humanitarian crisis," Mnuchin said.

Russia and China on Thursday vetoed a US and European-backed resolution at the United Nations that would have called for new presidential elections in Venezuela and unimpeded deliveries of humanitarian aid.

The United States imposed sanctions on Friday on six Venezuelan security officials for obstructing aid that Washington had tried to force in as part of its effort to support the country's opposition leader against President Nicolas Maduro.

The United States imposed sanctions on Friday on six Venezuelan security officials for obstructing aid that Washington had tried to force in as part of its effort to support the country's opposition leader against President Nicolas Maduro. "We are sanctioning members of Maduro's security forces in response to the reprehensible violence, tragic deaths, and unconscionable torching of food and medicine destined for sick and starving Venezuelans," Treasury Secretary Steven Mnuchin said in a statement. The six include Major General Richard Jesus Lopez Vargas, the commander of the Venezuelan National Guard, and Jesus Maria Mantilla Oliveros, commander of a unit tasked by Maduro with reinforcing security on the Brazilian border, the Treasury Department said. The sanctions freeze any assets in the United States by the six security officials as well as US financial dealings with them. The United States, backed by Colombia and Brazil, last weekend tried to push badly needed aid into the crisis-torn country in coordination with Venezuelan opposition leader Juan Guaido, whom Washington has recognized as interim president. Venezuelan forces blocked the operation, fearing it was a precursor to an invasion as President Donald Trump has not ruled out the use of force to depose Maduro. Four people were killed in the ensuing melee and Guaido was stuck outside Venezuela, although he has vowed to return. "The United States strongly supports the efforts of Interim President Juan Guaido, and Treasury will continue to target Maduro loyalists prolonging the suffering of the victims of this man-made humanitarian crisis," Mnuchin said. Russia and China on Thursday vetoed a US and European-backed resolution at the United Nations that would have called for new presidential elections in Venezuela and unimpeded deliveries of humanitarian aid.

US sanctions six Venezuelan security officials for obstructing aid

Chinese President Xi Jinping said on Friday trade talks with the United States will continue in Washington next week and that he hopes the two sides will be able to reach a mutually beneficial deal in the upcoming negotiations, state media reported.

Xi said during a meeting with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin that talks in Beijing this week made progress and that China is willing to solve economic and trade disputes with the United States via cooperation, according to a report by Xinhua.

Lighthizer and Mnuchin said during the meeting that they maintain hope although there is still much work to be done and that they are willing to work with China to reach a deal that is in line with the interests of both countries, according to Xinhua.

The US delegation had a banquet with Chinese counterparts at a Beijing hotel on Thursday night, a person with knowledge of the meetings said. But neither country had offered details on how the two sides might de-escalate a tariff war that has roiled financial markets and disrupted manufacturing supply chains.

US duties on $200 billion worth of imports from China are scheduled to rise to 25 per cent from 10 per cent if no deal is reached by March 1 to address US demands that China curb forced technology transfers and better enforce intellectual property rights.

Although US President Donald Trump said earlier in the week that an extension of the deadline was possible if a "real deal" was close, Larry Kudlow, director of the National Economic Council, said the White House had made no such decision.

Several sources informed about the meetings told Reuters there was little indication negotiators had made major progress on sticking points to pave the way for a potential meeting between Xi and Trump in coming weeks to hammer out a deal.

&nbsp;

Chinese President Xi Jinping said on Friday trade talks with the United States will continue in Washington next week and that he hopes the two sides will be able to reach a mutually beneficial deal in the upcoming negotiations, state media reported.

Chinese President Xi Jinping said on Friday trade talks with the United States will continue in Washington next week and that he hopes the two sides will be able to reach a mutually beneficial deal in the upcoming negotiations, state media reported. Xi said during a meeting with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin that talks in Beijing this week made progress and that China is willing to solve economic and trade disputes with the United States via cooperation, according to a report by Xinhua. Lighthizer and Mnuchin said during the meeting that they maintain hope although there is still much work to be done and that they are willing to work with China to reach a deal that is in line with the interests of both countries, according to Xinhua. The US delegation had a banquet with Chinese counterparts at a Beijing hotel on Thursday night, a person with knowledge of the meetings said. But neither country had offered details on how the two sides might de-escalate a tariff war that has roiled financial markets and disrupted manufacturing supply chains. US duties on $200 billion worth of imports from China are scheduled to rise to 25 per cent from 10 per cent if no deal is reached by March 1 to address US demands that China curb forced technology transfers and better enforce intellectual property rights. Although US President Donald Trump said earlier in the week that an extension of the deadline was possible if a "real deal" was close, Larry Kudlow, director of the National Economic Council, said the White House had made no such decision. Several sources informed about the meetings told Reuters there was little indication negotiators had made major progress on sticking points to pave the way for a potential meeting between Xi and Trump in coming weeks to hammer out a deal.

Trade talks with US to continue in Washington next week: Chinese President Xi Jinping

Top US and Chinese trade negotiators had "productive meetings", US Treasury Secretary Steven Mnuchin said in a tweet on Friday, as the world's largest economies wound down two days of high-level talks to resolve their bruising trade war.

Mnuchin did not elaborate on the discussions he and US Trade Representative Robert Lighthizer had with Chinese Vice Premier Liu He, a top economic advisor to President Xi Jinping, who the two US officials met later on Friday in Beijing.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Productive meetings with China’s Vice Premier Liu He and <a href="https://twitter.com/USTradeRep?ref_src=twsrc%5Etfw">@USTradeRep</a> Amb. Lighthizer. <a href="https://t.co/KxOZffFXAa">pic.twitter.com/KxOZffFXAa</a>
— Steven Mnuchin (@stevenmnuchin1) <a href="https://twitter.com/stevenmnuchin1/status/1096302248324448256?ref_src=twsrc%5Etfw">February 15, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The US delegation had a banquet with Chinese counterparts at a Beijing hotel on Thursday night, a person with knowledge of the meetings said. But neither country had offered details on how the two sides might de-escalate a tariff war that has roiled financial markets and disrupted manufacturing supply chains.

US duties on $200 billion worth of imports from China are scheduled to rise to 25 per cent from 10 per cent if no deal is reached by March 1 to address US demands that China curb forced technology transfers and better enforce intellectual property rights.

Although US President Donald Trump said earlier in the week that an extension of the deadline was possible if a "real deal" was close, Larry Kudlow, director of the National Economic Council, said the White House had made no such decision.

Several sources informed about the meetings told Reuters there was little indication negotiators had made major progress on sticking points to pave the way for a potential meeting between Xi and Trump in coming weeks to hammer out a deal.

"Stalemate on the important stuff," said one of the sources, all of whom requested anonymity because the talks are confidential.

"There's still a lot of distance between parties on structural and enforcement issues. I wouldn't quite call it hitting a wall, but it's not a field of dreams either," said a second source.

The Financial Times cited sources as saying the two sides were trying to reach a memorandum of understanding to help bring about a leaders meeting.

A third source told Reuters the White House was "irate" over earlier reports that the Trump administration was considering a 60-day extension to the tariff deadline.

Lighthizer and Mnuchin left their Beijing hotel on Friday afternoon without taking questions from reporters.

'Sleigh of hand'

Reuters reported earlier that in recent meetings China has pledged to make its industrial subsidy programs compliant with World Trade Organization rules and end those that distort markets but had offered no details on how it intends to achieve that goal.

The offer has been met with scepticism from US negotiators, in part because China has long refused to disclose its subsidies.

And some in US industry have been unimpressed with the extent of other reported Chinese offers to address US concerns, such as Beijing's proposal to increase purchases of US semiconductors to $200 billion over six years.

John Neuffer, President and CEO of the Semiconductor Industry Association (SIA), told Reuters that the offer would be "akin to an accounting sleight of hand" and "an attempt to rearrange our supply chains and drive them deeper into China".

"We are confident US government negotiators will wisely dismiss this offer and continue pushing for meaningful reforms that create a fair and level playing field for US companies doing business in China," Neuffer said.

The proposal, first reported by the Wall Street Journal, was part of a "recycled" package of goods purchase offers that Beijing first presented in the spring of 2018, a source told Reuters on Thursday.

Many US lawmakers and business groups have urged Trump in recent weeks not to settle for an agreement based largely on increased Chinese purchases of farm and energy commodities.

Trump has said he did not expect to meet with Xi before March 1, but White House spokeswoman Sarah Sanders has raised the possibility of a meeting between the leaders at the president's Mar-a-Lago retreat in Florida.

China has long denied Washington's accusations of trade abuses, and it has retaliated to US tariffs with its own duties on American goods.

Some trade experts say China appears focused on securing a Xi-Trump meeting, in the hope that it would make a near-term deal to limit or reduce tariffs more likely.

Top US and Chinese trade negotiators had "productive meetings", US Treasury Secretary Steven Mnuchin said in a tweet on Friday, as the world's largest economies wound down two days of high-level talks to resolve their bruising trade war.

Top US and Chinese trade negotiators had "productive meetings", US Treasury Secretary Steven Mnuchin said in a tweet on Friday, as the world's largest economies wound down two days of high-level talks to resolve their bruising trade war. Mnuchin did not elaborate on the discussions he and US Trade Representative Robert Lighthizer had with Chinese Vice Premier Liu He, a top economic advisor to President Xi Jinping, who the two US officials met later on Friday in Beijing. Productive meetings with China’s Vice Premier Liu He and @USTradeRep Amb. Lighthizer. pic.twitter.com/KxOZffFXAa — Steven Mnuchin (@stevenmnuchin1) February 15, 2019 × The US delegation had a banquet with Chinese counterparts at a Beijing hotel on Thursday night, a person with knowledge of the meetings said. But neither country had offered details on how the two sides might de-escalate a tariff war that has roiled financial markets and disrupted manufacturing supply chains. US duties on $200 billion worth of imports from China are scheduled to rise to 25 per cent from 10 per cent if no deal is reached by March 1 to address US demands that China curb forced technology transfers and better enforce intellectual property rights. Although US President Donald Trump said earlier in the week that an extension of the deadline was possible if a "real deal" was close, Larry Kudlow, director of the National Economic Council, said the White House had made no such decision. Several sources informed about the meetings told Reuters there was little indication negotiators had made major progress on sticking points to pave the way for a potential meeting between Xi and Trump in coming weeks to hammer out a deal. "Stalemate on the important stuff," said one of the sources, all of whom requested anonymity because the talks are confidential. "There's still a lot of distance between parties on structural and enforcement issues. I wouldn't quite call it hitting a wall, but it's not a field of dreams either," said a second source. The Financial Times cited sources as saying the two sides were trying to reach a memorandum of understanding to help bring about a leaders meeting. A third source told Reuters the White House was "irate" over earlier reports that the Trump administration was considering a 60-day extension to the tariff deadline. Lighthizer and Mnuchin left their Beijing hotel on Friday afternoon without taking questions from reporters. 'Sleigh of hand' Reuters reported earlier that in recent meetings China has pledged to make its industrial subsidy programs compliant with World Trade Organization rules and end those that distort markets but had offered no details on how it intends to achieve that goal. The offer has been met with scepticism from US negotiators, in part because China has long refused to disclose its subsidies. And some in US industry have been unimpressed with the extent of other reported Chinese offers to address US concerns, such as Beijing's proposal to increase purchases of US semiconductors to $200 billion over six years. John Neuffer, President and CEO of the Semiconductor Industry Association (SIA), told Reuters that the offer would be "akin to an accounting sleight of hand" and "an attempt to rearrange our supply chains and drive them deeper into China". "We are confident US government negotiators will wisely dismiss this offer and continue pushing for meaningful reforms that create a fair and level playing field for US companies doing business in China," Neuffer said. The proposal, first reported by the Wall Street Journal, was part of a "recycled" package of goods purchase offers that Beijing first presented in the spring of 2018, a source told Reuters on Thursday. Many US lawmakers and business groups have urged Trump in recent weeks not to settle for an agreement based largely on increased Chinese purchases of farm and energy commodities. Trump has said he did not expect to meet with Xi before March 1, but White House spokeswoman Sarah Sanders has raised the possibility of a meeting between the leaders at the president's Mar-a-Lago retreat in Florida. China has long denied Washington's accusations of trade abuses, and it has retaliated to US tariffs with its own duties on American goods. Some trade experts say China appears focused on securing a Xi-Trump meeting, in the hope that it would make a near-term deal to limit or reduce tariffs more likely.

Had 'productive' trade meetings with China: US Secretary Mnuchin 

US and Chinese negotiators kicked off two days of high-level trade talks in Beijing on Thursday hoping to resolve a festering dispute that has cast a shadow over financial markets and the global growth outlook.

Pressure to seal an accord ahead of a March 1 deadline set by <a href="http://www.wionews.com/world/trump-says-confident-in-us-trade-deal-with-china-188332">Donald Trump</a> appears to have eased slightly after the US president indicated he was open to extending a trade truce depending on progress in Beijing.

Trump in December postponed plans to sharply hike tariffs on $200 billion of Chinese imports to allow more time for negotiation.

The two economic superpowers have already imposed duties on more than $360 billion in <a href="http://www.wionews.com/business-economy/china-us-trade-tension-a-major-risk-to-global-growth-imf-chief-192497">two-way trade</a>, which has weighed on their manufacturing sectors and shaken global financial markets.

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are meeting with China's top economic czar Liu He, seeking to build on progress made in Washington last month.

We are "looking forward to discussions today," Mnuchin said as he left his hotel Thursday morning for the talks.

Expectations for a trade deal have grown as China faces pressure from slowing economic growth, and as swooning global markets rattle Trump and his economic advisors.

