Mnuchin confident that trade war can be averted despite Trump’s plan to impose tariffs on Chinese imports
US Treasury Secretary Steven Mnuchin has said he was optimistic America could reach an agreement with China that will avert the need for President Donald Trump to impose tariffs on goods from the country.
“We’re having very productive conversations with them,” Mnuchin told Fox News Sunday . “I’m cautiously hopeful we reach an agreement.”
On Thursday Trump directed Mnuchin to propose new investment restrictions on Chinese companies within 60 days to safeguard technologies the US views as strategic. The White House has also said that he wants a US$100 billion decrease in the trade deficit with China.
A day after Trump’s announcement, which led to a sell-off in global markets, China unveiled tariffs on US$3 billion of US imports in response to steel and aluminium duties ordered by Trump earlier this month. The White House then declared a temporary exemption for European Union countries and other nations on those levies, making the focus on China clear.
Though Beijing’s actions so far are seen by analysts as measured, there may be more to come.
China is conducting research on further lists of US imports subject to tariffs, which are likely to cover aeroplanes, computer chips and the tourism industry, China Daily reported on Saturday, citing Wei Jianguo, a former vice commerce minister.
