Mnuchin threatens China with tariffs if they bail on trade deal

Mnuchin threatens China with tariffs if they bail on trade deal

Mnuchin said he would discuss the trade war with People's Bank of China Gov. Yi Gang in a meeting with him Sunday, but the meeting would not reach a definitive conclusion since specifics won't be addressed until President Donald Trump meets with Chinese leader Xi Jinping at the G-20 summit.

Relations between the world's two largest economies have nosedived in recent months due to a tariffs battle, US sanctions against Chinese telecoms giant Huawei Technologies Co Ltd and USA support for Chinese-claimed Taiwan.

"We now have an agreement that we believe is going to fix the immigration issue".

"Our expectation is that Mexico will do what they've committed to do and our expectation is that we won't need to put tariffs in place, but obviously if that's not the case, the president retains that authority".

The initiative was debated on Thursday during a G20 Ministerial Symposium in the Japanese city of Fukuoka, with the world's leading industrialized countries coming out in favour of setting up a new tax model that is adapted to the digital economy, reports Efe news.

The U.S. side has been preparing to expand retaliatory tariff hikes of 25% on another $300 billion of Chinese products, and Mnuchin indicated it was prepared to take that step if negotiations with Beijing fail.


Mnuchin added Washington is prepared to move forward with a deal, but if China is unwilling to do so, President Trump would be "perfectly happy" to impose more tariffs to "re-balance the relationship".

"Global growth appears to be stabilizing and is generally projected to pick up moderately later this year and into 2020", the finance chiefs, including Mnuchin, said in an end-of-meeting communique.

Mnuchin earlier urged China to rejoin talks on the dispute that has embroiled the two largest economies in a trade war.

Trump's threatened tariff hike came as G-20 finance ministers meeting in Fukuoka, Japan, said that trade and geopolitical conflicts are risking global economic growth, but at the USA insistence, dropped a call to "recognize the pressing need to resolve trade tensions".

Trump has already imposed 25 percent tariffs on 200 billion USA dollars worth of Chinese goods, but is now weighing whether to impose new tariffs on other Chinese products worth 325 billion dollars.

"However, growth remains low and risks remain tilted to the downside".


International Monetary Fund (IMF) Managing Director Christine Lagarde (R) and European Central Bank (ECB) President Mario Draghi (L) speak prior to the G20 finance ministers and central bank governors meeting in Fukuoka on June 8, 2019.

Officials said the U.S. "'When you have intervention in a market for a long period of time and then they don't intervene, the market could view that as a desire to have the currency weaken", he said. -China trade war has tested the resolve of the group to show a united front as investors worry if policymakers can avert a global recession.

But the U.S.is still negotiating new trade deals with Japan after withdrawing from a Pacific Rim arrangement, the Obama-era proposed Trans-Pacific Partnership.

"I wouldnt say it's them against all the others but it looks like it sometimes, even if everyone also criticizes some aggression from China".

"There will be winners and losers", he predicted. "But there's no conclusion yet" on the language of trade, the official told reporters.


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