Chinese President Xi Jinping plans to meet with the US officials in Beijing this week, a report in the South China Morning Post said Wednesday, bolstering hopes for the talks and markets in Asia.&nbsp;

Trump also has said he expects to meet with Xi "at some point" to clinch a trade deal.

Trump told reporters in the Oval Office on Wednesday that preliminary talks in Beijing were "going along very well," Bloomberg reported.

"They're showing us tremendous respect," he added.

"Markets will continue to watch — and react — closely to the ups and downs of the negotiations," said Trey McArver of Trivium Research.

"But Sino-US relations are all about the two leaders, and it will ultimately be up to Xi and Trump to come to a deal — or not," he wrote Wednesday in a newsletter.

The two sides said major progress was made in talks last month in Washington, but a wide gulf remains on some issues.

The US is demanding far-reaching changes to Chinese practices that it says are unfair, including theft of US technology and intellectual property, and myriad barriers that foreign companies face in the Chinese domestic market.

Beijing has offered to boost its purchases of US goods but is widely expected to resist calls for major changes to its industrial policies such as slashing government subsidies.

The International Monetary Fund warned on Sunday of a possible global economic "storm" as world growth forecasts dip, citing the US-China trade row as a key pivot point. 
&nbsp;

US and Chinese negotiators kicked off two days of high-level trade talks in Beijing on Thursday hoping to resolve a festering dispute that has cast a shadow over financial markets and the global growth outlook.

US and Chinese negotiators kicked off two days of high-level trade talks in Beijing on Thursday hoping to resolve a festering dispute that has cast a shadow over financial markets and the global growth outlook. Pressure to seal an accord ahead of a March 1 deadline set by Donald Trump appears to have eased slightly after the US president indicated he was open to extending a trade truce depending on progress in Beijing. Trump in December postponed plans to sharply hike tariffs on $200 billion of Chinese imports to allow more time for negotiation. The two economic superpowers have already imposed duties on more than $360 billion in two-way trade, which has weighed on their manufacturing sectors and shaken global financial markets. US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are meeting with China's top economic czar Liu He, seeking to build on progress made in Washington last month. We are "looking forward to discussions today," Mnuchin said as he left his hotel Thursday morning for the talks. Expectations for a trade deal have grown as China faces pressure from slowing economic growth, and as swooning global markets rattle Trump and his economic advisors. Chinese President Xi Jinping plans to meet with the US officials in Beijing this week, a report in the South China Morning Post said Wednesday, bolstering hopes for the talks and markets in Asia. Trump also has said he expects to meet with Xi "at some point" to clinch a trade deal. Trump told reporters in the Oval Office on Wednesday that preliminary talks in Beijing were "going along very well," Bloomberg reported. "They're showing us tremendous respect," he added. "Markets will continue to watch — and react — closely to the ups and downs of the negotiations," said Trey McArver of Trivium Research. "But Sino-US relations are all about the two leaders, and it will ultimately be up to Xi and Trump to come to a deal — or not," he wrote Wednesday in a newsletter. The two sides said major progress was made in talks last month in Washington, but a wide gulf remains on some issues. The US is demanding far-reaching changes to Chinese practices that it says are unfair, including theft of US technology and intellectual property, and myriad barriers that foreign companies face in the Chinese domestic market. Beijing has offered to boost its purchases of US goods but is widely expected to resist calls for major changes to its industrial policies such as slashing government subsidies. The International Monetary Fund warned on Sunday of a possible global economic "storm" as world growth forecasts dip, citing the US-China trade row as a key pivot point.

US, China open trade talks in Beijing as deadline looms

US Treasury Secretary Steven Mnuchin said talks with China went well on Wednesday, as the world's two largest economies try to iron out an agreement to resolve their trade dispute.

"So far, so good," he said when asked by reporters on how the meetings in Beijing went. He did not say who he met.

Mnuchin said earlier he hoped for "productive" trade meetings as the two countries seek to end a festering dispute that has seen both sides level tariffs at one other.

US tariffs on $200 billion worth of imports from China are scheduled to rise to 25 per cent from 10 per cent if the two sides cannot reach a deal by a March 1 deadline, increasing pain and costs in sectors from consumer electronics to agriculture.

Mnuchin, asked by reporters as he left his Beijing hotel what his hopes were for the visit, said "productive meetings". He did not elaborate.

Mnuchin, along with US Trade Representative Robert Lighthizer, arrived in the Chinese capital on Tuesday.

US President Donald Trump said on Tuesday that he could let the deadline for a trade agreement "slide for a little while," but that he would prefer not to and expects to meet with Chinese President Xi Jinping to close the deal at some point.

Trump's advisers have previously described March 1 as a "hard deadline," but Trump told reporters that a delay was now possible.

He said in December that the 90-day truce could be extended, but that he could revert to tariffs if differences could not be resolved.

A growing number of US businesses and lawmakers have expressed hopes for a delay in the tariff increase while the two sides tackle the difficult US demands for major structural policy changes by China aimed at ending the forced transfer of American trade secrets, curbing Beijing's industrial subsidies and enforcing intellectual property rights.

Trump said last week he did not plan to meet with Xi before the March 1 deadline.

Mnuchin and Lighthizer are scheduled to hold talks on Thursday and Friday with Vice Premier Liu He, the top economic adviser to Xi.

The latest round of talks in Beijing kicked off on Monday with discussions among deputy-level officials to try to work out technical details, including a mechanism for enforcing any trade agreement.

China's Foreign Ministry referred questions on the talks to the Ministry of Commerce, which did not respond to a request for comment.

A round of talks at the end of January ended with some progress reported, but no deal, and US declarations that much more work was needed.

Dodge a bullet

James Green, a senior research fellow at Georgetown University, said he believed China was looking to secure a Xi-Trump meeting in the hope that it would make a near-term deal on tariffs far more likely.

"From their point of view, they would have dodged a bullet," Green, who was USTR's top official at the US embassy in Beijing until mid-2018, told Reuters by telephone.

But there is growing bipartisan concern in the United States about increasing state control of China's economy, military activity in the South China Sea, and security issues around its technology companies.

Even if the two sides could come to terms on tariffs, that might not mean an end to trade friction, Green added.

"I think that whatever we might get for an agreement, it will be a pause, because the US government is still going to move forward in the telecoms sector, on law enforcement and legal action, and on sanctions-related issues."

US Secretary of State Mike Pompeo cautioned allies on Monday against deploying equipment from Chinese telecoms giant Huawei Technologies on their soil, saying it would make it more difficult for Washington to "partner alongside them".

The United States and its Western allies believe Huawei's apparatus could be used for espionage, and see its expansion into central Europe as a way to gain a foothold in the European Union market.

Both the Chinese government and Huawei have dismissed these concerns.

US Treasury Secretary Steven Mnuchin said talks with China went well on Wednesday, as the world's two largest economies try to iron out an agreement to resolve their trade dispute.

US Treasury Secretary Steven Mnuchin said talks with China went well on Wednesday, as the world's two largest economies try to iron out an agreement to resolve their trade dispute. "So far, so good," he said when asked by reporters on how the meetings in Beijing went. He did not say who he met. Mnuchin said earlier he hoped for "productive" trade meetings as the two countries seek to end a festering dispute that has seen both sides level tariffs at one other. US tariffs on $200 billion worth of imports from China are scheduled to rise to 25 per cent from 10 per cent if the two sides cannot reach a deal by a March 1 deadline, increasing pain and costs in sectors from consumer electronics to agriculture. Mnuchin, asked by reporters as he left his Beijing hotel what his hopes were for the visit, said "productive meetings". He did not elaborate. Mnuchin, along with US Trade Representative Robert Lighthizer, arrived in the Chinese capital on Tuesday. US President Donald Trump said on Tuesday that he could let the deadline for a trade agreement "slide for a little while," but that he would prefer not to and expects to meet with Chinese President Xi Jinping to close the deal at some point. Trump's advisers have previously described March 1 as a "hard deadline," but Trump told reporters that a delay was now possible. He said in December that the 90-day truce could be extended, but that he could revert to tariffs if differences could not be resolved. A growing number of US businesses and lawmakers have expressed hopes for a delay in the tariff increase while the two sides tackle the difficult US demands for major structural policy changes by China aimed at ending the forced transfer of American trade secrets, curbing Beijing's industrial subsidies and enforcing intellectual property rights. Trump said last week he did not plan to meet with Xi before the March 1 deadline. Mnuchin and Lighthizer are scheduled to hold talks on Thursday and Friday with Vice Premier Liu He, the top economic adviser to Xi. The latest round of talks in Beijing kicked off on Monday with discussions among deputy-level officials to try to work out technical details, including a mechanism for enforcing any trade agreement. China's Foreign Ministry referred questions on the talks to the Ministry of Commerce, which did not respond to a request for comment. A round of talks at the end of January ended with some progress reported, but no deal, and US declarations that much more work was needed. Dodge a bullet James Green, a senior research fellow at Georgetown University, said he believed China was looking to secure a Xi-Trump meeting in the hope that it would make a near-term deal on tariffs far more likely. "From their point of view, they would have dodged a bullet," Green, who was USTR's top official at the US embassy in Beijing until mid-2018, told Reuters by telephone. But there is growing bipartisan concern in the United States about increasing state control of China's economy, military activity in the South China Sea, and security issues around its technology companies. Even if the two sides could come to terms on tariffs, that might not mean an end to trade friction, Green added. "I think that whatever we might get for an agreement, it will be a pause, because the US government is still going to move forward in the telecoms sector, on law enforcement and legal action, and on sanctions-related issues." US Secretary of State Mike Pompeo cautioned allies on Monday against deploying equipment from Chinese telecoms giant Huawei Technologies on their soil, saying it would make it more difficult for Washington to "partner alongside them". The United States and its Western allies believe Huawei's apparatus could be used for espionage, and see its expansion into central Europe as a way to gain a foothold in the European Union market. Both the Chinese government and Huawei have dismissed these concerns.

'So far, so good,' Steven Mnuchin says of trade talks in China

<a href="http://www.wionews.com/photos/democrats-capture-us-house-majority-in-rebuke-to-donald-trump-176019#us-midterm-polls-2018-176011">Democrats in Congress </a>raised questions on Thursday about the Internal Revenue Service's ability to effectively audit President <a href="http://www.wionews.com/world/presidential-harassment-screams-trump-as-democrats-investigate-him-195874">Donald Trump</a>'s tax returns, as they began hearings intended to result in obtaining the documents and making them public.

A tax oversight panel in the House of Representatives heard testimony from expert witnesses as it considered a Democratic measure that would require presidential candidates to release their tax returns, codifying a voluntary practice that existed for decades until Trump ran for president in 2016.

The legislation is unlikely to become law. But a separate Democratic plan to request Trump's tax returns from Treasury Secretary Steven Mnuchin under federal law in coming months is fast becoming a political lightning rod for Democrats and Republicans.

Trump has cited IRS audits of his personal tax returns as a reason not to release them to the public. He has also retained ownership of extensive hotel interests and other business ventures as president, raising questions about potential ties with Russia and other possible conflicts of interest.

Democrats need to decide how to justify seeking Trump's returns, and some lawmaker comments on Thursday appeared to bolster an option being considered that would place such action within established congressional authority to oversee the IRS.

Republicans rejected the need to obtain Trump's tax returns, saying a required annual IRS audit of presidential tax records should provide adequate safeguards without threatening the privacy normally afforded to individual tax data.

"But I'm concerned that the IRS may not have the ability to accurately and fairly carry this out, free from political pressure," Democratic Representative Suzan DelBene said.

Representative John Lewis, Democratic chairman of the House Ways and Means oversight subcommittee, drew a parallel with the Watergate era, citing an IRS audit of former President Richard Nixon that congressional investigators later discovered had missed nearly $480,000 in owed taxes and interest.

"Should the public know whether the person who is running for the office or who is currently leading our nation paid the correct amount of tax? In the case of Nixon, the answer was yes," Lewis said.

"Is it fair to expect the IRS to enforce federal tax law against the president?" he added. "In the case of Nixon, the answer was no."

House Ways and Means Committee Chairman Richard Neal is under growing pressure from Democratic liberal progressives to move quickly on Trump's taxes. Some committee Democrats said a request could be two to three months away.

Republicans say Democrats would overstep their authority and set a dangerous precedent.

"In reality, this is all about weaponizing our tax laws to target a political foe," said Republican Representative Jackie Walorski. "Privacy and civil liberties should still matter in this country."

Democrats in Congress raised questions on Thursday about the Internal Revenue Service's ability to effectively audit President Donald Trump's tax returns, as they began hearings intended to result in obtaining the documents and making them public.

