Publicado: Mier, Junio 12, 2019
Global | Por Milagro Delgado

Mnuchin threatens China with tariffs if they bail on trade deal

Mnuchin threatens China with tariffs if they bail on trade deal

The statement capped two days of talks in the western Japanese port city of Fukuoka that also addressed the issue of taxing internet giants and, for the first time, the economic challenges posed by ageing.

Officials said that although growth appears to be stabilising, it "remains low and risks remain tilted to the downside", according to the statement.

"People talk about the economic risk of trade wars" however "they should be even more focused on the benefits of having a great trade agreement", Mnuchin said, noting that there's no evidence of the US economy taking a hit from tariffs. "Only one week was needed for the U.S. president's claim that he was ready to negotiate with Iran to be proven hollow", foreign ministry spokesman Abbas Mousavi said.

Japan's Finance Minister Taro Aso answers a question during a news conference of the G20 finance ministers and central bank governors meeting in Fukuoka, Japan June 9, 2019.

The United States now is imposing 25% taxes on $250 billion in Chinese goods.

International Monetary Fund chief Christine Lagarde said that trade conflicts pose the "principal threat" to the global economic outlook.

Mnuchin described the planned meeting as having parallels to the two presidents' December 1 meeting in Buenos Aires, when Trump was poised to hike tariffs on $200 billion worth of Chinese goods.

Nevertheless, Mnuchin also pointed to the positive boost to the world economy that could result from a breakthrough in trade talks, likely to be the main focus of a meeting between the U.S. and Chinese leaders at a G20 summit later this month.

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Meanwhile, Yi, in an interview with Bloomberg News on Friday, had said that the discussion of trade with Mnuchin would be "uncertain and hard", and he insisted that China could withstand a prolonged trade fight with the US.

President Trump and Chinese President Xi Jinping plan to meet at a Group of 20 summit late this month, the US treasury secretary said, offering a prospective break in trade hostilities that are weighing on global growth.

Beijing has counterpunched by targeting $110 billion worth of American products, focusing on farm goods such as soybeans in a deliberate effort to inflict pain on Trump supporters in the USA heartland.

Mnuchin said the United States was prepared to come to a deal with China, but also to maintain tariffs if necessary.

Japan, the world's third-largest economy, is hosting the G20 for the first time since it was founded in 1999. "If not, we'll go forward with our plan" to impose more tariffs, Mnuchin said during a briefing Saturday in Fukuoka, Japan.

Mnuchin said U.S. President Donald Trump and Chinese President Xi Jinping would meet at a June 28-29 G20 summit in Osaka.

The G20 ministers heaved a sigh of relief just hours before the meeting when the USA and Mexico clinched a deal over immigration that stopped Washington imposing five percent tariffs on Mexican goods. They stopped short of calling for a final solution to the U.S. Mr Trump raised tariffs on about US$200 billion (S$272 billion) in Chinese imports to 25 per cent in response.

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