'I think that may have scared the Chinese that they were going to get into a serious trade war with access to our capital markets being cut off, among other things,' Michael Pillsbury says.
In addition to the principal agreement on agricultural purchases, Pillsbury said the part of the deal that would establish a "large office in both Washington and Beijing that would try to adjudicate disputes before they go to enforcement action" was another sign of progress.
"I think it's wrong to say there's no progress, but it's also wrong to say there's a final deal, open the champagne cork," Pillsbury said. Treasury Secretary Steven Mnuchin told CNBC on Monday that he expects to have an agreement in place by mid-December, when another round of tariffs on Chinese goods is set to go into effect.
"I have every expectation if there's not a deal those tariffs would go in place, but I expect we'll have a deal," Mnuchin said on "
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