Lighthizer Signals More U.S. Caution on China Currency Deal




The Trump administration is signaling more caution about progress on a currency deal with China, as the two sides have been haggling over a way of enforcing the deal.

“Is there an agreement?” U.S. Trade Representative Robert Lighthizer said Wednesday in his testimony to the House Ways and Means Committee, which has oversight on trade issues. “There’s no agreement on anything until there’s agreement on everything.”

Lighthizer’s tone marked a stark shift from the enthusiasm that Treasury Secretary Steven Mnuchin showed in announcing on Friday that the U.S. and China had concluded “one of the strongest agreements ever on currency.” Mnuchin added at the time that work remained on “many issues” of the currency agreement, which would be part of a broader trade deal.

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