UPDATED 12:30 PM PT – Sat. June 8, 2019
Trade Secretary Steven Mnuchin says China is ready to come back to the table and resume negotiations.
Speaking from a summit of finance ministers in Japan Saturday, Mnuchin said President Trump and Chinese President Xi Jinping are planning to meet at a G-20 summit at the end of this month.
The meeting is expected to put trade negotiations back on track, after talks broke down about a month ago amid tariff threats from both sides.
Several countries at the finance summit this weekend expressed their concern over the dispute’s effect on the world economy.
“The bad news is that it is unclear how the U.S. and China trade talks will end and unless it is resolved, there is a concern that market confidence could be affected further, this is an issue.” said Taro Aso, the finance minister of Japan.
Mnuchin dismissed these worries, saying some Asian countries are actually benefiting as companies are moving production out of China.
President Trump last month said a meeting with Xi would be “very fruitful,” noting the U.S. is in a “great position’” for discussing a potential trade deal.