Mnuchin says "there is a path to complete" U.S.-China trade deal
Source: CBS News
BY AIMEE PICCHI
JUNE 26, 2019 / 9:31 AM / MONEYWATCH
Treasury Secretary Steven Mnuchin said "there is a path" to the U.S. completing a trade deal with China, with his remarks on CNBC Wednesday coming ahead of President Donald Trump's meeting with China's Xi Jinping at the Group of Twenty Summit in Osaka, Japan, on Saturday.
As the trade talks approach, the U.S. is reportedly willing to hold off on levying the next round of tariffs on Chinese imports, which would target an additional $300 billion of Chinese-made goods, Bloomberg said, citing people familiar with the plans.
Stocks are poised to open higher on Wednesday on word of the potential progress in a trade standoff that could affect nearly $1 trillion in commerce involving the world's two biggest economies, with the Dow pointing to a gain of about 100 points.
A trade deal with China would alleviate investor concern that the Trump administration's trade war will crimp corporate profits and create economic headwinds. If the U.S. moves forward with imposing tariffs on the remaining $300 billion of Chinese imports, world economic output could be reduced by 0.4% next year, Fitch Ratings said in a Wednesday research note.
Read more: https://www.cbsnews.com/news/mnuchin-says-there-is-path-to-complete-u-s-china-trade-deal/
beachbum bob
(10,437 posts)Iliyah
(25,111 posts)Plus, Powell will be forced out and an incompetent kiss arse will replace him causing a more rapid downward spiral on the economy.
t-rump and the Republican party have caused this.