Steven Mnuchin says economy is solid despite China trade war

Cornelia Mascio
Сентября 10, 2019

"The Trump administration is committed to promoting much needed reforms to the housing finance system that will protect taxpayers and help Americans who want to buy a home", Treasury Secretary Steven Mnuchin said in a news release. It hopes for a "near term" agreement allowing the two companies to retain their earnings, Mnuchin said in an interview with Fox Business Network. "We are going to try to see if we can do it in September [or] very soon after that".

He said, "There's no question there's been a considerable slowdown in the world economy both in China and in Europe".

Mnuchin said that the Trump administration will be looking at tax cuts 2.0 for the middle class.

High-level trade negotiations are due to take place in Washington next month after a summer of acrimony and deteriorating US-China trade relations. "It is something that will be something we will consider next year but right now the economy is in very, very good shape", he said. The next round of talks are scheduled to be held later this month. "We're meeting with lots of companies ..."

"So the fact that they buy things 15 per cent cheaper means that China is paying for indeed the tariff because when you look at the net economics, it's not costing United States companies anything because of the depreciation", he said.

Speaking with journalists, Mnuchin said that, while no decision has yet been made, the Trump administration is "looking at" penalizing its North Atlantic Treaty Organisation ally over that country's importation of the missile batteries, whose presence in Turkey the United States believes would compromise its F-35 stealth aircraft program and aid Russian intelligence.

Mnuchin said that he expects the governor of the People's Bank of China to come over for these talks.

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