Documents to be released Wednesday will show skeptics that a Phase 1 US-China trade agreement will be fully enforceable, including a pledge by China to refrain from manipulating its currency, USTreasury Secretary Steven Mnuchin said Tuesday.
President Trump is due to sign the trade pact with Chinese Vice Premier Liu He at a ceremony at the White House, marking a truce after 18 months of tit-for-tat tensions that have stalled US business investments and dampened global growth.
“Tomorrow we’ll be releasing the documents and people will be able to see there’s a very detailed dispute resolution process,”Secretary Mnuchin said in a TV interview. “This is an enforceable agreement just as the President dictated it would be.”
He pushed back against what he described as “misreporting” that suggested the world’s 2 largest economies had concluded agreements outside the Phase 1 trade deal.
US tariffs on Chinese goods would remain in place until an enforceable Phase 2 agreement was reached, he said.
“There’s no side agreements. The only way the president will be reducing the tariffs is if there is a Phase 2 part of the agreement that is also fully enforceable,” he said.
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