On the sidelines of the G20 finance minister meeting in Fukuoka, Japan, US Treasury Secretary Steven Mnuchin US-China trade negotiation is at a crossroad like that ahead of the December G20 meeting in Buenos Aires. He said Trump needs to “see action” to make sure Chinese President Xi is heading “in the right direction” regarding the trade deal. Mnuchin added that Trump will make a decision after the Trump-Xi meeting in Osaka on June 28-29 G20 leader summit.
He also emphasized that “if China wants to move forward with the deal, we’re prepared to move forward on the terms we’ve done. If China doesn’t want to move forward, then President Trump is perfectly happy to move forward with tariffs to rebalance the relationship”. And, if no agreement is made “the end result will be that my expectation is that many companies will move their production out of China to other locations”.
On Huawei’s banning, he said “what the president is saying is, if we move forward on trade, that perhaps he’ll be willing to do certain things on Huawei if he gets comfort from China on that and certain guarantees”. However, he emphasized “these are national security issues”.
Also, Mnuchin said he “had constructive meeting with PBOC Governor Yi Gang, during which we had a candid discussion on trade issues.”
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