Both sides have exchanged barbs, and China has threatened to retaliate with tariffs on $3 billion worth of U.S. goods. Financial markets have taken a hit as investors fear a potential global trade war, with U.S. stocks last week suffering their biggest weekly drop since early 2016. In the Fox interview, Mnuchin said while the U.S. was not bluffing with its tariff threats, Washington was simultaneously talking to Beijing to see if a deal could be reached.
Mnuchin says he’s ‘cautiously hopeful’ that China tariffs can be avoided
U.S. Treasury Secretary Steven Mnuchin has left the door open for a trade deal with China, but at the same time has insisted the Trump administration won’t back down in its push for more balanced trade between the two nations. He signaled that stance in a “Fox News Sunday” interview amid tensions triggered by U.S. plans to impose tariffs on Chinese imports worth $60 billion.
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