The US and China have agreed to set up “enforcement offices” in their respective countries to monitor the implementation of a deal to end their trade war, Steven Mnuchin, the US Treasury secretary, has said, suggesting the clearing of another hurdle on the way to an accord.
Mr Mnuchin revealed the breakthrough in a key area of the negotiations on Wednesday after a call the previous night with Liu He, China’s vice-premier.
Mr Mnuchin and Robert Lighthizer, the US trade representative, are looking to close a deal with Mr Liu within the next month that can be signed by US President Donald Trump and his Chinese counterpart Xi Jinping, in an effort to reset the US-China economic relationship and lift a cloud of uncertainty hanging over the global economy. Another phone call is expected between US officials and Mr Liu on Thursday morning, Mr Mnuchin said.