Mnuchin: US-China trade deal 'substantially done'

(14 Oct 2019) Amid questions about what phase-one of the U.S.-China trade deal actually means, US Treasury Secretary Steven Mnuchin insisted Monday the two countries "have an agreement in principle."

"This is like when you buy a building, you've reached an agreement to buy a building, and now you've got to negotiate the contract," Mnuchin told reporters outside the White House.

Mnuchin said the document is "substantially done," but added that there is more "execution work to be done."

President Donald Trump and Chinese VIce Premier Liu He announced a temporary truce in the 15-month trade war on Friday, yet the grievances that led them to impose tariffs on hundreds of billions of dollars of each other's goods remain largely unresolved.

Mnuchin said both sides expect to have phase one of the deal signed by the APEC Summit in Chile in mid-November.

The Treasury Secretary also spoke about the possibility of imposing tough economic sanctions on Turkey, a move that Trump has repeatedly threatened if the Turks were to push too far into Syria.

Mnuchin said "the sanctions are ready to do," adding that the national security team will be briefing President Trump on Monday and "when he makes hte decision, we'll act."



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