US and China to sign phase one trade pact in early January, Steven Mnuchin says
- Agreement will not be subject to any renegotiation and is already on paper and translated, US Treasury secretary adds
- Mnuchin says increased Chinese purchases will add half percentage point to US economic growth in next two years
US Treasury Secretary Steven Mnuchin said on Thursday that the United States and China would sign their so-called phase one trade pact early next month, adding that it was completely finished and just undergoing a technical “scrub”.
Mnuchin, speaking on CNBC, said that the trade deal had already been put down on paper and translated and that it would not be subject to any renegotiation.
“We are going through a technical issue now where again the agreement is translated,” Mnuchin said. “I don’t expect there’s any changes. We’ll sign the agreement in the beginning of January.”
He said the focus would be on implementing the first phase, which calls for US farm product exports to China to roughly double over the next two years.
Overall, Mnuchin told CNBC television, increased Chinese purchases of US agricultural, manufactured goods, energy and services would add about a half percentage point to US economic growth during the next two years.
