Market News & Headlines >> Mnuchin: China Trade Commitments Not Changed
Contrary to rumors, China's commitments in the Phase-One trade deal with the U.S. were not changed during a lengthy translation process and will be released this week as the document is signed in Washington D.C., U.S. Treasury Secretary Steven Mnuchin said on Sunday.
Mnuchin told Fox News Channel that the deal reached on Dec. 13 still calls for China to buy $40 billion to $50 billion worth of U.S. agricultural products annually and a total of $200 billion of U.S. goods over two years. "It wasn't changed in translation. I don't know where that rumor started," Mnuchin said on the "Sunday Morning Futures with Maria Bartiromo" show.
"We have been going through a translation process that I think we said was really a technical issue," Mnuchin said. "And the language will be released this week. So, I think it is -- the day of the signing, we will be releasing the English version."
Beijing so far has not confirmed the purchase commitments. Chinese officials have been careful not to publicly discuss details of the trade deal, because Washington has changed its position multiple times during negotiations, three Chinese officials with knowledge of the situation told Reuters News Service last week.
Doubts have been raised about the $40-$50 billion purchase commitment after China abandoned its plan to roll out a nationwide 10% ethanol blend in motor fuel this year and a senior Chinese agriculture ministry official said China would not raise its low-tariff import quotas (TRQs) for corn, wheat or rice to facilitate larger purchases of U.S. farm goods.