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Treasury Secretary Mnuchin sees tariffs being imposed Dec. 15 if no China trade deal

Georgia Asian Times by Georgia Asian Times
October 15, 2019
in Business, Headline

FILE PHOTO: U.S. Trade Representative Robert Lighthizer (4thL), Treasury Secretary Steven Mnuchin (3rdL), Commerce Secretary Wilbur Ross, White House economic adviser Larry Kudlow and White House trade adviser Peter Navarro pose for a photograph with China's Vice Premier Liu He (4thR), Chinese vice ministers and senior officials before the start of US-China trade talks at the White House in Washington, U.S., February 21, 2019. REUTERS/Joshua Roberts/File Photo

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Washington DC, October 15, 2019 – Treasury Secretary Steven Mnuchin said on Monday that an additional round of tariffs on Chinese imports will likely be imposed if a trade deal with China has not been reached by then, but added that he expected the agreement to go through.

“I have every expectation – if there’s not a deal, those tariffs would go in place – but I expect we’ll have a deal,” he said in an interview with CNBC, when asked about a round of tariffs scheduled for Dec. 15.

President Donald Trump said on Friday that China and the United States had reached the first phase of a trade deal that covered agriculture, currency and some aspects of intellectual property protections, and would ease the reciprocal trade restrictions that the world’s two largest economies have been imposing for 15 months.

But officials on both sides have said more work is needed to finalize the accord, and Trump acknowledged the agreement could still collapse. U.S. Trade Representative Lighthizer said on Friday that Trump had not made a decision about the December tariffs.

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Mnuchin said more trade negotiations at various levels would take place over the coming weeks, including a phone call between himself, Lighthizer and Chinese Vice Premier Liu He, and talks between Trump and Chinese leader Xi Jinping.

Asked about a dispute between China and the U.S. National Basketball Association stemming from a tweet by Houston Rockets manager Daryl Morey expressing support for pro-democracy protests in Hong Kong, Mnuchin said he hoped the two sides could come to a solution. – Reuters

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