Democrats in Congress raised questions on Thursday about the Internal Revenue Service's ability to effectively audit President Donald Trump's tax returns, as they began hearings intended to result in obtaining the documents and making them public. A tax oversight panel in the House of Representatives heard testimony from expert witnesses as it considered a Democratic measure that would require presidential candidates to release their tax returns, codifying a voluntary practice that existed for decades until Trump ran for president in 2016. The legislation is unlikely to become law. But a separate Democratic plan to request Trump's tax returns from Treasury Secretary Steven Mnuchin under federal law in coming months is fast becoming a political lightning rod for Democrats and Republicans. Trump has cited IRS audits of his personal tax returns as a reason not to release them to the public. He has also retained ownership of extensive hotel interests and other business ventures as president, raising questions about potential ties with Russia and other possible conflicts of interest. Democrats need to decide how to justify seeking Trump's returns, and some lawmaker comments on Thursday appeared to bolster an option being considered that would place such action within established congressional authority to oversee the IRS. Republicans rejected the need to obtain Trump's tax returns, saying a required annual IRS audit of presidential tax records should provide adequate safeguards without threatening the privacy normally afforded to individual tax data. "But I'm concerned that the IRS may not have the ability to accurately and fairly carry this out, free from political pressure," Democratic Representative Suzan DelBene said. Representative John Lewis, Democratic chairman of the House Ways and Means oversight subcommittee, drew a parallel with the Watergate era, citing an IRS audit of former President Richard Nixon that congressional investigators later discovered had missed nearly $480,000 in owed taxes and interest. "Should the public know whether the person who is running for the office or who is currently leading our nation paid the correct amount of tax? In the case of Nixon, the answer was yes," Lewis said. "Is it fair to expect the IRS to enforce federal tax law against the president?" he added. "In the case of Nixon, the answer was no." House Ways and Means Committee Chairman Richard Neal is under growing pressure from Democratic liberal progressives to move quickly on Trump's taxes. Some committee Democrats said a request could be two to three months away. Republicans say Democrats would overstep their authority and set a dangerous precedent. "In reality, this is all about weaponizing our tax laws to target a political foe," said Republican Representative Jackie Walorski. "Privacy and civil liberties should still matter in this country."

US House Democrats question IRS audits of Trump taxes

Wall Street shares plunged for a fourth straight session Monday as investors panned Treasury Secretary Steven Mnuchin's efforts to try to reassure markets.

Mnuchin on Sunday held a phone call with the six biggest US banks, reporting on Twitter that the CEOs have "ample liquidity" available. But market watchers said Mnuchin's efforts raised fresh doubts about the US economic outlook, contributing to Monday's retreat in a holiday-shortened session.

The broad-based S&amp;P 500 finished down 2.7 per cent, a bitter finale to the lead-up to Tuesday's Christmas holiday, when markets will be closed. Light trading volume likely exacerbated the losses.

CNBC called the session the "worst Christmas Eve error" in terms of losses.&nbsp;

"There's simply no buyers out there," said Manulife AM senior portfolio manager Nate Thooft. "Nobody is really willing to step in and take a stand that this is the bottom."

Earlier, Paris and London both finished lower, while Frankfurt was closed.&nbsp;

All three major European markets will reopen Thursday.

Oil prices also continued to pull back on worries about slowing growth. US benchmark West Texas Intermediate dropped 6.7 per cent to $42.53 a barrel.

Monday's sell-off in New York was a continuation of the negative momentum from last week when both the Dow and Nasdaq suffered their biggest weekly losses since the financial crisis in late 2008.&nbsp;

Key drivers included upset at the Federal Reserve's latest interest rate hike, the shock resignation of Defense Secretary Jim Mattis, the ongoing US-China trade war and a US government shutdown triggered Friday at midnight following unsuccessful budget negotiations between President Donald Trump and congressional Democrats.

But there were more surprising headlines over the weekend, normally a sleepy news period near the peak time of the festive season.

Mnuchin on Saturday released a statement on Twitter quoting US President Donald Trump as denying any plans to fire Fed Chairman Jay Powell following media reports that Trump had privately asked cabinet members if he has the authority to dismiss the Fed chief.

On Sunday, Mnuchin on Twitter chronicled the phone call with heads of Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo, who confirmed that they face no liquidity issues and "markets continue to function properly."

Deeper problems?

Analysts expressed both surprise and alarm at Mnuchin's Sunday statement, saying it might do the opposite of calming current jitters.

"One of the risks... of making this kind of statement is that it could make market participants concerned that there was in fact a deeper issue at hand, if they were not already concerned in the first place," noted currency analyst Fritz Louw at financial group MUFG.

"It simply adds to the uncertainty that is already roiling markets."

Some analysts were also unnerved the reports over a possible Powell firing.

"If Trump tries to remove Powell, it could throw the financial markets into deep chaos that makes the current market turmoil look tame," said a note from Oxford Economics.

Trump on Monday did not address the potential Powell dismissal, but amplified his criticism of the central bank, in his first comment on the Fed since last week's interest rate hike.

"The only problem our economy has is the Fed. They don't have a feel for the Market, they don't understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch - he can't putt!" Trump tweeted.

Thooft said he was skeptical Trump would actually fire Powell, viewing the latest comment as a continuation of the president's criticism of the agency.

"This is an administration who has been taking credit for two years on market highs and so now he's looking for someone to potentially blame now that the market has gone down 20 per cent," Thooft said. &nbsp;

Wall Street shares plunged for a fourth straight session Monday as investors panned Treasury Secretary Steven Mnuchin's efforts to try to reassure markets. Mnuchin on Sunday held a phone call with the six biggest US banks, reporting on Twitter that the CEOs have "ample liquidity" available.

Wall Street shares plunged for a fourth straight session Monday as investors panned Treasury Secretary Steven Mnuchin's efforts to try to reassure markets. Mnuchin on Sunday held a phone call with the six biggest US banks, reporting on Twitter that the CEOs have "ample liquidity" available. But market watchers said Mnuchin's efforts raised fresh doubts about the US economic outlook, contributing to Monday's retreat in a holiday-shortened session. The broad-based S&P 500 finished down 2.7 per cent, a bitter finale to the lead-up to Tuesday's Christmas holiday, when markets will be closed. Light trading volume likely exacerbated the losses. CNBC called the session the "worst Christmas Eve error" in terms of losses. "There's simply no buyers out there," said Manulife AM senior portfolio manager Nate Thooft. "Nobody is really willing to step in and take a stand that this is the bottom." Earlier, Paris and London both finished lower, while Frankfurt was closed. All three major European markets will reopen Thursday. Oil prices also continued to pull back on worries about slowing growth. US benchmark West Texas Intermediate dropped 6.7 per cent to $42.53 a barrel. Monday's sell-off in New York was a continuation of the negative momentum from last week when both the Dow and Nasdaq suffered their biggest weekly losses since the financial crisis in late 2008. Key drivers included upset at the Federal Reserve's latest interest rate hike, the shock resignation of Defense Secretary Jim Mattis, the ongoing US-China trade war and a US government shutdown triggered Friday at midnight following unsuccessful budget negotiations between President Donald Trump and congressional Democrats. But there were more surprising headlines over the weekend, normally a sleepy news period near the peak time of the festive season. Mnuchin on Saturday released a statement on Twitter quoting US President Donald Trump as denying any plans to fire Fed Chairman Jay Powell following media reports that Trump had privately asked cabinet members if he has the authority to dismiss the Fed chief. On Sunday, Mnuchin on Twitter chronicled the phone call with heads of Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo, who confirmed that they face no liquidity issues and "markets continue to function properly." Deeper problems? Analysts expressed both surprise and alarm at Mnuchin's Sunday statement, saying it might do the opposite of calming current jitters. "One of the risks... of making this kind of statement is that it could make market participants concerned that there was in fact a deeper issue at hand, if they were not already concerned in the first place," noted currency analyst Fritz Louw at financial group MUFG. "It simply adds to the uncertainty that is already roiling markets." Some analysts were also unnerved the reports over a possible Powell firing. "If Trump tries to remove Powell, it could throw the financial markets into deep chaos that makes the current market turmoil look tame," said a note from Oxford Economics. Trump on Monday did not address the potential Powell dismissal, but amplified his criticism of the central bank, in his first comment on the Fed since last week's interest rate hike. "The only problem our economy has is the Fed. They don't have a feel for the Market, they don't understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch - he can't putt!" Trump tweeted. Thooft said he was skeptical Trump would actually fire Powell, viewing the latest comment as a continuation of the president's criticism of the agency. "This is an administration who has been taking credit for two years on market highs and so now he's looking for someone to potentially blame now that the market has gone down 20 per cent," Thooft said.

Wall Street battered for fourth straight session as US Treasury chief fails to reassure

Asian stocks fell in early trade Monday despite a weekend call by Treasury Secretary Steven Mnuchin to top US banking executives aimed at stemming market panic which saw Wall Street experienced its worst week in a decade.

The Dow and the Nasdaq ended Friday with their biggest weekly drop since the start of the global financial crisis as investors took fright over a government shutdown in Washington, President Donald Trump's public feuding with the Federal Reserve and the US-China trade war returning to the forefront.

With Tokyo closed for a public holiday on Monday, Hong Kong and Shanghai set the tone with both exchanges seeing losses in early trading. Sydney was up slightly while Seoul was down.

Mnuchin spent much of the weekend in damage control mode after multiple media outlets reported that Trump had privately asked cabinet members if he has the authority to fire Fed Chairman Jerome Powell.

Last week, the central bank hiked rates, infuriating Trump who has ignored the traditional respect for the Fed's independence, calling it "crazy", "out of control" and a greater economic threat than China.

Mnuchin denied the reports of Trump seeking Powell's scalp, tweeting on Saturday that the president told him: "I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so."

The following day, Mnuchin announced he had called senior executives from six of the largest American banks to discuss the market turmoil and received assurances.

"The banks all confirmed ample liquidity is available for lending to consumer and business markets," the Treasury said in a statement attached to a tweet from Mnuchin announcing the calls.

"We continue to see strong economic growth in the US economy with robust activity from consumers and business," Mnuchin was quoted in the statement as saying, adding that he would convene a call with the President's Working Group on financial markets later Monday.

'More panic and fear'&nbsp;

Analysts expressed both surprise and alarm at Mnuchin's Sunday statement, saying it might do the opposite of calming current jitters.

"Nothing says don't panic like saying 'I'm calling the plunge protection team tomorrow'," Michael O'Rourke, JonesTrading's chief market strategist, told Bloomberg News.

"I honestly think that's the type of event that's going to startle markets and create more panic and fear when it's meant to create confidence."

Last week's turmoil in Washington which included a government shutdown that appears likely to last until at least Thursday and the abrupt resignation of Defense Secretary Jim Mattis&nbsp;has spooked markets worldwide.

Japan's Nikkei hit a fresh 15-month low on Friday with its fourth consecutive day of losses, while European bourses were flat or rising slightly.

Oil inched higher in Asian trade after crude-producing nations said they expect prices will arrest their recent slide and rebalance early next year when a deal on new production cuts takes effect.

However, analysts said prospects for a global economic slowdown in the coming year&nbsp;which would weaken crude demand&nbsp;and rising US shale output are dampening sentiment and limiting any rebound from the current 15-month lows.

Prices have plunged by around 40 per cent from four-year peaks reached in early October on concerns about oversupply and weaker demand.

In foreign exchange markets, the yen rose 0.2 per cent to 111.02 per dollar, the euro was up 0.1 per cent at $1.1379 and the pound was at $1.2658, a 0.1 per cent rise.

Asian stocks fell in early trade Monday despite a weekend call by Treasury Secretary Steven Mnuchin to top US banking executives aimed at stemming market panic which saw Wall Street experienced its worst week in a decade.

Asian stocks fell in early trade Monday despite a weekend call by Treasury Secretary Steven Mnuchin to top US banking executives aimed at stemming market panic which saw Wall Street experienced its worst week in a decade. The Dow and the Nasdaq ended Friday with their biggest weekly drop since the start of the global financial crisis as investors took fright over a government shutdown in Washington, President Donald Trump's public feuding with the Federal Reserve and the US-China trade war returning to the forefront. With Tokyo closed for a public holiday on Monday, Hong Kong and Shanghai set the tone with both exchanges seeing losses in early trading. Sydney was up slightly while Seoul was down. Mnuchin spent much of the weekend in damage control mode after multiple media outlets reported that Trump had privately asked cabinet members if he has the authority to fire Fed Chairman Jerome Powell. Last week, the central bank hiked rates, infuriating Trump who has ignored the traditional respect for the Fed's independence, calling it "crazy", "out of control" and a greater economic threat than China. Mnuchin denied the reports of Trump seeking Powell's scalp, tweeting on Saturday that the president told him: "I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so." The following day, Mnuchin announced he had called senior executives from six of the largest American banks to discuss the market turmoil and received assurances. "The banks all confirmed ample liquidity is available for lending to consumer and business markets," the Treasury said in a statement attached to a tweet from Mnuchin announcing the calls. "We continue to see strong economic growth in the US economy with robust activity from consumers and business," Mnuchin was quoted in the statement as saying, adding that he would convene a call with the President's Working Group on financial markets later Monday. 'More panic and fear' Analysts expressed both surprise and alarm at Mnuchin's Sunday statement, saying it might do the opposite of calming current jitters. "Nothing says don't panic like saying 'I'm calling the plunge protection team tomorrow'," Michael O'Rourke, JonesTrading's chief market strategist, told Bloomberg News. "I honestly think that's the type of event that's going to startle markets and create more panic and fear when it's meant to create confidence." Last week's turmoil in Washington which included a government shutdown that appears likely to last until at least Thursday and the abrupt resignation of Defense Secretary Jim Mattis has spooked markets worldwide. Japan's Nikkei hit a fresh 15-month low on Friday with its fourth consecutive day of losses, while European bourses were flat or rising slightly. Oil inched higher in Asian trade after crude-producing nations said they expect prices will arrest their recent slide and rebalance early next year when a deal on new production cuts takes effect. However, analysts said prospects for a global economic slowdown in the coming year which would weaken crude demand and rising US shale output are dampening sentiment and limiting any rebound from the current 15-month lows. Prices have plunged by around 40 per cent from four-year peaks reached in early October on concerns about oversupply and weaker demand. In foreign exchange markets, the yen rose 0.2 per cent to 111.02 per dollar, the euro was up 0.1 per cent at $1.1379 and the pound was at $1.2658, a 0.1 per cent rise.

Asia stocks fall despite Mnuchin's weekend triage

Top Chinese and US negotiators held telephone talks on Tuesday to exchange views on the timetable of trade talks, the Chinese commerce ministry said.

