Treasury Secretary Mnuchin says a 'phase 2' US-China trade deal will reverse more tariffs
The phase-one trade deal between the US and China is scheduled to be signed at the White House later today, and Treasury Secretary Steven Mnuchin is already promising tariff rollbacks in the next agreement.
Mnuchin's statement arrives hours before top American and Chinese officials are expected to ink the first major deal in the trade war since it began in summer 2018. The agreement calls on China to purchase up to $200 billion worth of US goods. The nation is also expected to tighten intellectual property laws and boost transparency within its financial sector.
The phase-one agreement was initially set to reverse some of the $360 billion worth of tariffs the Trump administration has levied on China, but officials have sincethrough the Wednesday deal. There's still a chance the US lowers tariffs after China meets certain criteria set in the preliminary deal, though specific deadlines or deescalation methods haven't been established.
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