US not afraid of a trade war with China: Treasury Secretary
(VOVWORLD) - US Treasury Secretary Steve Mnuchin said President Donald Trump had no intention of backing down and was not concerned with a trade war despite threats of retaliation from China over US plans to impose tariffs on Chinese goods.
US Treasury Secretary Steve Mnuchin (Photo: Xinhua/ VNA)
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Mr. Mnuchin said on Sunday that the US will proceed with their tariffs, but a trade war is not their objective.
A presidential memorandum signed by Trump last week will target up to 60 billion USD in Chinese goods with tariffs over what his administration says is misappropriation of U.S. intellectual property, but only after a 30-day consultation period that starts once a list is published. Trump gave the Treasury Department 60 days to develop investment restrictions aimed at preventing Chinese companies and funds from acquiring U.S. firms with sensitive technologies.
Mnuchin said he believed the United States could reach an agreement with China on some issues, but said tariffs would not be put on hold “unless they have an acceptable agreement that the president signs off on.”