Mnuchin, US Treasury Secretary: "If Fair Competition Fails, Decoupling from China"

▲Steven Mnuchin, U.S. Secretary of the Treasury [Image source=Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Steven Mnuchin, U.S. Secretary of the Treasury, stated that if there is no fair competition with China, we will see "decoupling."

Decoupling refers to a phenomenon where one country's economy moves independently of another country's economic trends.

Following Peter Navarro, Director of the White House Office of Trade and Manufacturing Policy's remarks about the "termination of the U.S.-China trade agreement" the day before, even President Donald Trump stepped in to manage the situation, which is interpreted as indicating that the agreement remains a valid negotiation card.

On the 23rd (local time), Secretary Mnuchin made these remarks during a virtual meeting hosted by Bloomberg News and investment firm Invesco. It means that if China does not treat the U.S. fairly, the economic relationship with China will be reduced.

Earlier, President Donald Trump mentioned on the 14th of last month that "we could cut all ties with China," and on the 18th, he also stated, "The U.S. will definitely maintain complete decoupling from China as a policy option under various conditions."

Secretary Mnuchin added, "If we can have fair competition with China, it will be a great opportunity for American companies and workers."

Regarding the U.S.-China Phase One trade agreement, Secretary Mnuchin also said, "We expect China to comply with the agreement."

This content was produced with the assistance of AI translation services.