Mnuchin 'very hopeful' on trade talks with EU, Japan

Treasury Secretary Steven Mnuchin is "very hopeful" the US can make progress brokering separate free trade deals with...

Posted: Jul 22, 2018 2:36 PM
Updated: Jul 22, 2018 2:36 PM

Treasury Secretary Steven Mnuchin is "very hopeful" the US can make progress brokering separate free trade deals with the European Union and Japan during a weekend summit in Buenos Aires.

"I'm encouraged by the EU's trade agreement with Japan," Mnuchin said Saturday in an interview with CNN at the sidelines of the G-20 meeting in Argentina.

The EU and Japan signed a massive trade deal earlier this week, cutting or eliminating tariffs on nearly all goods. The deal is in contrast to escalating trade disputes between the US and several of its major allies, including the European Union.

Related: EU and Japan sign trade deal covering a third of the world's economy

The EU-Japan agreement, which covers 600 million people and almost a third of the global economy, will remove tariffs on European exports such as cheese and wine. It will also reduce barriers on Japanese automakers and electronic firms in the European Union.

President Donald Trump has imposed tariffs on a range of foreign goods from Europe, Canada, Mexico and other trading partners, and is threatening even more action.

Mnuchin said he is still reviewing the details of the EU-Japan agreement, but stressed that any free trade deal with the EU would have to go beyond cutting tariffs on goods.

"This has to be about dropping non-tariff barriers and subsidies as well. This has to be a deal with its entirety," he said.

Related: Treasury's Mnuchin: 'I don't think we're in a trade war'

The Trump administration has been urging the European Union to lower their trade barriers to reach an agreement. But talks between the two countries stalled after President Trump imposed tariffs on steel and aluminum imports, saying the move was needed to protect US national security. He's also threatened to do the same on auto imports.

EU trade commissioner Cecilia Malmstr-m said last month that Europe was willing to lower some of its tariffs and cooperate with the United States. But the Trump administration "closed the door" on the talks after slapping tariffs on the EU. The 28-member bloc has also has responded with its own retaliatory tariffs on American goods such as bourbon whiskey and Harley-Davidson motorcycles.

Next week, Trump is hosting European Commissioner Jean-Claude Juncker at the White House to continue trade talks, including the possibility of averting import tariffs on European automakers. The secretary said he is "looking forward" to those discussions.

At the G20 meeting, Mnuchin will be holding a number of bilateral meetings with counterparts, including Japan's finance minister Taro Aso to discuss trade and other issues, he said.

Related: EU trade official: US 'closed the door' on tariff talks

The secretary has been caught in the cross hairs of escalating trade tensions as he meets global counterparts. The Trump administration continues to take steps to ratchet up pressure on the EU and China.

The United States has imposed a 25% tariff on $34 billion worth of China's exports. China has retaliated in kind. Another $16 billion in tariffs on China are set to take effect this month.

This week, Trump accused both Europe and China of artificially weakening their currencies. He also said he's "ready to go" with $500 billion in tariffs on Beijing.

Mnuchin, who has led the talks with China, said "anytime that China is willing to seriously negotiate, we're available."

The secretary has previously told lawmakers talks with Beijing had "broken down," and has refrained from saying how the stalemate might end.

"There are issues that need to be resolved," said Mnuchin.

"If we're successful in making changes in China, that's good for us, that's good for Europe, that's good for the global economy," said Mnuchin.

--CNN's Alanna Petroff and Ivana Kottasov- contributed to this report

Terre Haute
Clear
64° wxIcon
Hi: 77° Lo: 45°
Feels Like: 64°
Robinson
Clear
64° wxIcon
Hi: 78° Lo: 44°
Feels Like: 64°
Indianapolis
Partly Cloudy
63° wxIcon
Hi: 74° Lo: 47°
Feels Like: 63°
Rockville
Partly Cloudy
63° wxIcon
Hi: 76° Lo: 44°
Feels Like: 63°
Casey
Clear
68° wxIcon
Hi: 77° Lo: 47°
Feels Like: 68°
Brazil
Clear
64° wxIcon
Hi: 76° Lo: 45°
Feels Like: 64°
Marshall
Clear
64° wxIcon
Hi: 78° Lo: 45°
Feels Like: 64°
Clear & Cool
WTHI Planner
WTHI Temps
WTHI Radar

