Egypt's Press Syndicate head says national press institutions main pillar of soft power    Gamal Hamdan's ‘Character of Egypt' shelves depleted    Ministry of Social Solidarity, Italian embassy collaborate to train Egyptian youth    Launching ‘Fashion 180' with EGP 5bn investment    Trump to unveil Middle East peace plan to Israelis in spite of serious Palestinian doubts    China's Li pledges medical reinforcements as coronavirus toll hits 81    Finance Ministry allocates EGP 28.17bn to 7 state-run bodies in 1H2019/20    US will not lift sanctions to negotiate with Iran: Trump    Egypt regulator removes three reinsurers from 2020 dealing list    Shoukry to attend final talks over GERD in Washington    Mortada Mansour to run for Lawyers Syndicate presidency    Al-Azhar to hold international conference on religious discourse renewal    Al-Sisi receives German Medal for achieving security    Empower negotiates with Saudi firm over $28m waste-to-energy plant    Egypt sentences 3 to death over 2018 attack on Alexandria's security director    Egypt expanded silo capacity by 5.9% to 3.6 mln tonnes in 2019    8 sentenced to life imprisonment; 7 acquitted of joining ISIS affiliate group, including footballer    Lebanese PM won't obstruct budget drafted by previous cabinet    Parliament approves Egypt share increase in IBRD capital stock    Lebanon's Bank Audi reportedly hires EFG Hermes as advisor for Egypt unit sale    Ahly coach Weiler optimistic after victory over Etoile Sahel in CAF Champions League    Marriott Int'l brings iconic St. Regis brand to Egypt's New Administrative Capital    Liverpool boss Klopp insists no first-teamers will play in Cup replay    Players pay respects to Kobe Bryant at Australian Open    Iran's Rouhani calls for unity, accuses Trump of exploiting rift    Coronavirus outbreak: 56 deaths, about 2k patients in China    What is in store for Iraq, Lebanon, Algeria, and Sudan?    Erdogan says Haftar cannot be expected to respect Libya truce    US registers third coronavirus case: Health officials    China virus ability to spread getting stronger    Egypt's Sisi awarded by Germany's St. George medal for peace-making in Africa    Egypt to play Tunisia for African Men's Handball Championship title, Olympics qualification    MOI pardons 2,957 prisoners on Police Day    A whisper from the past: voice of 3,000-year-old Egyptian mummy reproduced    France confirms three cases of deadly China virus    A year of major tourist openings ahead: Al-Anani    Books not to miss this book fair - The dreams and agonies of an Egyptian filmmaker    Audio recording: The voice of a 3,000-year-old Egyptian mummy    Sesame Street launches Arabic TV programme for Middle East children dealing with displacement    Egypt in a group with Gabon, Libya, Angola in 2022 World Cup qualifiers    Egypt to play Angola for group leadership in African Men's Handball Championship quarter-finals    Maspero triangle's towers will be up and standing in 30 months: NUCA    TMG to sponsor 5 Egyptian athletes qualified to Tokyo Olympics 2020    ‘Djamila Bouhired' movie star Magda al-Sabahi dies at 89    Egypt is best tourism destination for 2020 according to BBC    Egypt's Zamalek, Smouha presidents hit with disciplinary sanctions by EFA    Egypt's President Sisi pardons some prisoners on 25 Jan. Revolution anniversary    Egypt's Sami Anan released after near two-year detention    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





U.S.-China trade deal is 90% complete – Mnuchin
Published in Amwal Al Ghad on 26 - 06 - 2019

U.S. Treasury Secretary Steven Mnuchin told CNBC that the Washington and Beijing were almost there on a trade deal.
"We were about 90 percent of the way there (with a deal) and I think there's a path to complete this," he told CNBC's Hadley Gamble in Manama, Bahrain on Wednesday.
He said he's confident U.S. President Donald Trump and Chinese President Xi Jinping can make progress in stalled trade talks at the forthcoming Group of 20 (G-20) meeting this weekend. "The message we want to hear is that they want to come back to the table and continue because I think there is a good outcome for their economy and the U.S. economy to get balanced trade and to continue to build on this relationship."
He did not provide any detail on what the final 10 percent of an agreement might entail, or what the sticking points are to completing a deal.
Trump is meeting his Chinese counterpart Xi Jinping on Saturday at the summit in Osaka, Japan. The outcome of the meeting could be pivotal for the global economy and financial markets that have been rattled by 18 months of trade tensions between the economic giants and an escalation of tariffs on each other's imports.
Officials have yet to negotiate a breakthrough, but there are hopes that a meeting between the two presidents could progress the discussions. Bank of America Merrill Lynch surveyed investors and found that about two-thirds expected that there would be no deal this weekend, but there would be no new tariffs either.
"I'm hopeful that we can move forward with a plan … President Trump and President Xi have a very close working relationship. We had a productive meeting at the last G-20," Mnuchin told CNBC.
Mnuchin added that he was hopeful a deal could be struck by the end of the year but said "there needs to be the right efforts in place." Dow futures jumped after Mnuchin's comments and signaled a higher open for Wall Street Wednesday.
Slowing growth
Talks between the U.S. and China broke down in May because China reportedly did not want to commit to changes in its laws to help allay U.S. concerns about intellectual property theft, forced technology transfers and currency manipulation.
Commerce Secretary Wilbur Ross has previously played down hopes for a Trump-Xi breakthrough this weekend, saying in mid-June that "the most that will come out of the G-20 might be an agreement to actively resume talks."
The trade war has impacted both China and the U.S.′ economy, despite both presidents insisting otherwise. In April, the International Monetary Fund (IMF) lowered its global growth forecast for 2019 to 3.3%, down from an earlier forecast of 3.5 percent, citing ongoing global trade tensions as the rationale for the downgrade.
The U.S. Federal Reserve is under pressure from Trump to cut rates to stimulate the economy, but Fed Chair Jerome Powell emphasized the central bank's independence in a speech Tuesday and said the Fed was "insulated" from what he called "short-term political interests." Still, at a policy meeting last week the Fed hinted that it could consider cutting interest rates later this year.
As well as concerns over Sino-U.S. relations, geopolitical tensions have arisen from bellicose rhetoric between the U.S. and Iran following Trump's decision to withdraw from an international nuclear deal and reimpose sanctions on the Islamic Republic.
Relations have deteriorated further with Trump threatening Tuesday to attack Iran in retaliation for any strikes by Tehran "on anything American." This came after Iran's President Hassan Rouhani questioned the mental competence of the U.S. president.
Mnuchin told CNBC that Iran's backlash meant that sanctions are working and that the U.S. was concerned with Iran's "really bad behavior."
"That must mean that they are working if they are this upset about these sanctions. That's an acknowledgement that they are working," Mnuchin said.
Source: CNBC


Clic here to read the story from its source.