Trade deal with China to boost global economy: US Treasury Secretary Mnuchin

Speaking to Press at Doha Forum in Qatar, US Treasury Secretary Steven Mnuchin said on December 14 that “phase one” tre deal between United States and China was “very good” for global ecomic growth, and ded that second phase could come in several steps. Treasury Secretary furr said that full details of new deal, or a factsheet on “phase one”, would come out later on Sunday after both sides do fact and langu checks.

deal with China aimed to create more reciprocal tre relations for many years, he ded. On Friday, US and China anunced a “phase one” agreement that reduces some of US tariffs in exchange for Chinese purchases of American farm products and or goods. 

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US to proceed to "phase two" of tre deal

US Treasury Secretary said that phase one deal will come to effect in January which will be followed by phase two. To implement deal, y will have to come to an enforcement agreement after which furr negotiations can begin, he said. Mnuchin also mentioned that re are also or important issues left to be able to proceed to 'phase two' - wher re will be a ‘phase two A’, ‘phase two B’ and ‘phase two C’.

He said deal will boost global growth and that US continued to remain “bright spot” of global ecomy, while Europe and Asia were slowing down.

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Mnuchin on Elections, Iran, sanctions

When Mnuchin was asked if he believed that US President Donald Trump will once again be re-elected, he said that matter what occurs, he has fair chances of winning. He reasoned it saying that Trump has built an incredible ecomy and is very focused on national security.

Besides this, Treasury Secretary also spoke about Iran saying that he believed United States campaign of maximum pressure on Iran was working and has drastically reduced Tehran’s ability to sponsor what Washington sees as terrorist groups abro.

Mnuchin also answered to probability if Washington’s bro and regular use of sanctions against many nations could undermine long-term status of dollar as global reserve currency. He explained that sanctions were often an alternative to open military conflicts. He moreover cautioned US on sanctions as people could start using or currencies. 

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(With inputs from ncies)

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