US Treasury Secretary Steven Mnuchin indicated yesterday that there was “no side agreements”, “no secret agreements”, regarding the trade deal phase one with China. That is, whether the US will further remove tariffs on Chinese goods “has nothing to do with the election or anything else”. Instead, “these tariffs will stay in place until there’s a phase two. If the president gets a phase two quickly, he’ll consider releasing tariffs as part of phase two.”
Mnuchin also reiterated that President Donald Trump has been very clear with his demand on China. “One was he wanted to reduce the trade deficit, and two — he wanted structural changes particularly around technology and other issues.”
The English version of the agreement is expected to be released today. Mnuchin said “people will be able to see there’s a very detailed dispute resolution process,” and “this is an enforceable agreement just as the president dictated it would be.”
