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Mnuchin Defends DOJ Antitrust Probe, Confirms Trip To China

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Mnuchin Defends DOJ Antitrust Probe, Confirms Trip To China

The U.S. Department of Justice is "absolutely right" to initiated investigations into big tech companies, U.S. Treasury Secretary Steven Mnuchin said in a CNBC interview Wednesday.

'No Question'

The Department of Justice confirmed it will undertake a wide waging review of big tech companies and this is an "important issue" to examine, Mnuchin said. One such potential example includes Amazon.com, Inc. (NASDAQ: AMZN) who "destroyed the retail industry" across the country and there is "no question" their is limited competitors to challenge the e-commerce company.

Mnuchin did say he doesn't have an opinion either way and he "looks forward" to any recommendations and findings from the relevant government bodies.

Packing For China

Mnuchin and U.S. Trade Representative Robert Lighthizer will be flying to China on Monday for at least two days, the secretary said. The trade delegation will be in Shanghai at the invitation of the Chinese government and this could be seen as a sign of progress towards a trade agreement.

A finalized trade deal is unlikely to be reached next week as a follow up meeting is likely to take place in Washington, he said.

One of the more pressing issues is Huawei's unclear status to conduct business with U.S. companies. However, the Commerce Department is open to issuing waivers to U.S. companies to sell Huawei items "that don't impact national security," Mnuchin said.

Related Links:

WSJ: More Government Scrutiny Coming For Big Tech Companies

Report: Huawei Helped Build North Korean Wireless Network

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Posted-In: Antitrust big techNews Futures Global Markets Tech Media

 

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