Vice Premier Liu He spoke with US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer 10 days after presidents Donald Trump and Xi Jinping agreed to a trade war truce.

A 90-day deadline was set to reach an agreement, but no date has been set for the next round of talks and tensions have risen anew following Canada's arrest of an executive of Chinese telecom giant Huawei at the behest of the United States.

The commerce ministry said in a statement Liu and the US officials "exchanged views on the implementation of the consensus" reached by Trump and Xi as well as on the timetable for the next round of negotiations.

The brief statement did not provide more details.

Lighthizer said Sunday that March 1 was a "hard deadline" for the two sides to reach an agreement that would prevent an escalation of the trade war.

The world's top two economies have exchanged steep tariffs on more than $300 billion in total two-way trade, locking them in a conflict that has begun to eat into profits.&nbsp;

Trump has agreed to hold off on hiking tariffs to give space for negotiations.

Top Chinese and US negotiators held telephone talks on Tuesday to exchange views on the timetable of trade talks, the Chinese commerce ministry said. Vice Premier Liu He spoke with US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer 10 days after presidents Donald Trump and Xi Jinping agreed to a trade war truce.

Top Chinese and US negotiators held telephone talks on Tuesday to exchange views on the timetable of trade talks, the Chinese commerce ministry said. Vice Premier Liu He spoke with US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer 10 days after presidents Donald Trump and Xi Jinping agreed to a trade war truce. A 90-day deadline was set to reach an agreement, but no date has been set for the next round of talks and tensions have risen anew following Canada's arrest of an executive of Chinese telecom giant Huawei at the behest of the United States. The commerce ministry said in a statement Liu and the US officials "exchanged views on the implementation of the consensus" reached by Trump and Xi as well as on the timetable for the next round of negotiations. The brief statement did not provide more details. Lighthizer said Sunday that March 1 was a "hard deadline" for the two sides to reach an agreement that would prevent an escalation of the trade war. The world's top two economies have exchanged steep tariffs on more than $300 billion in total two-way trade, locking them in a conflict that has begun to eat into profits. Trump has agreed to hold off on hiking tariffs to give space for negotiations.

Chinese, US negotiators discuss trade talks timetable

The United States said on Friday it will temporarily allow eight jurisdictions to keep importing Iranian oil when US&nbsp;sanctions come back into force on Monday, sparing them for now from the threat of US&nbsp;economic penalties.

US&nbsp;Secretary of State Mike Pompeo, who announced the decision in a conference call, did not name the jurisdictions but said the European Union as a whole, which has 28 members, would not receive one.

Turkey's Energy Minister Fatih Donmez said his country had been told it would get a waiver.

US&nbsp;Treasury Secretary Steven Mnuchin also said Washington had made clear to the Brussels-based SWIFT financial messaging service that it was expected to disconnect all Iranian financial institutions that the United States plans to blacklist as of Monday. He declined to name the targeted institutions.

Another 700 companies, individuals, businesses, aircraft and ships will be added to the US sanctions list, widely expanding the people and entities Washington seeks to block from accessing global business and financial networks.

The restoration of sanctions is part of a wider effort by US&nbsp;President Donald Trump to force Iran to curb its nuclear and missile programs as well as its support for proxy forces in Yemen, Syria, Lebanon and other parts of the Middle East.

"This part of the campaign is aimed at depriving the regime of the revenues it uses to spread death and destruction around the world, Pompeo said. "Our ultimate aim is to compel Iran to permanently abandon its well-documented outlier activities and behave as a normal country."

Trump set in motion the resumption of US&nbsp;sanctions on May 8, when he announced his withdrawal from the 2015 Iran nuclear agreement under which Tehran had agreed to curtail its nuclear program in return for relief from US&nbsp;economic penalties.

Iran said it was not troubled over the re-imposition of US&nbsp;sanctions, which target not only its vital oil and gas sector but also shipping, ship-building and banking industries.

"America will not be able to carry out any measure against our great and brave nation ... We have the knowledge and the capability to manage the country's economic affairs," Iran's Foreign Ministry spokesman Bahram Qasemi told state TV.

The United States said on Friday it will temporarily allow eight jurisdictions to keep importing Iranian oil when US sanctions come back into force on Monday, sparing them for now from the threat of US economic penalties.

The United States said on Friday it will temporarily allow eight jurisdictions to keep importing Iranian oil when US sanctions come back into force on Monday, sparing them for now from the threat of US economic penalties. US Secretary of State Mike Pompeo, who announced the decision in a conference call, did not name the jurisdictions but said the European Union as a whole, which has 28 members, would not receive one. Turkey's Energy Minister Fatih Donmez said his country had been told it would get a waiver. US Treasury Secretary Steven Mnuchin also said Washington had made clear to the Brussels-based SWIFT financial messaging service that it was expected to disconnect all Iranian financial institutions that the United States plans to blacklist as of Monday. He declined to name the targeted institutions. Another 700 companies, individuals, businesses, aircraft and ships will be added to the US sanctions list, widely expanding the people and entities Washington seeks to block from accessing global business and financial networks. The restoration of sanctions is part of a wider effort by US President Donald Trump to force Iran to curb its nuclear and missile programs as well as its support for proxy forces in Yemen, Syria, Lebanon and other parts of the Middle East. "This part of the campaign is aimed at depriving the regime of the revenues it uses to spread death and destruction around the world, Pompeo said. "Our ultimate aim is to compel Iran to permanently abandon its well-documented outlier activities and behave as a normal country." Trump set in motion the resumption of US sanctions on May 8, when he announced his withdrawal from the 2015 Iran nuclear agreement under which Tehran had agreed to curtail its nuclear program in return for relief from US economic penalties. Iran said it was not troubled over the re-imposition of US sanctions, which target not only its vital oil and gas sector but also shipping, ship-building and banking industries. "America will not be able to carry out any measure against our great and brave nation ... We have the knowledge and the capability to manage the country's economic affairs," Iran's Foreign Ministry spokesman Bahram Qasemi told state TV.

Want to cut Iran from global banking network Swift: US Treasury

Saudi Arabia said it signed $56 billion of deals at an investment conference this week and expected the United States to remain a key business partner despite a partial boycott of the event over the killing of Saudi journalist Jamal Khashoggi.

Over two dozen top officials and executives from the United States and Europe, including US&nbsp;Treasury Secretary Steven Mnuchin and chief executives of big banks, cancelled their participation in the conference over the killing of Khashoggi inside the Saudi consulate in Istanbul on October 2.

There was concern that, temporarily at least, commercial ties with the West could be damaged as the blow to Riyadh's reputation and the risk of economic sanctions over the Khashoggi affair made it harder to enter new deals.

Still, the three-day Future Investment Initiative conference drew hundreds of businessmen and government officials from around the world to a palatial venue in Riyadh, aiming to attract foreign capital to support Saudi economic reforms.

"There were more than 25 deals signed worth $56 billion," Saudi Energy Minister Khalid Al-Falih told state television on Thursday, adding that U.S. companies accounted for most of those contracts.

He added: "The US&nbsp;will remain a key part of the Saudi economy because the interests that tie us are bigger than what is being weakened by the failed boycotting campaign of the conference."

Saudi Arabia at first denied any involvement in Khashoggi's death but a Saudi official eventually attributed it to a botched attempt to return him to the kingdom. Turkey has dismissed Saudi efforts to blame rogue operatives and urged Riyadh to search "top to bottom" for those responsible.

Saudi Crown Prince Mohammed bin Salman told international investors at the conference that the furore over the killing would not derail the kingdom's economic and social reform drive.

In protest at the Khashoggi case, British billionaire Richard Branson suspended discussions with Saudi Arabia's Public Investment Fund, which hosted the conference, over a planned $1 billion investment in his group's space ventures.

On Wednesday, New York City's chief pension fund official urged financial market index providers to reconsider decisions to add Saudi Arabia to their emerging markets products -- decisions that are expected to attract at least $15 billion of foreign funds into the country next year.

However, Saudi officials mounted a business-as-usual campaign at the conference, and many of the big Western banks whose top executives boycotted the event sent sizeable teams of lower-ranking executives to Riyadh. The teams met Saudi officials on the sidelines of the conference, bankers said.

Few senior executives from China and Japan announced they were withdrawing from the event, putting pressure on the Western firms to maintain a presence or risk losing business.

&nbsp; &nbsp; A senior European banker at the conference said that while the Saudi image among some international bond investors had been damaged, investment patterns would probably return to normal in a couple months. "Business has a short memory," he said.

Although many European countries have voiced concern over the Khashoggi case, they are wary of taking further action because they do not want to jeopardise billions of dollars in defence contracts with Saudi Arabia, several diplomats in the Gulf told Reuters.

Germany is so far alone in halting arms sales to the world's largest oil exporter. Other European countries have largely limited their reaction to calling for those responsible to be held accountable. Britain said on Wednesday it was joining the United States in revoking visas of people said to be involved.

Deals

State oil firm Saudi Aramco said it had signed deals with 15 international partners worth more than $34 billion at the conference. The firms included US&nbsp;oil field services giants Schlumberger, Halliburton and Baker Hughes.

There were also deals to bring foreign investment and technology into Saudi Arabia's education, health care and housing construction industries.

Some of the deals were memorandums of understanding which may never progress to the stage of firm contracts, and other deals had already been planned for months, so there was a strong element of public relations in the $56 billion total.

Nevertheless, Economy Minister Mohammed al-Tuwaijri told the conference that the government had received many expressions of interest from Asian and European companies in buying Saudi state assets.

An ambitious privatisation programme was announced two years ago but there have been very few actual deals since then. Tuwaijri said on Thursday, however, that the programme would proceed in the next few months now that legal and regulatory problems had been resolved.

"From now until the first quarter of 2019 we have four opportunities in silos and grains," he said, adding that deals in the education, healthcare and water desalinisation sectors would also be offered in this period.

Finance Minister Mohammed al-Jadaan disclosed positive figures for government finances, which have been a major concern for foreign investors since oil prices plunged in 2014. Non-oil revenue in the third quarter jumped 48 per cent from a year ago while spending surged 25 per cent, he said.

Saudi Arabia said it signed $56 billion of deals at an investment conference this week and expected the United States to remain a key business partner despite a partial boycott of the event over the killing of Saudi journalist Jamal Khashoggi.

Saudi Arabia said it signed $56 billion of deals at an investment conference this week and expected the United States to remain a key business partner despite a partial boycott of the event over the killing of Saudi journalist Jamal Khashoggi. Over two dozen top officials and executives from the United States and Europe, including US Treasury Secretary Steven Mnuchin and chief executives of big banks, cancelled their participation in the conference over the killing of Khashoggi inside the Saudi consulate in Istanbul on October 2. There was concern that, temporarily at least, commercial ties with the West could be damaged as the blow to Riyadh's reputation and the risk of economic sanctions over the Khashoggi affair made it harder to enter new deals. Still, the three-day Future Investment Initiative conference drew hundreds of businessmen and government officials from around the world to a palatial venue in Riyadh, aiming to attract foreign capital to support Saudi economic reforms. "There were more than 25 deals signed worth $56 billion," Saudi Energy Minister Khalid Al-Falih told state television on Thursday, adding that U.S. companies accounted for most of those contracts. He added: "The US will remain a key part of the Saudi economy because the interests that tie us are bigger than what is being weakened by the failed boycotting campaign of the conference." Saudi Arabia at first denied any involvement in Khashoggi's death but a Saudi official eventually attributed it to a botched attempt to return him to the kingdom. Turkey has dismissed Saudi efforts to blame rogue operatives and urged Riyadh to search "top to bottom" for those responsible. Saudi Crown Prince Mohammed bin Salman told international investors at the conference that the furore over the killing would not derail the kingdom's economic and social reform drive. In protest at the Khashoggi case, British billionaire Richard Branson suspended discussions with Saudi Arabia's Public Investment Fund, which hosted the conference, over a planned $1 billion investment in his group's space ventures. On Wednesday, New York City's chief pension fund official urged financial market index providers to reconsider decisions to add Saudi Arabia to their emerging markets products -- decisions that are expected to attract at least $15 billion of foreign funds into the country next year. However, Saudi officials mounted a business-as-usual campaign at the conference, and many of the big Western banks whose top executives boycotted the event sent sizeable teams of lower-ranking executives to Riyadh. The teams met Saudi officials on the sidelines of the conference, bankers said. Few senior executives from China and Japan announced they were withdrawing from the event, putting pressure on the Western firms to maintain a presence or risk losing business. A senior European banker at the conference said that while the Saudi image among some international bond investors had been damaged, investment patterns would probably return to normal in a couple months. "Business has a short memory," he said. Although many European countries have voiced concern over the Khashoggi case, they are wary of taking further action because they do not want to jeopardise billions of dollars in defence contracts with Saudi Arabia, several diplomats in the Gulf told Reuters. Germany is so far alone in halting arms sales to the world's largest oil exporter. Other European countries have largely limited their reaction to calling for those responsible to be held accountable. Britain said on Wednesday it was joining the United States in revoking visas of people said to be involved. Deals State oil firm Saudi Aramco said it had signed deals with 15 international partners worth more than $34 billion at the conference. The firms included US oil field services giants Schlumberger, Halliburton and Baker Hughes. There were also deals to bring foreign investment and technology into Saudi Arabia's education, health care and housing construction industries. Some of the deals were memorandums of understanding which may never progress to the stage of firm contracts, and other deals had already been planned for months, so there was a strong element of public relations in the $56 billion total. Nevertheless, Economy Minister Mohammed al-Tuwaijri told the conference that the government had received many expressions of interest from Asian and European companies in buying Saudi state assets. An ambitious privatisation programme was announced two years ago but there have been very few actual deals since then. Tuwaijri said on Thursday, however, that the programme would proceed in the next few months now that legal and regulatory problems had been resolved. "From now until the first quarter of 2019 we have four opportunities in silos and grains," he said, adding that deals in the education, healthcare and water desalinisation sectors would also be offered in this period. Finance Minister Mohammed al-Jadaan disclosed positive figures for government finances, which have been a major concern for foreign investors since oil prices plunged in 2014. Non-oil revenue in the third quarter jumped 48 per cent from a year ago while spending surged 25 per cent, he said.

