Tags: China | Financial Markets | Trump Administration | steven mnuchin | tariffs | treasury secretary | trade deal

Mnuchin: China Tariffs to Remain on Until Phase 2 Deal

steven mnuchin adjusts his ear piece while preparing for a news conference with an american flag in the background
Treasury Secretary Steven Mnuchin (Esteban Felix/AP)

Tuesday, 14 January 2020 08:27 PM

Treasury Secretary Steven Mnuchin said late Tuesday the United States would keep in place tariffs on Chinese goods until the completion of a second phase of a U.S.-China trade agreement.

The news came hours before the signing of a preliminary trade agreement to ease an 18-month-old trade war between the world's two largest economies.

Wall Street stocks dipped Tuesday, reversing earlier intraday record highs, after media reported the United States would likely maintain tariffs on Chinese goods past November's presidential election.

"We should not expect further tariff relief until after the November Presidential elections, suggesting that today's agreement is probably as good as it gets for 2020," said Tapas Strickland, director of economics at National Australia Bank.

U.S. Treasury yields ticked down as investors took stock of weaker-than-expected consumer prices and the expected signing of the interim trade deal, with benchmark 10-year note yield falling to 1.807%.

Markets were also absorbing news the U.S. government is nearing publication of a rule that would vastly expand its powers to block shipments of foreign-made goods to China's Huawei, as it seeks to squeeze the blacklisted telecoms company, two sources said.

© 2020 Thomson/Reuters. All rights reserved.

   
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The United States would keep in place tariffs on Chinese goods until the completion of a second phase of a U.S.-China trade agreement, Treasury Secretary Steven Mnuchin said late Tuesday.
steven mnuchin, tariffs, treasury secretary, trade deal, phase 1, phase 2
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2020-27-14
Tuesday, 14 January 2020 08:27 PM
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