US Treasury Secretary Not Ruling Out New Tariffs On Chinese Goods On December 15

US Treasury Secretary Stephen Mnuchin said on Monday he did not rule out introduction of new tariffs against China on December 15, but still hoped to conclude a deal that would prevent it

WASHINGTON (UrduPoint News / Sputnik - 14th October, 2019) US Treasury Secretary Stephen Mnuchin said on Monday he did not rule out introduction of new tariffs against China on December 15, but still hoped to conclude a deal that would prevent it.

"I have every expectation if there's not a deal those tariffs would go in place. But I expect we'll have a deal," Mnuchin said in an interview with CNBC, answering about the planned introduction of duties against China on December 15.

US and Chinese negotiating teams will continue to work out the completion of the first phase of the trade deal in phone talks this and next week, he said.

"I would describe phase one as quite substantial. And as the President has said as soon as we get phase 1 complete, we'll move to phase 2," Mnuchin said, noting that there is general agreement on the parameters of the transaction, but some work remains to be done.

The next round of trade negotiations between the US and China took place on Thursday and Friday. The most important decision of the US administration based on their results was the agreement to postpone the introduction of duties on Chinese goods imported into the United States, which was scheduled for October 15. US President Donald Trump said the first phase of the US deal with China could be signed at the APEC summit in Chile in mid-November. According to Mnuchin, the deal covers issues related to intellectual property, financial services, and $40-$50 billion worth of agricultural products.