Market Overview

Mnuchin Talks Closing Of 'Phase One' Deal With China, Looks Forward To 'Phase Two'

Share:
Mnuchin Talks Closing Of 'Phase One' Deal With China, Looks Forward To 'Phase Two'

Treasury Secretary Steven Mnuchin was a guest on CNBC's "Squawk Box" segment Wednesday ahead of a signing ceremony with Chinese officials to close the the "Phase One" trade deal.

Mnuchin Says Trade Deal Historic 

The deal marks the first time the U.S. has struck an agreement with China on key areas that are fully enforceable, Mnuchin said. The list includes intellectual property, technology transfer, agriculture, structural issues, financial services, currency and purchasing.

The trade deal focuses more on what China will do moving forward, and President Donald Trump will not hesitate to reimpose or lift tariffs on Chinese exports, Mnuchin said. 

Immediately following the deal set to be signed Wednesday, the U.S. administration will focus on enforcement, he said.

The agreement is a "very big win" for the business community, the treasury secretary said. 

Looking Ahead To 'Phase Two' 

The next round of negotiations with China will have certain rollbacks, and "Phase Two" could come in multiple forms, such as 2A, 2B, 2C, Mnuchin said. 

Potential areas of discussion in the next round of talks include the misuse of pharmaceutical-related intellectual property along with U.S. financial companies being granted access to Chinese consumers, the Trump cabinet member said. 

The ongoing trade negotiation relates mostly to economics, but other discussions like humanitarian issues, national security, the South China Sea and Iran will also take place, he said.

Related Links:

China Experts Discuss Phase One Trade Deal Ahead Of Signing Ceremony

China No Longer A 'Currency Manipulator,' US Says, As Trade Deal About To Be Signed

Screenshot from CNBC. 

Posted-In: ChinaGovernment News Regulations Politics Global Media General Best of Benzinga

 

Related Articles (SPY)

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com