Saudis trumpet $56 billion deals as conference ends amid partial boycott

US Treasury Secretary Steven Mnuchin said Thursday he will skip next week's Saudi investment summit, dealing another blow to Riyadh following the suspected murder of journalist Jamal Khashoggi.

"I will not be participating in the Future Investment Initiative summit in Saudi Arabia," Mnuchin announced on Twitter after meeting with US President Donald Trump and Secretary of State Mike Pompeo.

Pompeo had just returned from Saudi Arabia and briefed Trump on the status of the investigation into the journalist's disappearance in Turkey.

With Wall Street already teetering on Thursday, Mnuchin's announcement sent US stocks tumbling, adding to losses from a recent sell-off.

Prominent business partners of Saudi Arabia and investors, including companies with significant investment from Riyadh, have fled the conference since Khashoggi's disappearance on October 2 during a visit to the Saudi consulate in Istanbul.

Turkish officials have told reporters of gruesome details of Khashoggi's alleged killing which they say were gathered by Turkish intelligence, tying officials with close to Saudi Crown Prince Mohammad bin Salman to the incident.

Khashoggi was a prominent political and human rights critic of the Saudi government who had been living in the United States.

While withholding judgment on the case, Trump and Pompeo in recent days have stressed the depth of US-Saudi cooperation in financial and counterterrorism matters stretching back for almost a century.

US Treasury Secretary Steven Mnuchin said Thursday he will skip next week's Saudi investment summit, dealing another blow to Riyadh following the suspected murder of journalist Jamal Khashoggi.

US Treasury Secretary Steven Mnuchin said Thursday he will skip next week's Saudi investment summit, dealing another blow to Riyadh following the suspected murder of journalist Jamal Khashoggi. "I will not be participating in the Future Investment Initiative summit in Saudi Arabia," Mnuchin announced on Twitter after meeting with US President Donald Trump and Secretary of State Mike Pompeo. Pompeo had just returned from Saudi Arabia and briefed Trump on the status of the investigation into the journalist's disappearance in Turkey. With Wall Street already teetering on Thursday, Mnuchin's announcement sent US stocks tumbling, adding to losses from a recent sell-off. Prominent business partners of Saudi Arabia and investors, including companies with significant investment from Riyadh, have fled the conference since Khashoggi's disappearance on October 2 during a visit to the Saudi consulate in Istanbul. Turkish officials have told reporters of gruesome details of Khashoggi's alleged killing which they say were gathered by Turkish intelligence, tying officials with close to Saudi Crown Prince Mohammad bin Salman to the incident. Khashoggi was a prominent political and human rights critic of the Saudi government who had been living in the United States. While withholding judgment on the case, Trump and Pompeo in recent days have stressed the depth of US-Saudi cooperation in financial and counterterrorism matters stretching back for almost a century.

US's Mnuchin to skip Saudi investment conference amid Khashoggi case

Washington's main allies delivered a unified message of shock and dismay at a Group of Seven ministerial meeting on Saturday, urging US President Donald Trump to rescind punishing metal tariffs.

The lack of common ground meant the dispute would continue into next week's G7 summit in Quebec, Canada, where Trump is expected to face other heads of state as the global economy verges on outright trade conflict.

At this snow-capped mountain resort north of Vancouver, British Columbia, US Treasury Secretary Steven Mnuchin was the odd man out.

Major trading partners rebuked Trump's multi-front trade offensive while their governments announced countermeasures and legal challenges.

One after another, finance ministers and central bankers spoke of exasperation and an abiding sense of betrayal by a longtime ally.

Mnuchin, however, downplayed the disagreements and said the United States was committed to the G7 process.

Announcing the meeting's close, Canadian Finance Minister Bill Morneau said the host government and five others had urged Mnuchin to relay their "unanimous concern and disappointment."

"We said that we were collectively hoping that he would bring the message back of regret and disappointment at the American actions and concern that they are not constructive," said Morneau.

French Finance Minister Bruno Le Maire also expressed France's outrage as the meetings ended.

"I want to make it clear," Le Maire said, "that it is up to the US administration to make the right decisions to alleviate the situation and ease the difficulties."

Avoiding trade war "will depend on the decision the (US) administration is ready to take in the next few days and in the next few hours -- I'm not talking about weeks ahead," he added.

German Finance Minister Olaf Scholz told reporters the US tariffs were "a very severe problem" for transatlantic relations.

"No one understands that due to security reasons there should be extra tariffs on steel and aluminum," he said.

Trump's tariffs on America's largest foreign providers of the crucial metals that went into effect Friday upended the agenda for this normally convivial event for consensus-building among countries that account for about half of global GDP.

No joint final statement emerged from the G7 ministerial meeting, a sign of the strong discord now at the heart of the global economy.

How the White House would deal with this remained unclear.&nbsp

As the ministers' meet ended, Trump was as bellicose as ever, taking to Twitter to denounce "stupid trade" in which he said the US saw foreign tariffs on its exports without responding in kind.

"When you're almost 800 Billion Dollars a year down on Trade, you can't lose a Trade War! The US has been ripped off by other countries for years on Trade, time to get smart!" he wrote.

Counting trade in both goods and services, the US trade deficit was $566 billion in 2017, a 12 percent increase marking its highest level since the 2008 Great Recession.

Getting an earful from allies

Chairing a meeting on Friday, Morneau allowed participants to register grievances with Mnuchin one at a time, according to a Canadian source.

Behind closed doors, sources briefed on the talks said Mnuchin listened but spoke little, saying instead the discussion could continue at next week's G7 summit in the French-speaking province of Quebec at which Trump is expected to participate.

Mnuchin said he had informed Trump of his discussions but that trade was only one of many issues on a full agenda.

"These are our most important allies or some of our most important allies. We've had long-standing relationships with all these countries that are very important across all different aspects," Mnuchin told reporters.

"I believe there was a comment out there that this was the G6 plus one. It was not. This was the G7. We believe in the G7."

The week's whirlwind global developments in trade suggested a quick de-escalation was unlikely.&nbsp

Trump has suggested the 24-year-old North American Free Trade Agreement might be scrapped in favor of seeking bilateral agreements with Canada and Mexico.

G7 governments were also digesting Trump's threats to impose tariffs on hundreds of billions of dollars in US auto imports on purported national security grounds.

In China, US Commerce Secretary Wilbur Ross was due to conduct trade talks with Chinese officials even as Washington finalizes planned sanctions on Beijing.

Potential measures include restrictions on Chinese investment in the United States, new export controls and 25 percent tariffs on about $50 billion in tech-sector goods.

The talks come despite the Trump administration's apparent announcement last month of a truce with Beijing following talks in Washington last month.

China has threatened to hit back with tit-for-tat tariffs on tens of billions of dollars in US goods -- as have Canadian, EU and Mexican authorities.

Washington's main allies delivered a unified message of shock and dismay at a Group of Seven ministerial meeting on Saturday, urging US President Donald Trump to rescind punishing metal tariffs

Washington's main allies delivered a unified message of shock and dismay at a Group of Seven ministerial meeting on Saturday, urging US President Donald Trump to rescind punishing metal tariffs. The lack of common ground meant the dispute would continue into next week's G7 summit in Quebec, Canada, where Trump is expected to face other heads of state as the global economy verges on outright trade conflict. At this snow-capped mountain resort north of Vancouver, British Columbia, US Treasury Secretary Steven Mnuchin was the odd man out. Major trading partners rebuked Trump's multi-front trade offensive while their governments announced countermeasures and legal challenges. One after another, finance ministers and central bankers spoke of exasperation and an abiding sense of betrayal by a longtime ally. Mnuchin, however, downplayed the disagreements and said the United States was committed to the G7 process. Announcing the meeting's close, Canadian Finance Minister Bill Morneau said the host government and five others had urged Mnuchin to relay their "unanimous concern and disappointment." "We said that we were collectively hoping that he would bring the message back of regret and disappointment at the American actions and concern that they are not constructive," said Morneau. French Finance Minister Bruno Le Maire also expressed France's outrage as the meetings ended. "I want to make it clear," Le Maire said, "that it is up to the US administration to make the right decisions to alleviate the situation and ease the difficulties." Avoiding trade war "will depend on the decision the (US) administration is ready to take in the next few days and in the next few hours -- I'm not talking about weeks ahead," he added. German Finance Minister Olaf Scholz told reporters the US tariffs were "a very severe problem" for transatlantic relations. "No one understands that due to security reasons there should be extra tariffs on steel and aluminum," he said. Trump's tariffs on America's largest foreign providers of the crucial metals that went into effect Friday upended the agenda for this normally convivial event for consensus-building among countries that account for about half of global GDP. No joint final statement emerged from the G7 ministerial meeting, a sign of the strong discord now at the heart of the global economy. How the White House would deal with this remained unclear. As the ministers' meet ended, Trump was as bellicose as ever, taking to Twitter to denounce "stupid trade" in which he said the US saw foreign tariffs on its exports without responding in kind. "When you're almost 800 Billion Dollars a year down on Trade, you can't lose a Trade War! The US has been ripped off by other countries for years on Trade, time to get smart!" he wrote. Counting trade in both goods and services, the US trade deficit was $566 billion in 2017, a 12 percent increase marking its highest level since the 2008 Great Recession. Getting an earful from allies Chairing a meeting on Friday, Morneau allowed participants to register grievances with Mnuchin one at a time, according to a Canadian source. Behind closed doors, sources briefed on the talks said Mnuchin listened but spoke little, saying instead the discussion could continue at next week's G7 summit in the French-speaking province of Quebec at which Trump is expected to participate. Mnuchin said he had informed Trump of his discussions but that trade was only one of many issues on a full agenda. "These are our most important allies or some of our most important allies. We've had long-standing relationships with all these countries that are very important across all different aspects," Mnuchin told reporters. "I believe there was a comment out there that this was the G6 plus one. It was not. This was the G7. We believe in the G7." The week's whirlwind global developments in trade suggested a quick de-escalation was unlikely. Trump has suggested the 24-year-old North American Free Trade Agreement might be scrapped in favor of seeking bilateral agreements with Canada and Mexico. G7 governments were also digesting Trump's threats to impose tariffs on hundreds of billions of dollars in US auto imports on purported national security grounds. In China, US Commerce Secretary Wilbur Ross was due to conduct trade talks with Chinese officials even as Washington finalizes planned sanctions on Beijing. Potential measures include restrictions on Chinese investment in the United States, new export controls and 25 percent tariffs on about $50 billion in tech-sector goods. The talks come despite the Trump administration's apparent announcement last month of a truce with Beijing following talks in Washington last month. China has threatened to hit back with tit-for-tat tariffs on tens of billions of dollars in US goods -- as have Canadian, EU and Mexican authorities.

US isolated as trade outrage roils G7 ministerial meet

Chinese state media&nbsp;on Monday&nbsp;praised a significant dialling back of trade tension with the United States, saying China had stood its ground and the two countries had huge potential for win-win business cooperation.

A trade war was "on hold" after the world's largest economies agreed to drop their tariff threats while they work on a wider trade agreement, US&nbsp;Treasury Secretary Steven Mnuchin said&nbsp;on Sunday.

The previous day, Beijing and Washington said they would keep talking about measures under which China would import more energy and agricultural commodities from the United States to narrow the $335 billion annual US&nbsp;goods and services trade deficit with China.

The official China Daily said everyone could heave a sigh of relief at the ratcheting down of the rhetoric, and cited China's chief negotiator, Vice Premier Liu He, as saying the talks had proved to be "positive, pragmatic, constructive and productive".

"Despite all the pressure, China didn't 'fold,' as US&nbsp;President Donald Trump observed. Instead, it stood firm and continually expressed its willingness to talk," the English-language newspaper said in an editorial.

"That the US&nbsp;finally shared this willingness, means the two sides have successfully averted the head-on confrontation that at one point seemed inevitable", it said.

During an initial round of talks this month in Beijing, the United States demanded that China reduce its trade surplus by $200 billion. No dollar figure was cited in the countries' joint statement&nbsp;on Saturday.

But some analysts in Beijing warned that trade tension would persist, and that China should prepare for more action on trade from the Trump administration.

"We should not be blindly optimistic," Shi Yinhong, an expert on China-US&nbsp;relations at Renmin University in Beijing said at a forum&nbsp;on Sunday&nbsp;after the trade agreement was announced.

"Blind optimism (could lead to) China losing at this crossroads."

Shi said China could accept a lower trade surplus and reduce its market entry barriers, but would not compromise on its industrial policy.

The ruling Communist Party's People's Daily said that in the energy and agriculture sectors the two countries had obvious synergies, with the United States having the capacity to satisfy the massive Chinese market.

"The ballast stone of Sino-US&nbsp;ties are an equal and mutually beneficial trade and business relationship. Its essence is win-win cooperation," it said.

But China was not being forced to increase imports as a way to ward off the trade tensions or because the country had submitted to outside pressure, the newspaper said in a commentary.

China will naturally need to import more to satisfy demand from its increasingly affluent consumers, the newspaper wrote.

