U. S. Treasury Secretary Steven Mnuchin on Saturday urged China and the EU to respect "free, fair and reciprocal trade" as his French counterpart fired back that the US needs to "see sense" amid fears of a global commerce conflict. Mnuchin arrived in Buenos Aires for
U. S. Treasury Secretary Steven Mnuchin on Saturday urged China and the EU to respect „free, fair and reciprocal trade“ as his French counterpart fired back that the US needs to „see sense“ amid fears of a global commerce conflict.
Mnuchin arrived in Buenos Aires for the Group of 20 summit of finance ministers and central bankers at the end of a week in which U. S. President Donald Trump ramped up his inflammatory remarks and threats regarding global trade.
But far from backing down on Trump’s outbursts, in which he described China, the EU and Russia as trade „foes,“ Mnuchin backed his president, in particular over a threat to hammer China with punitive tariffs on the entirety of the $500 billion in goods it exports to the US.
„It is definitely a realistic possibility, so I wouldn’t minimize the possibility. We’ve been very clear with our objectives,“ Mnuchin told reporters ahead of the start of the two-day G20 summit that brings together the world’s 20 leading economies.
„We share a desire to have a more balanced relationship and the balanced relationship is by us selling more goods (to China).“
The U. S. trade in goods deficit with China stood at almost $376 billion in 2017.
Mnuchin said China must „open up their markets so we can compete fairly,“ although he insisted that to do so would be „a tremendous opportunity for us and a tremendous opportunity for China.“
The brewing global trade conflict was always expected to dominate talks in the Argentine capital and Mnuchin made no secret that it is the US’s top priority.
Turning to the EU, Mnuchin said it would have to make considerable concessions in order for there to be a free-trade agreement with the U.
