Economy

U.S. Treasury Chief: Trump 'Perfectly Happy' to Tax More Chinese Imports

U.S. Treasury Chief: Trump 'Perfectly Happy' to Tax More Chinese Imports

Mnuchin made the comment in a Twitter post Sunday showing him shaking hands with Yi Gang, governor of the People's Bank of China.

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.

The leaders said that despite the risks, global growth appeared to be stabilizing and was expected to pick up later this year and next year. Following 30 hours of wrangling in what one official described as a "tense" atmosphere, G20 finance minister and central bank chiefs produced a hard-fought final statement acknowledging that "growth remains low and risks remain tilted to the downside".

"Most importantly, trade and geopolitical tensions have intensified", they said, adding that they "stood ready to take further action" if required.

Finance ministers and central bank chiefs from the Group of 20 major economies met Sunday in Japan and indicated rising trade tensions between the USA and China was the main concern.

Trade battles were front and centre of policymakers' minds as the U.S. and China continue to threaten each other with tariffs that economists fear could hamper global growth.

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News of the meeting comes the same day Treasury Secretary Steven Mnuchin announced Trump and Chinese President Xi Jinping are slated to meet later in June amid stalled trade talks.

This group of financial leaders met in Japan over the weekend, ahead of the G20 summit, where these statements were issued as part of a draft communique. The statement also contains no admissions that the deepening US-China trade conflict was hurting global growth. The Treasury secretary added that Trump hasn't decided if he will impose the additional tariffs he mentioned Thursday.

China and the U.S. have publicly traded barbs since before the blacklist, but a June deal between Russia's largest network provider and Huawei to build 5G internet marked a significant escalation in the hostile dialog between the countries.

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. But those talks hit an impasse last month, prompting higher tariffs on both Chinese and USA goods as the conflict nears the end of its first year.

The deletion, which G20 sources told the Reuters news agency came at the insistence of the U.S., shows a desire by Washington to avoid encumbrances as it increases tariffs on Chinese goods. "We recognize our business community's call for the G20 to continue supporting the multilateral trading system".

In December 2018, G20 leaders had come to an agreement about reviewing reforms in WTO during their summit scheduled to take place later this month.


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