"Trade wars have no winners," it added in the commentary, published under the pen name "Zhong Sheng", meaning "Voice of China", used to give the paper's view on foreign policy issues.

However, some people in US&nbsp;business groups, who had been pushing for tougher US&nbsp;policies to pressure China to reform market barriers, expressed frustration and disappointment, saying it would be hard for the administration to rebuild momentum to take on Chinese industrial policies.

James Zimmerman, a Beijing-based lawyer and a former chairman of the American Chamber of Commerce in China, said the Trump administration's move to walk back its threatened trade actions was premature, and a "lost opportunity" for American companies, workers and consumers.

"The Chinese are in a state of quiet glee knowing that Trump's trade team backed off on sanctions without getting any real and meaningful concessions out of Beijing," Zimmerman said.

Chinese state media on Monday praised a significant dialing back of trade tension with the United States

Chinese state media on Monday praised a significant dialling back of trade tension with the United States, saying China had stood its ground and the two countries had huge potential for win-win business cooperation. A trade war was "on hold" after the world's largest economies agreed to drop their tariff threats while they work on a wider trade agreement, US Treasury Secretary Steven Mnuchin said on Sunday. The previous day, Beijing and Washington said they would keep talking about measures under which China would import more energy and agricultural commodities from the United States to narrow the $335 billion annual US goods and services trade deficit with China. The official China Daily said everyone could heave a sigh of relief at the ratcheting down of the rhetoric, and cited China's chief negotiator, Vice Premier Liu He, as saying the talks had proved to be "positive, pragmatic, constructive and productive". "Despite all the pressure, China didn't 'fold,' as US President Donald Trump observed. Instead, it stood firm and continually expressed its willingness to talk," the English-language newspaper said in an editorial. "That the US finally shared this willingness, means the two sides have successfully averted the head-on confrontation that at one point seemed inevitable", it said. During an initial round of talks this month in Beijing, the United States demanded that China reduce its trade surplus by $200 billion. No dollar figure was cited in the countries' joint statement on Saturday. But some analysts in Beijing warned that trade tension would persist, and that China should prepare for more action on trade from the Trump administration. "We should not be blindly optimistic," Shi Yinhong, an expert on China-US relations at Renmin University in Beijing said at a forum on Sunday after the trade agreement was announced. "Blind optimism (could lead to) China losing at this crossroads." Shi said China could accept a lower trade surplus and reduce its market entry barriers, but would not compromise on its industrial policy. The ruling Communist Party's People's Daily said that in the energy and agriculture sectors the two countries had obvious synergies, with the United States having the capacity to satisfy the massive Chinese market. "The ballast stone of Sino-US ties are an equal and mutually beneficial trade and business relationship. Its essence is win-win cooperation," it said. But China was not being forced to increase imports as a way to ward off the trade tensions or because the country had submitted to outside pressure, the newspaper said in a commentary. China will naturally need to import more to satisfy demand from its increasingly affluent consumers, the newspaper wrote. "Trade wars have no winners," it added in the commentary, published under the pen name "Zhong Sheng", meaning "Voice of China", used to give the paper's view on foreign policy issues. However, some people in US business groups, who had been pushing for tougher US policies to pressure China to reform market barriers, expressed frustration and disappointment, saying it would be hard for the administration to rebuild momentum to take on Chinese industrial policies. James Zimmerman, a Beijing-based lawyer and a former chairman of the American Chamber of Commerce in China, said the Trump administration's move to walk back its threatened trade actions was premature, and a "lost opportunity" for American companies, workers and consumers. "The Chinese are in a state of quiet glee knowing that Trump's trade team backed off on sanctions without getting any real and meaningful concessions out of Beijing," Zimmerman said.

China praises positive steps in US trade row

Oil prices rose&nbsp;on Monday&nbsp;as markets reacted to news that China and the United States have put a looming trade war between the world's two biggest economies "on hold".

Brent crude futures were at $79.06 per barrel at 0650 GMT, up 55 cents, or 0.7 percent, from their last close. Brent broke through $80 for the first time since November 2014 last week.

US&nbsp;West Texas Intermediate (WTI) crude futures were at $71.71 a barrel, up 43 cents, or 0.6 percent, from their last settlement.

The US&nbsp;trade war with China is "on hold" after the world's largest economies agreed to drop their tariff threats while they work on a wider trade agreement, US&nbsp;Treasury Secretary Steven Mnuchin said&nbsp;on Sunday, giving global markets a lift in early trading&nbsp;on Monday.

"The temporary trade dispute will de-escalate over time through negotiation," US&nbsp;bank Morgan Stanley said.

"Both sides plan to work on implementing agriculture and energy purchases and to continue to negotiate on manufacturing and service trade, bilateral investment and intellectual property protection in coming months," it added.

Still, crude prices were some way off the November 2014 highs reached last week as many traders and analysts say there is enough supply to meet demand despite ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC), plunging output in crisis-struck Venezuela and looming US&nbsp;sanctions against major oil producer Iran.

"Without a further escalation in geopolitical risk, oil might be a&nbsp;due&nbsp;pullback," said Greg McKenna,&nbsp;chief&nbsp;market strategist at futures brokerage AxiTrader.

BP's Chief Executive Bob Dudley told Reuters he expected a flood of US&nbsp;shale and a possible reopening of OPEC taps to cool oil markets after crude rose above $80 a barrel last week.

Dudley said he saw oil prices falling to between $50 and $65 a barrel due to surging shale output and OPEC's capacity to boost production to replace potential falls in Iranian supplies due to sanctions.

The US&nbsp;oil rig count, an early indicator of future output, was at 844, according to energy services firm Baker Hughes. That was the same count as the week before, which marked the highest level since March 2015.

Oil prices rose on Monday as markets reacted to news that China and the United States have put a looming trade war between the world's two biggest economies 'on hold'

Oil prices rose on Monday as markets reacted to news that China and the United States have put a looming trade war between the world's two biggest economies "on hold". Brent crude futures were at $79.06 per barrel at 0650 GMT, up 55 cents, or 0.7 percent, from their last close. Brent broke through $80 for the first time since November 2014 last week. US West Texas Intermediate (WTI) crude futures were at $71.71 a barrel, up 43 cents, or 0.6 percent, from their last settlement. The US trade war with China is "on hold" after the world's largest economies agreed to drop their tariff threats while they work on a wider trade agreement, US Treasury Secretary Steven Mnuchin said on Sunday, giving global markets a lift in early trading on Monday. "The temporary trade dispute will de-escalate over time through negotiation," US bank Morgan Stanley said. "Both sides plan to work on implementing agriculture and energy purchases and to continue to negotiate on manufacturing and service trade, bilateral investment and intellectual property protection in coming months," it added. Still, crude prices were some way off the November 2014 highs reached last week as many traders and analysts say there is enough supply to meet demand despite ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC), plunging output in crisis-struck Venezuela and looming US sanctions against major oil producer Iran. "Without a further escalation in geopolitical risk, oil might be a due pullback," said Greg McKenna, chief market strategist at futures brokerage AxiTrader. BP's Chief Executive Bob Dudley told Reuters he expected a flood of US shale and a possible reopening of OPEC taps to cool oil markets after crude rose above $80 a barrel last week. Dudley said he saw oil prices falling to between $50 and $65 a barrel due to surging shale output and OPEC's capacity to boost production to replace potential falls in Iranian supplies due to sanctions. The US oil rig count, an early indicator of future output, was at 844, according to energy services firm Baker Hughes. That was the same count as the week before, which marked the highest level since March 2015.

Ascending oil prices make China and US put trade war 'on hold'

Gold slid to a near five-month low&nbsp;on Monday, as the dollar rose and demand for safe-haven assets eased after US&nbsp;Treasury Secretary Steven Mnuchin said a trade war between China and the United States was "on hold".

Spot gold was down 0.6 percent at $1,283.30 per ounce at 0658 GMT, after earlier hitting $1,281.76, its lowest since&nbsp;December 27.

US&nbsp;gold futures for June delivery were 0.7 percent lower at $1,282.50.

"Gold price is under pressure as the dollar maintains its strength," said Naeem Aslam, chief markets analyst at Think Markets.

"'On Hold' is a risk-on term...The absence of trade tariffs and hostile tone between the two countries has also impacted the gold price more adversely," Aslam said.

The dollar rose versus the yen and hit five months high against a basket of currencies, after Mnuchin's comments downplaying a trade dispute with China, boosting risk sentiment amid hopes for an easing of trade tensions between the world's two biggest economies.

Chinese state media&nbsp;on Monday&nbsp;praised a significant dialing back of trade tension with the US, saying China had stood its ground and the two countries had huge potential for win-win business cooperation.

"You have this combination of technical factors which is at the moment un-supportive (for gold). As long as the dollar is on the firm side, gold is under pressure," said Dominic Schnider at UBS Wealth Management in Hong Kong.

The price of gold fell below the psychologically important $1,300 per ounce level last week for the first time since late December and has since continued to trade below its 200-day moving average.

A stronger dollar makes dollar-denominated gold more expensive for holders using other currencies. Furthermore, rising US&nbsp;interest rates, and the expectation that US&nbsp;Federal Reserve will raise rates again next month, limits investor demand for non-yielding bullion.

"Investors are looking towards the biggest event of this week- the FOMC minutes and if the Fed doesn't tame its hawkish stance, we would expect more weakness in the gold price," Aslam said.

Hedge funds and money managers cut their net long position in COMEX gold contracts by 21,294 contracts to 31,327 in the week to May 15, data showed&nbsp;on Friday.

In other precious metals, silver fell 0.8 percent to $16.30 an ounce.

Platinum was 0.4 percent lower at $879 an ounce, after marking an over five-month low at $874 earlier.

Palladium rose 0.5 percent at $968.30 per ounce, after hitting a two-week low at $960.22&nbsp;on Friday.

The dollar rose versus the yen and hit a five-month-high against a basket of currencies

Gold slid to a near five-month low on Monday, as the dollar rose and demand for safe-haven assets eased after US Treasury Secretary Steven Mnuchin said a trade war between China and the United States was "on hold". Spot gold was down 0.6 percent at $1,283.30 per ounce at 0658 GMT, after earlier hitting $1,281.76, its lowest since December 27. US gold futures for June delivery were 0.7 percent lower at $1,282.50. "Gold price is under pressure as the dollar maintains its strength," said Naeem Aslam, chief markets analyst at Think Markets. "'On Hold' is a risk-on term...The absence of trade tariffs and hostile tone between the two countries has also impacted the gold price more adversely," Aslam said. The dollar rose versus the yen and hit five months high against a basket of currencies, after Mnuchin's comments downplaying a trade dispute with China, boosting risk sentiment amid hopes for an easing of trade tensions between the world's two biggest economies. Chinese state media on Monday praised a significant dialing back of trade tension with the US, saying China had stood its ground and the two countries had huge potential for win-win business cooperation. "You have this combination of technical factors which is at the moment un-supportive (for gold). As long as the dollar is on the firm side, gold is under pressure," said Dominic Schnider at UBS Wealth Management in Hong Kong. The price of gold fell below the psychologically important $1,300 per ounce level last week for the first time since late December and has since continued to trade below its 200-day moving average. A stronger dollar makes dollar-denominated gold more expensive for holders using other currencies. Furthermore, rising US interest rates, and the expectation that US Federal Reserve will raise rates again next month, limits investor demand for non-yielding bullion. "Investors are looking towards the biggest event of this week- the FOMC minutes and if the Fed doesn't tame its hawkish stance, we would expect more weakness in the gold price," Aslam said. Hedge funds and money managers cut their net long position in COMEX gold contracts by 21,294 contracts to 31,327 in the week to May 15, data showed on Friday. In other precious metals, silver fell 0.8 percent to $16.30 an ounce. Platinum was 0.4 percent lower at $879 an ounce, after marking an over five-month low at $874 earlier. Palladium rose 0.5 percent at $968.30 per ounce, after hitting a two-week low at $960.22 on Friday.

Gold hits five-month low as US trade war with China 'on hold'

US Treasury Secretary Steven Mnuchin confirmed Sunday that Washington and Beijing have agreed to back off from imposing tariffs on each other, a day after reaching an accord on slashing the American trade deficit with China.

"We have made very meaningful progress and we agreed on a framework," Mnuchin told Fox News Sunday. "So right now we have agreed to put the tariffs on hold while we try to execute the framework."

China's Vice Premier Liu He, who led a high-level delegation to the United States this week, meantime confirmed that "the two sides reached a consensus, will not fight a trade war, and will stop increasing tariffs on each other," official Chinese news agency Xinhua reported.&nbsp

The apparent detente between the two economic giants follows months of increasing tensions that have set markets on edge over fears of a damaging trade war. &nbsp

The US-Chinese thaw raised concerns in some other countries still facing potential US tariffs, however, with France saying it could come "at the expense of Europe."

Mnuchin emphasized Sunday that the sides had also discussed structural changes by Beijing "to make sure that we have a fair ability to compete" in its vast market.&nbsp

Unfreezing the ice

As each side worked to set expectations, Liu cautioned that "unfreezing the ice cannot be done in a day" and that structural changes "will take time."

Mnuchin added a caution of his own, emphasizing that if China did not respect its commitments, Trump could "always decide to put the tariffs back on."

In the absence of an agreement, US levies on $50 billion of Chinese imports could have taken effect as early as next week. Tariffs on steel and aluminum were put in place in March.

A joint statement issued Saturday in Washington said Beijing would "significantly" increase its purchases of American goods, but offered few details.&nbsp

Last year, the United States had a $375.2 billion trade deficit with China, and Washington reportedly had demanded the deficit be slashed by at least $200 billion by 2020.

