Coronavirus Has 'Slowed Down' Phase 1 Trade Deal Implementation, Says Mnuchin
The Trump administration's "biggest focus" in its trade relations with China is implementing the phase one deal that takes effect Friday, Treasury Secretary Steve Mnuchin told a Senate Finance Committee hearing Wednesday on the administration's proposed fiscal 2021 budget. Implementing…
Sign up for a free preview to unlock the rest of this article
Communications Daily is required reading for senior executives at top telecom corporations, law firms, lobbying organizations, associations and government agencies (including the FCC). Join them today!
phase one has "slowed down" amid the coronavirus epidemic, said Mnuchin, a top negotiator in the phase one talks with China. Implementing phase two could come gradually, he said. President Donald Trump "doesn't want to set arbitrary timelines," he said. That the administration has left "significant tariffs" in place on Chinese imports gives the Chinese incentive to work with the U.S. on phase two, he said. When Sen. Ben Sasse, R-Neb., expressed skepticism that China would follow through on its phase one commitments on forced technology transfer or intellectual property reforms. Mnuchin replied, "The difference here is this agreement has real enforcement."