While Mnuchin said that he's hopeful that the U.S. can reach deal with China to avoid a trade war, he reiterated that the United States is going to proceed with the proposed tariffs if negotiation fails.
In addition, he pledged that the country would strengthen intellectual property rights while refraining from forcing foreign firms to transfer technology.
"The tariffs on China are a response to long-standing complaints that Beijing unfairly requires US companies to share their technology as a cost of doing business in that country", NPR's Scott Horsley reported.
The China-proposed resolution, in which states were called to uphold multilateralism and work together to promote mutually beneficial cooperation, gained 28 "yes" votes after Mack called for a vote.
"I'm cautiously hopeful we'll reach an agreement, but if not we are proceeding with these tariffs".
China has offered to buy more USA semiconductors by diverting some purchases from South Korea and Taiwan, the Financial Times reported, citing people briefed on the negotiations.
U.S. 'can't confirm' Kim's visit to China
Dandong Station was completely blocked, and two trains passed at an interval of about 20 to 40 minutes", Daily NK's source said. China is North Korea's only traditional ally - and have always been accused of helping to prop-up the ruthless Kim regime.
Global shares rose Tuesday as news that the USA and China are open to negotiating to avert a trade war put investors in a buying mood.
On Friday, China fired a warning shot in response to the USA tariffs on steel and aluminium by declaring plans to levy additional duties on up to $3 billion of USA imports. Whether the USA and China can reach a compromise before then remains unclear. US companies rely on China not only for materials and resources, but also for the rapidly growing middle class in the nation for sales growth.
The U.S. wants to see concrete steps toward reducing its trade deficit with China by $100 billion over the next year.
On the reported offer to increase US semiconductor imports, it is unclear how USA chips would replace South Korean and Taiwanese chips, since there is minimal overlap between US chips and those of the two Asian producers.
In a statement, he said "With regard to trade imbalances, China and the United States should adopt a pragmatic and rational attitude, promote balancing through expansion of trade, and stick to negotiations to resolve differences and friction". The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy.
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