Targets not disclosed

Asked on Fox whether the agreement addressed the $200 billion demand, Mnuchin said, "We have specific targets" but that he would not disclose them publicly. &nbsp

He said they were set "industry by industry."

Trump's threats of further tariffs had prompted Beijing to warn it would target US agricultural exports, aircraft, and even whiskey.

Against that fraught backdrop, teams led by Mnuchin and Liu met earlier this month in Beijing. &nbsp

Both sides said further talks are planned to flesh out details.

"There was a consensus on taking effective measures to substantially reduce the United States trade deficit in goods with China," Saturday's joint statement said.

It added that "China will significantly increase purchases of United States goods and services."

Mnuchin said there would be "a very big increase" in Chinese purchases of US agricultural supplies -- by 35 percent to 45 percent this year -- as well as a potential doubling of energy purchases.

And Liu said the new cooperation would extend to medical care, high-tech products and finance, according to Xinhua.

The two sides also agreed to strengthen cooperation on protecting intellectual property -- a long-standing source of US discontent.

Korean complication

The trade issue is complicated by the impending summit meeting in Singapore between Trump and North Korean leader Kim Jong Un, who has consulted with Chinese leader Xi Jinping.&nbsp

China is North Korea's biggest trade partner, and Trump has called on it repeatedly to press Pyongyang to rein in its nuclear and missile programs.

Meantime, the effects of the new US-Chinese warming were being nervously assessed in other countries, with French Economy Minister Bruno Le Maire warning Sunday that it could exact a cost from Europe.

"The United States and China risk entering an agreement at the expense of Europe if Europe is not capable of showing a firm hand," he told CNEWS television.

Trump earlier this month granted the EU, along with Canada and Mexico, only a 30-day reprieve from threatened steel and aluminum tariffs.&nbsp

"The United States wants to make Europe and European countries pay for China's bad behavior," Le Maire said. "All of that is totally absurd and incomprehensible for allies."

The apparent detente between the two economic giants follows months of increasing tensions that have set markets on edge over fears of a damaging trade war

US Treasury Secretary Steven Mnuchin confirmed Sunday that Washington and Beijing have agreed to back off from imposing tariffs on each other, a day after reaching an accord on slashing the American trade deficit with China. "We have made very meaningful progress and we agreed on a framework," Mnuchin told Fox News Sunday. "So right now we have agreed to put the tariffs on hold while we try to execute the framework." China's Vice Premier Liu He, who led a high-level delegation to the United States this week, meantime confirmed that "the two sides reached a consensus, will not fight a trade war, and will stop increasing tariffs on each other," official Chinese news agency Xinhua reported. The apparent detente between the two economic giants follows months of increasing tensions that have set markets on edge over fears of a damaging trade war. The US-Chinese thaw raised concerns in some other countries still facing potential US tariffs, however, with France saying it could come "at the expense of Europe." Mnuchin emphasized Sunday that the sides had also discussed structural changes by Beijing "to make sure that we have a fair ability to compete" in its vast market. Unfreezing the ice As each side worked to set expectations, Liu cautioned that "unfreezing the ice cannot be done in a day" and that structural changes "will take time." Mnuchin added a caution of his own, emphasizing that if China did not respect its commitments, Trump could "always decide to put the tariffs back on." In the absence of an agreement, US levies on $50 billion of Chinese imports could have taken effect as early as next week. Tariffs on steel and aluminum were put in place in March. A joint statement issued Saturday in Washington said Beijing would "significantly" increase its purchases of American goods, but offered few details. Last year, the United States had a $375.2 billion trade deficit with China, and Washington reportedly had demanded the deficit be slashed by at least $200 billion by 2020. Targets not disclosed Asked on Fox whether the agreement addressed the $200 billion demand, Mnuchin said, "We have specific targets" but that he would not disclose them publicly. He said they were set "industry by industry." Trump's threats of further tariffs had prompted Beijing to warn it would target US agricultural exports, aircraft, and even whiskey. Against that fraught backdrop, teams led by Mnuchin and Liu met earlier this month in Beijing. Both sides said further talks are planned to flesh out details. "There was a consensus on taking effective measures to substantially reduce the United States trade deficit in goods with China," Saturday's joint statement said. It added that "China will significantly increase purchases of United States goods and services." Mnuchin said there would be "a very big increase" in Chinese purchases of US agricultural supplies -- by 35 percent to 45 percent this year -- as well as a potential doubling of energy purchases. And Liu said the new cooperation would extend to medical care, high-tech products and finance, according to Xinhua. The two sides also agreed to strengthen cooperation on protecting intellectual property -- a long-standing source of US discontent. Korean complication The trade issue is complicated by the impending summit meeting in Singapore between Trump and North Korean leader Kim Jong Un, who has consulted with Chinese leader Xi Jinping. China is North Korea's biggest trade partner, and Trump has called on it repeatedly to press Pyongyang to rein in its nuclear and missile programs. Meantime, the effects of the new US-Chinese warming were being nervously assessed in other countries, with French Economy Minister Bruno Le Maire warning Sunday that it could exact a cost from Europe. "The United States and China risk entering an agreement at the expense of Europe if Europe is not capable of showing a firm hand," he told CNEWS television. Trump earlier this month granted the EU, along with Canada and Mexico, only a 30-day reprieve from threatened steel and aluminum tariffs. "The United States wants to make Europe and European countries pay for China's bad behavior," Le Maire said. "All of that is totally absurd and incomprehensible for allies."

US, China back off on tariffs, easing trade tensions

US&nbspTreasury Secretary Steven Mnuchin said on Saturday he may travel to China, a move that could ease tensions between the world's two largest economies, as international policymakers acknowledged Beijing needs to change its trade practices.

The United States has threatened to impose tariffs on up to $150 billion of Chinese imports to try to force changes in Beijing's industrial policies, which Washington says are aimed at acquiring American intellectual property.

Mnuchin told reporters he was continuing to have discussions with his Chinese counterparts to try to resolve the differences over trade, but said he may go to Beijing.&nbsp

"A trip is under consideration," Mnuchin said at a news conference during the International Monetary Fund and World Bank spring meetings in Washington.&nbsp

"I am not going to make any comment on timing, nor do I have anything confirmed, but a trip is under consideration."

Mnuchin also declined to say what he wants from a trade deal with China, adding, "If we have a deal, you'll know what it looks like when we have it."&nbsp

China has threatened retaliation against US&nbspexports if Washington pushes ahead with the tariffs. The row, which comes as the world economy records its strongest growth in years, cast a pall over the semi-annual gathering of the world's finance officials.

IMF Managing Christine Lagarde warned this week that a US-China trade war threatened to damage confidence, investment and growth. On Saturday, she told a news conference there would be no winners from such a conflict.

"It is important that as a global community we keep trade open, we ensure that we work within the multilateral system that we have to make sure if there are disputes, these disputes are resolved," she said.

Mnuchin said he met China`s new central bank governor, Yi Gang, during the IMF and World Bank meetings and discussed the potential for China to open its markets to more foreign competition.

"I did meet with the Chinese here. The discussions were really more around the governor's actions at the PBOC (People's Bank of China) and certain actions they've announced in terms of opening some of their markets, which we very much encourage and appreciate."

In a statement on Saturday to the International Monetary and Financial Committee, Yi said China would "vigorously" push forward the reform and opening of its financial sector, significantly relax market access restrictions, create a more attractive investment environment, strengthen the protection of intellectual properties and actively expand imports.

On Sunday, China's commerce ministry said it would welcome US&nbspofficials to discuss trade and economic issues.

"The Chinese side has received information that the US&nbspside hopes to come to Beijing to discuss economic and trade issues. China welcomes this," the ministry said in a statement on its website.

Beijing announced on Wednesday that it would gradually eliminate ownership caps on foreign manufacturers of autos, aircraft and ships.

Regarding trade with Japan, Mnuchin said the Trump administration wants a bilateral trade agreement and has had discussions with Tokyo about such talks.

Japan wants the United States to rejoin the multilateral Trans-Pacific Partnership trade pact, as it fears opening talks for a bilateral free trade agreement could put it under pressure to open up politically sensitive markets like agriculture.

Adjusting to Trump

A year after US&nbspPresident Donald Trump first rankled multilateral finance meetings with his "America First" trade agenda, some officials are starting to acknowledge he has changed the conversation on trade, even if they disagree with his tariff plans.

"No one can be in any doubt that the US&nbsphas a valid point about intellectual property theft" by China, British finance minister Philip Hammond said on Friday. "It's been going on, on an industrial scale, over many years and we've been targets of it just as the US&nbsphas."

At the same time, Hammond said using tariffs was the wrong way to settle trade disputes, and he was urging China to do more to open its markets to foreign competitors, particularly in services.

A senior Japanese government official drew a clear distinction between Japan's trade issues with the United States and the US-China dispute.

"It's a separate issue," the official said on condition of anonymity. "If Trump can help change China’s behavior, there is room for Japan to benefit."&nbsp

A European official at the meetings said policymakers were trying to reduce trade pressures during the talks, but added that they wanted to "make sure there is a level playing field on trade, that China is in the same framework that others share."

Mnuchin said he was not trying to "recruit" allies to put pressure on China, but having discussions with other countries that have similar issues. "A lot of these issues are not unique to the United States."

A number of officials expressed a desire for clarity on what the United States ultimately wants from China, and whether Trump will settle for lower Chinese auto tariffs, a short-term reduction in the US-China trade deficit or hold out for fundamental changes in industrial policy.

"I hope it is a negotiating strategy. But they need to articulate actions to be taken," said Robert Holleyman, a former deputy US&nbspTrade Representative in the Obama administration.

The United States has threatened to impose tariffs on up to $150 billion of Chinese imports to try to force changes in Beijing's industrial policies, which Washington says are aimed at acquiring American intellectual property

US&nbspTreasury Secretary Steven Mnuchin said on Saturday he may travel to China, a move that could ease tensions between the world's two largest economies, as international policymakers acknowledged Beijing needs to change its trade practices. The United States has threatened to impose tariffs on up to $150 billion of Chinese imports to try to force changes in Beijing's industrial policies, which Washington says are aimed at acquiring American intellectual property. Mnuchin told reporters he was continuing to have discussions with his Chinese counterparts to try to resolve the differences over trade, but said he may go to Beijing. "A trip is under consideration," Mnuchin said at a news conference during the International Monetary Fund and World Bank spring meetings in Washington. "I am not going to make any comment on timing, nor do I have anything confirmed, but a trip is under consideration." Mnuchin also declined to say what he wants from a trade deal with China, adding, "If we have a deal, you'll know what it looks like when we have it." China has threatened retaliation against US&nbspexports if Washington pushes ahead with the tariffs. The row, which comes as the world economy records its strongest growth in years, cast a pall over the semi-annual gathering of the world's finance officials. IMF Managing Christine Lagarde warned this week that a US-China trade war threatened to damage confidence, investment and growth. On Saturday, she told a news conference there would be no winners from such a conflict. "It is important that as a global community we keep trade open, we ensure that we work within the multilateral system that we have to make sure if there are disputes, these disputes are resolved," she said. Mnuchin said he met China`s new central bank governor, Yi Gang, during the IMF and World Bank meetings and discussed the potential for China to open its markets to more foreign competition. "I did meet with the Chinese here. The discussions were really more around the governor's actions at the PBOC (People's Bank of China) and certain actions they've announced in terms of opening some of their markets, which we very much encourage and appreciate." In a statement on Saturday to the International Monetary and Financial Committee, Yi said China would "vigorously" push forward the reform and opening of its financial sector, significantly relax market access restrictions, create a more attractive investment environment, strengthen the protection of intellectual properties and actively expand imports. On Sunday, China's commerce ministry said it would welcome US&nbspofficials to discuss trade and economic issues. "The Chinese side has received information that the US&nbspside hopes to come to Beijing to discuss economic and trade issues. China welcomes this," the ministry said in a statement on its website. Beijing announced on Wednesday that it would gradually eliminate ownership caps on foreign manufacturers of autos, aircraft and ships. Regarding trade with Japan, Mnuchin said the Trump administration wants a bilateral trade agreement and has had discussions with Tokyo about such talks. Japan wants the United States to rejoin the multilateral Trans-Pacific Partnership trade pact, as it fears opening talks for a bilateral free trade agreement could put it under pressure to open up politically sensitive markets like agriculture. Adjusting to Trump A year after US&nbspPresident Donald Trump first rankled multilateral finance meetings with his "America First" trade agenda, some officials are starting to acknowledge he has changed the conversation on trade, even if they disagree with his tariff plans. "No one can be in any doubt that the US&nbsphas a valid point about intellectual property theft" by China, British finance minister Philip Hammond said on Friday. "It's been going on, on an industrial scale, over many years and we've been targets of it just as the US&nbsphas." At the same time, Hammond said using tariffs was the wrong way to settle trade disputes, and he was urging China to do more to open its markets to foreign competitors, particularly in services. A senior Japanese government official drew a clear distinction between Japan's trade issues with the United States and the US-China dispute. "It's a separate issue," the official said on condition of anonymity. "If Trump can help change China’s behavior, there is room for Japan to benefit." A European official at the meetings said policymakers were trying to reduce trade pressures during the talks, but added that they wanted to "make sure there is a level playing field on trade, that China is in the same framework that others share." Mnuchin said he was not trying to "recruit" allies to put pressure on China, but having discussions with other countries that have similar issues. "A lot of these issues are not unique to the United States." A number of officials expressed a desire for clarity on what the United States ultimately wants from China, and whether Trump will settle for lower Chinese auto tariffs, a short-term reduction in the US-China trade deficit or hold out for fundamental changes in industrial policy. "I hope it is a negotiating strategy. But they need to articulate actions to be taken," said Robert Holleyman, a former deputy US&nbspTrade Representative in the Obama administration.

