Trump unafraid of trade war with China: US treasury secretary
US Treasury Secretary Steve Mnuchin says President Donald Trump intends to implement $60 billion in tariffs on Chinese imports, adding that Washington is “not afraid” of a trade war with Beijing.
Unless a deal is reached with China, Trump will implement the tariffs targeting sectors in which Beijing has "stolen" American technology, Mnuchin said on Sunday in an interview with Fox News.
The head of the US Treasury Department repeated Trump's assertion that "we are not afraid of the trade war."
"I'm cautiously hopeful we reach an agreement, but if not we are proceeding with these tariffs. We are not putting them on hold unless we have an acceptable agreement that the president signs off on," he said.
China threatened the US on Friday with tariffs on $3 billion worth of American goods in response to Trump's new trade measures.
China’s Commerce Ministry released Friday a list of potential tariffs on $3 billion worth of US goods that it could impose in response to new US trade duties.
The ministry said the list was aimed at offsetting the losses incurred from US tariffs on steel and aluminum imports which were announced earlier in March and are due to take effect on Friday.
Trump on Thursday hit China with tariffs on up to $60 billion of imports to retaliate against the "theft" of American intellectual property, ratcheting up trade tensions between the world's two largest economies.
Saying it would be the "first of many" trade actions, Trump signed the order that also could result in restrictions on Chinese investment in the US.
The move sent stocks diving amid rising market fears that WAshington could provoke a trade war with Beijing.
During Sunday’s interview, the US treasury secretary said the measures spell long-term benefits for the economy.
"The market will go up and down in the short term (but) the real important issue is where will it be longer-term," Mnuchin said.
"I think what we're doing is, long-term, very good for the economy, which was pressing for free and fair trade and to the extent that China is willing to open up their markets." "If they open up their markets, it's an enormous opportunity for US companies."
The goods deficit with China alone rose 8 percent during Trump’s first year in office to a record $375 billion, or nearly half the total global gap between US imports and exports.
Trump has repeatedly blamed unfair trade deals and abusive practices by low-wage countries like China and Mexico for the massive US trade deficit and the loss of high-paying US factory jobs.
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