Latest Video

Image

The COVID-19 booster shot

Image

Vigo County Veteran's Court graduates 40th member

Image

A little rain chance - and then nice. Here's look at the weekend forecast

Image

Terre Haute church works to collect items for evacuated Afghan kids

Image

The Paris Honey Bee Festival

Image

Explore Wabashiki

Image

Pow Wow Day in Vigo County

Image

Daviess County offers $5,000 to people to move to the community

Image

Workforce Fit

Image

Duke Energy plans to bring solar farms to Sullivan County

WTHI Events

 

Illinois Coronavirus Cases

(Widget updates once daily at 7 p.m. CT)

Cases: 1608825

Reported Deaths: 27176
CountyCasesDeaths
Cook61448710970
DuPage1040741359
Will874621090
Lake772361061
Kane65993851
Winnebago39106545
Madison38249578
St. Clair35065570
McHenry33116316
Peoria26021362
Champaign25923183
Sangamon24663271
McLean21935208
Tazewell19792326
Rock Island17877346
Kankakee16821235
Kendall15501107
Macon14525244
LaSalle14520275
Vermilion13288190
Adams12718148
DeKalb11695129
Williamson11483159
Whiteside7925176
Jackson772889
Boone761282
Coles7381113
Ogle715787
Grundy702881
Franklin691399
Clinton682098
Knox6677164
Marion6559138
Macoupin649399
Henry624074
Jefferson6086132
Effingham608582
Livingston572896
Woodford555191
Stephenson548889
Randolph530297
Monroe509199
Christian493980
Fulton489670
Morgan488196
Logan478674
Montgomery469276
Lee459558
Bureau428388
Perry415871
Saline411764
Fayette401358
Iroquois395873
McDonough356256
Jersey323153
Shelby315643
Douglas307336
Crawford306030
Lawrence301931
Union297147
Wayne274657
White266830
Richland263255
Hancock258434
Pike256856
Clark251938
Cass251528
Bond244424
Clay240747
Edgar236345
Ford235656
Warren226061
Carroll225837
Johnson214424
Moultrie212431
Jo Daviess206926
Washington206227
Wabash201616
Greene200939
Mason200151
Massac199544
De Witt196330
Piatt191414
Mercer191234
Cumberland179325
Menard159812
Jasper153118
Marshall134921
Hamilton129521
Brown10198
Pulaski98711
Schuyler9728
Edwards96615
Stark77027
Gallatin7496
Scott6975
Alexander67811
Henderson65614
Calhoun6452
Hardin56114
Putnam5454
Pope4845
Unassigned1892432
Out of IL80

Indiana Coronavirus Cases

(Widget updates once daily at 8 p.m. ET)

Cases: 944708

Reported Deaths: 15343
CountyCasesDeaths
Marion1287051987
Lake634321097
Allen53759760
Hamilton43980448
St. Joseph42010590
Elkhart33651491
Vanderburgh30486449
Tippecanoe26872250
Johnson23685417
Hendricks22354341
Porter21799347
Clark17493231
Madison17439384
Vigo16209284
Monroe14515191
LaPorte14350239
Delaware14134222
Howard13921273
Kosciusko11448135
Hancock10886166
Warrick10715177
Bartholomew10589169
Floyd10471206
Wayne10020226
Grant9165204
Morgan8895160
Boone8417111
Dubois7748123
Dearborn764990
Henry7648130
Noble7435101
Marshall7384128
Cass7209117
Lawrence6999153
Shelby6616111
Jackson659186
Gibson6177107
Harrison606286
Huntington603195
Montgomery5830105
DeKalb578391
Knox5506104
Miami545788
Putnam540568
Clinton535965
Whitley526553
Steuben499768
Wabash486292
Jasper481860
Jefferson472892
Ripley456077
Adams445568
Daviess4209108
Scott407965
White392957
Clay392857
Greene390592
Wells388784
Decatur385996
Fayette377278
Posey361541
Jennings354356
Washington333747
LaGrange323575
Spencer319536
Fountain317955
Randolph314889
Sullivan308449
Owen284863
Starke281464
Fulton280054
Orange276859
Jay256338
Perry252552
Carroll244929
Franklin240538
Rush235630
Vermillion234450
Parke221020
Tipton210555
Pike209539
Blackford169634
Pulaski165551
Crawford146718
Newton145245
Benton143516
Brown135546
Martin129317
Switzerland126210
Warren115516
Union97711
Ohio80111
Unassigned0479