• News
  • World Media

Mnuchin says Trump could ease up on Huawei if trade talks advance

Mnuchin says Trump could ease up on Huawei if trade talks advance

Treasury Secretary Steven Mnuchin said the US remains open to continued negotiations with China on trade - just don't expect any break through this weekend.

"If they want to come back to the table and have a real agreement we will negotiate".

"If we can't have that, the end result will be that my expectation is that many companies will move their production out of China to other locations", due to tariffs, Mr Mnuchin said.

Mr Mnuchin told reporters on the sidelines of the G-20 finance leaders meeting in Japan that the Trump-Xi meeting was the "next important meeting" in the trade dispute.

That meeting, which is scheduled for Sunday, would be the first contact between top American and Chinese economic officials since trade talks between the world's two largest economies abruptly broke down last month.

The meetings were reportedly held with companies identified as relevant by the Chinese as the country's response to Trump's administration adding Chinese technology giant Huawei to a trade blacklist.

In the second half of the day, the G20 finance ministers and central bank governors will meet behind closed doors to discuss a road map for a new global tax system that meets the demands of the digital age.

Washington has put Huawei on a blacklist that effectively bans USA firms from doing business with it, and has put pressure on its allies also to shut Huawei out, arguing that Huawei could use its technology to carry out espionage for Beijing.

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




Tariffs imposed by the world's top two economies could make a "significant dent" in the global recovery, added Lagarde.

"As the president has said, if we can get the right agreement, that's great".

He, however, warned the United States would press on with tariffs if a deal could not be reached.

He said, "There's no question where we are now, that this is a result of them backtracking on significant commitments", adding, "For whatever reasons they chose to do that, I'll leave to them".

He acknowledged that other policymakers had voiced concerns over the economic impact of a prolonged trade war but pointed to a potential boon for other countries.

By a quirk of the calendar, G20 trade ministers are also meeting the same weekend in Japan but the finance ministers will be tackling the current tensions and their economic consequences.

The U.S. government has expressed concern in the past that the European push for a "digital tax" unfairly targets U.S. tech giants. "If they don't, we'll proceed with our tariffs", Mnuchin told reporters on Saturday.

"The critical meeting will be between the two presidents", said Mnuchin.

The representatives from Japan, US, China, France and the United Kingdom supported modifying their current regulations that allow digital giants such as Amazon, Google and Facebook to be taxed where they are headquartered, and instead implement taxes based on their revenue and number of users in every market where they operate.

Leave Your Comment

Leave Your Comment


Latest News

Breaking News



Recommended

US, Mexico sign agreement to slow immigration, avoid tariffs

US border officers apprehended more than 132,000 people crossing from Mexico in May, the highest monthly level since 2006. His announcement of a deal came after three days of Mexico-U.S. negotiations in Washington.

Djokovic blasts worst ever conditions after Paris exit

Thiem was ahead in fourth set too, but Djokovic came from behind and claimed the fourth set to push the match in fifth round. He beat Roger Federer on Friday in the other semifinal match, which was played before the start of Djokovic and Thiem's.

Media misreport Dutch teen Noa Pothoven's death as euthanasia

She told De Gelderlander that it was "nice to see her again", though the circumstances were "surreal". "I will never forget her". As a result she suffered from a post-traumatic stress disorder (PTSD), depression and anorexia .

Kawhi files lawsuit against Nike over 'Klaw' logo

The ultimate goal of the lawsuit is for Leonard to reclaim sole control over the logo so he can do with it as he pleases. According to ESPN's Tim Bontemps , the lawsuit states that Leonard designed the logo just after being drafted.

Apple Is About to Kill iTunes - And Here's the Proof

Did you know we have a YouTube Channel ? The fate of the iTunes store for Microsoft Windows is still unclear though. By 2013, more than 25 billion songs were sold and another 40 billion apps.

Osaka stages second Houdini act at Roland Garros

The U.S Open and Australian Open champion from Japan, who surprisingly lost a set 6-0 in the first round, again started poorly. Djokovic's next opponent, 147th-ranked Salvatore Caruso of Italy, reached the main draw via the qualifying tournament.

Missouri May Shut Down Remaining Abortion Clinic By Friday

The American Civil Liberties Union of Missouri filed notice Tuesday that it will pursue a referendum to repeal the law . Democrats have criticised the bill, calling it an outrageous, appalling, and unconstitutional attack on women.

Apple Is Ending iTunes (Report) | apple, iTunes

So, if you're also wondering what Apple might announce at WWDC this year, here's what we're expecting to see. The screenshots reveal how Dark Mode in iOS 13 would look like, the new Reminders app, and more.

Drake, Raptors 'superfan,' has Warriors tattoos honoring Stephen Curry, Kevin Durant

Obviously, the Warriors have the huge edge in Finals experience as this is their fifth straight season playing for a title. But let's see how the Warriors and Raptors stack up by ranking every player in the series, No. 27 through No. 1.

Video shows man set himself on fire near White House

The saddest thing I've ever seen. "Secret Service personnel are on scene assisting [National Park Service] and [U.S. The video shows what appears to be a fire extinguisher used on the fire. "Please pray for their soul".