US Treasury chief may visit China as trade tensions simmer

The United States is preparing new sanctions on Russia over its continued support of Syrian President Bashar-al Assad, the US ambassador to the United Nations, Nikki Haley, said Sunday.

In an interview with CBS' "Face the Nation," Haley said that the sanctions would be announced Monday by Treasury Secretary Steven Mnuchin. "They will go directly to any sort of companies that were dealing with equipment related to Assad and chemical weapons use," Haley said.

Haley said that the sanctions would be announced Monday by Treasury Secretary Steven Mnuchin

The United States is preparing new sanctions on Russia over its continued support of Syrian President Bashar-al Assad, the US ambassador to the United Nations, Nikki Haley, said Sunday. In an interview with CBS' "Face the Nation," Haley said that the sanctions would be announced Monday by Treasury Secretary Steven Mnuchin. "They will go directly to any sort of companies that were dealing with equipment related to Assad and chemical weapons use," Haley said.

US preparing new sanctions on Russia over Syria, says Nikki Haley

&nbsp;US&nbsp;Vice President Mike Pence vowed tough new sanctions against North Korea and called it the world&#39;s most tyrannical regime on Wednesday, two days before he is due to attend the winter Olympics, along with two of the North&#39;s most senior officials.

Speaking in Tokyo on his way to South Korea, which is hosting the Games over the next three weeks, Pence said he would soon announce the stepped-up sanctions in an effort to pressure the North to abandon its nuclear and missile programmes.

US&nbsp;Treasury Secretary Steven Mnuchin said in a tweet that the sanctions would be unveiled &quot;in the coming weeks&quot; and urged all countries to fully implement existing UN&nbsp;sanctions and to back the U.S. pressure campaign by expelling North Korean &quot;financial facilitators and trade reps&quot;.

The Games, being staged 80 km (50 miles) from the heavily militarised border between the Koreas, is set for an awkward political encounter, with Pence as well as the North Korean leader&#39;s younger sister attending Friday&#39;s opening ceremony.

South Korea wants to use the event to re-engage with North Korea and open the way for talks to resolve one of the world&#39;s most dangerous crises, in which U.S. President Donald Trump and Pyongyang have swapped nuclear threats.

&quot;I&#39;m announcing today the United States of America will soon unveil the toughest and most aggressive round of economic sanctions on North Korea ever,&quot; Pence said after meeting Japanese Prime Minister Shinzo Abe.

&quot;We will continue to isolate North Korea until it abandons its nuclear and ballistic missile program once and for all.&quot;

Washington has led a global campaign to force North Korea to give up development of nuclear missiles capable of hitting the United States and has taken a tougher line recently than its allies in Seoul, exposing tensions that South Korean President Moon Jae-in could struggle to conceal at the Olympics.

Pence has voiced scepticism that the North Korea will use the Games for crude propaganda. As his guest at the opening ceremony, he is taking the father of Otto Warmbier, an American student who died last year after being imprisoned in North Korea for 17 months.

Sitting in the same stadium as VIP guests will be Kim Yo Jong, 28-year-old sister of North Korean leader Kim Jong Un, and Kim Yong Nam, North Korea&#39;s nominal head of state.

Japan&#39;s Abe, whose nation has been within range of North Korean missiles for decades, will also attend the ceremony.

Kim Yo Jong would be the first member of the Kim family to cross the border to the South. She is a propaganda official and was blacklisted last year by the U.S. Treasury Department over alleged human rights abuses and censorship.

&quot;It shows the North&#39;s resolve to defuse tension on the Korean peninsula,&quot; Blue House spokesman Kim Eui-kyeom told a news briefing.

Pence has not ruled out the prospect of meeting North Korean officials during the Games, but President Trump, whose daughter and adviser Ivanka will attend the Olympic closing ceremony, has cast doubt on the value of U.S. talks with Pyongyang anytime soon.

&quot;We will not allow North Korea to hide behind the Olympic banner the reality that they enslave their people and threaten the wider region,&quot; Pence said.

The White House has also cautioned against reading too much into remarks Pence made en route to Japan.

Analysts said that while Seoul appeared keen to set up a US-North Korea meeting, the chances of this happening did not look high.

&quot;The fact that the U.S. is bringing along Otto Warmbier&rsquo;s father suggests that their interest in engaging with the North Koreans while in Korea is pretty low,&quot; Abraham Denmark, a senior defence official under former President Barack Obama, told a conference call organised by the Wilson Center think tank.

The United States has said repeatedly that any future talks with North Korea must have the aim of North Korea&#39;s denuclearisation, something Pyongyang has rejected.

US&nbsp;Secretary of State Rex Tillerson told reporters travelling with him on a visit to Jamaica that he did not anticipate a meeting at the Olympics, but &quot;it just depends on the circumstances as to whether this is the right time or not.&quot;

He added that sanctions pressure would continue &quot;until North Korea gets on a pathway to giving up its nuclear weapons&quot;.

&quot;That is an important message for the North Koreans to understand. Until you do something meaningful - sending some athletes and an orchestra down to Seoul, to show us that yes, you can play sports and you enjoy music - that doesn&rsquo;t change anything,&quot; he said.

South Korea asked the United Nations on Wednesday for an exemption to allow a UN&nbsp;sanctioned North Korean official, Choe Hwi, to attend the opening ceremony with Kim Yo Jong.

Pyongyang told Seoul that Choe Hwi, chairman of the National Sports Guidance Committee, would travel to Pyeongchang as part of its delegation.

The UN&nbsp;Security Council imposed a travel ban and asset freeze on Choe on June 2 last year when he was vice director of the Workers&#39; Party of Korea Propaganda and Agitation Department, which controls ideological messaging through the media, arts and culture. Kim Yo Jong now holds that position.

Abe said he and Pence had agreed in talks that they could &quot;never accept a nuclear-armed North Korea&quot;.

Pence visited a Patriot PAC-3 missile battery, Japan&#39;s last line of defence against any strike from North Korea, which fired ballistic missiles over the country last year.

A group of 280 North Koreans arrived in South Korea on Wednesday to spur on athletes from the two sides at the Games. They included a 229-member cheer squad, taekwondo performers, journalists and the sports minister.

On Tuesday, a ferry carrying a North Korean orchestra arrived for the Games. Since it docked, North Korea has asked the South to provide oil for refuelling.

Oil has taken centre stage in global efforts to curb Pyongyang&#39;s nuclear and missile programmes, with Washington urging a drastic cut in energy supplies to the isolated country.

Speaking in Tokyo on his way to South Korea, which is hosting the Games over the next three weeks, Pence said he would soon announce the stepped-up sanctions in an effort to pressure the North to abandon its nuclear and missile programmes.

US Vice President Mike Pence vowed tough new sanctions against North Korea and called it the world's most tyrannical regime on Wednesday, two days before he is due to attend the winter Olympics, along with two of the North's most senior officials. Speaking in Tokyo on his way to South Korea, which is hosting the Games over the next three weeks, Pence said he would soon announce the stepped-up sanctions in an effort to pressure the North to abandon its nuclear and missile programmes. US Treasury Secretary Steven Mnuchin said in a tweet that the sanctions would be unveiled "in the coming weeks" and urged all countries to fully implement existing UN sanctions and to back the U.S. pressure campaign by expelling North Korean "financial facilitators and trade reps". The Games, being staged 80 km (50 miles) from the heavily militarised border between the Koreas, is set for an awkward political encounter, with Pence as well as the North Korean leader's younger sister attending Friday's opening ceremony. South Korea wants to use the event to re-engage with North Korea and open the way for talks to resolve one of the world's most dangerous crises, in which U.S. President Donald Trump and Pyongyang have swapped nuclear threats. "I'm announcing today the United States of America will soon unveil the toughest and most aggressive round of economic sanctions on North Korea ever," Pence said after meeting Japanese Prime Minister Shinzo Abe. "We will continue to isolate North Korea until it abandons its nuclear and ballistic missile program once and for all." Washington has led a global campaign to force North Korea to give up development of nuclear missiles capable of hitting the United States and has taken a tougher line recently than its allies in Seoul, exposing tensions that South Korean President Moon Jae-in could struggle to conceal at the Olympics. Pence has voiced scepticism that the North Korea will use the Games for crude propaganda. As his guest at the opening ceremony, he is taking the father of Otto Warmbier, an American student who died last year after being imprisoned in North Korea for 17 months. Sitting in the same stadium as VIP guests will be Kim Yo Jong, 28-year-old sister of North Korean leader Kim Jong Un, and Kim Yong Nam, North Korea's nominal head of state. Japan's Abe, whose nation has been within range of North Korean missiles for decades, will also attend the ceremony. Kim Yo Jong would be the first member of the Kim family to cross the border to the South. She is a propaganda official and was blacklisted last year by the U.S. Treasury Department over alleged human rights abuses and censorship. "It shows the North's resolve to defuse tension on the Korean peninsula," Blue House spokesman Kim Eui-kyeom told a news briefing. Pence has not ruled out the prospect of meeting North Korean officials during the Games, but President Trump, whose daughter and adviser Ivanka will attend the Olympic closing ceremony, has cast doubt on the value of U.S. talks with Pyongyang anytime soon. "We will not allow North Korea to hide behind the Olympic banner the reality that they enslave their people and threaten the wider region," Pence said. The White House has also cautioned against reading too much into remarks Pence made en route to Japan. Analysts said that while Seoul appeared keen to set up a US-North Korea meeting, the chances of this happening did not look high. "The fact that the U.S. is bringing along Otto Warmbier’s father suggests that their interest in engaging with the North Koreans while in Korea is pretty low," Abraham Denmark, a senior defence official under former President Barack Obama, told a conference call organised by the Wilson Center think tank. The United States has said repeatedly that any future talks with North Korea must have the aim of North Korea's denuclearisation, something Pyongyang has rejected. US Secretary of State Rex Tillerson told reporters travelling with him on a visit to Jamaica that he did not anticipate a meeting at the Olympics, but "it just depends on the circumstances as to whether this is the right time or not." He added that sanctions pressure would continue "until North Korea gets on a pathway to giving up its nuclear weapons". "That is an important message for the North Koreans to understand. Until you do something meaningful - sending some athletes and an orchestra down to Seoul, to show us that yes, you can play sports and you enjoy music - that doesn’t change anything," he said. South Korea asked the United Nations on Wednesday for an exemption to allow a UN sanctioned North Korean official, Choe Hwi, to attend the opening ceremony with Kim Yo Jong. Pyongyang told Seoul that Choe Hwi, chairman of the National Sports Guidance Committee, would travel to Pyeongchang as part of its delegation. The UN Security Council imposed a travel ban and asset freeze on Choe on June 2 last year when he was vice director of the Workers' Party of Korea Propaganda and Agitation Department, which controls ideological messaging through the media, arts and culture. Kim Yo Jong now holds that position. Abe said he and Pence had agreed in talks that they could "never accept a nuclear-armed North Korea". Pence visited a Patriot PAC-3 missile battery, Japan's last line of defence against any strike from North Korea, which fired ballistic missiles over the country last year. A group of 280 North Koreans arrived in South Korea on Wednesday to spur on athletes from the two sides at the Games. They included a 229-member cheer squad, taekwondo performers, journalists and the sports minister. On Tuesday, a ferry carrying a North Korean orchestra arrived for the Games. Since it docked, North Korea has asked the South to provide oil for refuelling. Oil has taken centre stage in global efforts to curb Pyongyang's nuclear and missile programmes, with Washington urging a drastic cut in energy supplies to the isolated country.

Ahead of Olympics face-off, Mike Pence vows new North Korea sanctions

steven-mnuchin

Steven Mnuchin, News on Steven Mnuchin, stories on Steven Mnuchin, articles on Steven Mnuchin, Steven Mnuchin stories at Wion, Steven Mnuchin news, Steven Mnuchin latest news

steven mnuchin

Asian markets rally as crucial Donald Trump-Xi Jin Ping meeting approaches

US blacklists Iraq firm as Revolutionary Guard guns front

US Treasury Secretary Mnuchin says Trump could ease up on Huawei if trade talks advance

US Treasury's Mnuchin says Mexico immigration deal fixes problems

China has tools to handle trade war with US: Central bank chief Yi Gang

US Treasury Secretary Mnuchin rejects subpoena for Trump tax returns

US officials say trade talks with China were 'constructive'

Good to see you, says Chinese negotiator to Mnuchin as US-China trade talks enter final lap

Mike Pompeo 'confident' China trade talks will not be hurt over Iran oil sanctions

Trump sees progress in China talks but doesn't predict success

US-China talks making progress, could be extended: White House

US sanctions six Venezuelan security officials for obstructing aid

Trade talks with US to continue in Washington next week: Chinese President Xi Jinping

Trade talks with US to continue in Washington next week: Chinese President Xi Jinping

Had 'productive' trade meetings with China: US Secretary Mnuchin

US, China open trade talks in Beijing as deadline looms

'So far, so good,' Steven Mnuchin says of trade talks in China

US House Democrats question IRS audits of Trump taxes

Wall Street battered for fourth straight session as US Treasury chief fails to reassure

Asia stocks fall despite Mnuchin's weekend triage

Chinese, US negotiators discuss trade talks timetable

Want to cut Iran from global banking network Swift: US Treasury

Saudis trumpet $56 billion deals as conference ends amid partial boycott

US's Mnuchin to skip Saudi investment conference amid Khashoggi case