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DMFINANCE
Dec 15, 2019 4:21AM ET
Ts is a epic liar
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🚨 NDVA surged 43%. This AI Chipmaker Could Be Next See Analysis
Mnuchin says trade deal with China to boost global economy
Published Dec 14, 2019 12:35PM ET
By Dmitry Zhdannikov and Alexander Cornwell
DOHA (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Saturday a "phase one" trade deal between the United States and China was "very good" for global economic growth, and added that the second phase could come in several steps.
The United States and China cooled their trade war on Friday, announcing a "phase one" agreement that reduces some U.S. tariffs in exchange for what U.S. officials said would be a big jump in Chinese purchases of American farm products and other goods.
Mnuchin said full details of the new deal, or a factsheet on "phase one", would come out later on Saturday or on Sunday after both sides do fact and language checks.
"We expect it will be fully executed in January. And then we get to 'phase two'," Mnuchin told the Doha Forum conference in Qatar. "The most important issue is - lets make sure we implement 'phase one' with an enforceable agreement, which it is. And then we start negotiating 'phase two'.
"There are important issue left in 'phase two'. And perhaps there will be a 'phase two A', 'phase two B' and 'phase two C'. We will see," he said.
Mnuchin said the deal with China aimed to create more reciprocal trade relations for many years, adding that the deal would be "very good" for global growth.
He said the United States continued to remain the "bright spot" of the global economy, while Europe and Asia were slowing down.
Asked if the trade deal boosts U.S. President Donald Trump's chances of getting re-elected in November 2020, Mnuchin said: "The president will be re-elected almost no matter what occurs. Because he has built an incredible economy and he is very focused on national security."
Mnuchin also said he believed the United States campaign of maximum pressure on Iran was working and has drastically reduced Tehran's ability to sponsor what Washington sees as terrorist groups abroad.
Asked if Washington's broad and regular use of sanctions against many nations could undermine the long-term status of the dollar as the global reserve currency, Mnuchin said sanctions were often an alternative to open military conflicts.
"But if we are not careful with sanctions, people will start using other currencies," he added.
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Comments (8)
YC Teng
Dec 14, 2019 8:34PM ET
Well said!
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Buzzy Jefferson
Dec 14, 2019 6:37PM ET
This will just make the decoupling less expensive. The end goal, which is to redistribute power to other East Vietnam Sea countries, will continue on schedule. There's no reason it has to be done with anger. It just has to be done. Nothing personal. Just business.
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greg mason
Dec 14, 2019 2:59PM ET
US and China reach trade-war ceasefire, but the devil is in details. Gaps emerge over specifics on tariffs and agricultural purchases. TAKESHI KAWANAMI and ISSAKU HARADA, Nikkei staff writers . December 15, 2019 02:46 JST
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greg mason
Dec 14, 2019 2:53PM ET
unless all Tariffs removed there won't be a deal aswell if ever there is a deal will be short lived my opinion.. . they started decoupling form US long time ago , don't see them changing coarse.. . they increased their farmland size to produce many times the hogs they did before.. . many unresolved and thorny issues , . . this holds no water and will stay in (Principal mode) for long time.
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TA XVCI
Dec 14, 2019 12:59PM ET
Funny how they manipulate people, just like the market. ATH on hopium.
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Peteymcletey
Dec 14, 2019 12:44PM ET
First we don't need them, now it's a boost to world economy?
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Bill Chan
Dec 14, 2019 12:44PM ET
if China ban iPhone. you will see the impact to US economy
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Lawrenti Berija
Dec 14, 2019 12:17PM ET
2a, b, c - exactly what Peter Schiff predicted - hilarious!
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