Mnuchin: I will push China, EU to agree balanced trade relations during G20 meeting
US Treasury Secretary Steven Mnuchin says he will push China and the EU to agree to a more “balanced” relationship on trade during a weekend meeting of the G20 finance ministers in Buenos Aires.
"It is definitely a realistic possibility so I wouldn't minimize the possibility. We've been very clear with our objectives," Mnuchin said ahead of the two-day G20 summit which is bringing together finance ministers and central bankers from the world's 20 leading economies.
His remarks came after US President Donald Trump described China, the EU and Russia as trade "foes" and threatened to hammer the entire $500 billion in goods the US imports from China with punitive tariffs.
"We share a desire to have a more balanced relationship and the balanced relationship is by us selling more goods (to China)," Munchin said.
He went on to say that China is interested in technology adding the US is pleased for China to have its technology companies there “as long as they do it in a way that our technology companies don't in any way feel the pressure to form joint ventures or transfer technology.”
The US official said there is a very large, growing opportunity that is good for both sides’ economies.
As for the EU, Mnuchin said the bloc would have to make considerable concessions in order for there to be a free-trade agreement between the two.
"My message is pretty clear, it's the same message the president delivered at the G7: if Europe believes in free trade, we're ready to sign a free trade agreement with no tariffs, no tariff barriers and no subsidies. It has to be all three."
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