Treasury Secretary Steven Mnuchin weighs in on the recent trade talks with China, saying if there is no deal reached in the coming weeks, he predicts another set of tariffs to be implemented.
Mnuchin made those remarks during a CNBC interview Monday, saying, “If there’s not a deal, those tariffs would go in place – but I expect we’ll have a deal.”
The secretary of the treasury was referring to another round of tariffs scheduled for December 15.
This comes just days after President Trump announced the U.S. had reached a “very substantial Phase One deal” with the Chinese delegation during high-level trade talks in Washington last week.
According to the president, the second phase of the trade deal will start quickly after Phase One is signed.
President Trump made those remarks from the Oval Office on Friday saying the deal will be very beneficial for American farmers and will be sculpted over the coming weeks.
The deal reportedly addresses various topics of contention between the U.S. and China including intellectual property and financial services.
President Trump took to twitter over the weekend to explain how China has already started importing “very large quantities” of American agricultural products.
He also mentioned he will not increase tariffs targeting Chinese goods on October 15.
Meanwhile, President Trump also touted the deal’s nature saying it will not need to go through the typical congressional approval process to be enacted.
The president is expected to sign Phase One, making the deal official, in the coming weeks, before moving on to Phase Two.
Negotiations between the countries took place last week, and included various officials including United States Trade Representative Robert Lighthizer and Secretary Mnuchin.
The trade war has been ongoing for around a year now, which has involved both Beijing and Washington imposing retaliatory tariffs on each other’s goods.