Mnuchin threatens China with tariffs if they bail on trade deal

US Secretary of Treasury Steven Mnuchin speaking at the G20 summit

"It's not coincidental in my mind that the currency has moved from approximately 6.30 [yuan to US dollar] to 6.90", Mnuchin said on the sidelines of Saturday's meeting with G20 finance leaders.

Speaking on the sidelines of a meeting between G20 Finance Ministers and central bankers in the Japanese city of Fukuoka, Mr. Mnuchin urged China to return to the terms that the two countries had been negotiating before trade talks fell apart in May.

"The bad news is that it is unclear how the US and China trade talks will end and unless it is resolved, there is a concern that market confidence could be affected further, this is an issue." said Taro Aso, the finance minister of Japan.

Finance ministers and central bank chiefs from the G20 group of the world's top economies are expected to note the "downside risks" to the global economy from trade battles, notably between the top economic superpowers China and the US. He, however, warned the U.S. would press on with tariffs if a deal could not be reached.

And French Finance Minister Bruno Le Maire told Agence France-Presse there was a "real risk" that "this global economic slowdown could turn into a global economic crisis due to trade tensions".

A study published last year by free trade advocacy group Tariffs Hurt the Heartland found that the 25% tariffs Trump has threatened to put on an additional $300 billion in Chinese goods could cost a family of four more than $2,000 per year. On his part, Mnuchin said that the meeting would be pivotal in determining the direction of the trade war.

UK's May quits as party leader, starting succession race
The final two candidates will meet in a runoff that will be decided by mail by the country's 160,000 Conservative Party members. May, 62, has seen her three years atop party and country defined, and ultimately destroyed, by Brexit.

By a quirk of the calendar, G20 trade ministers are also meeting the same weekend in Japan but the finance ministers will be tackling the current tensions and their economic consequences.

US Treasury Secretary Steven Mnuchin said on Saturday (June 8) he would discuss trade issues with People's Bank of China Governor Yi Gang, but said the main progress in the US-China trade dispute would take place later this month at a meeting between President Donald Trump and Chinese President Xi Jinping.

But there are rival proposals in the mix, including a wider US-led approach that could affect European and Asian multinationals in other sectors than technology. I don't believe that's as a result of trade tensions.

"We now have an agreement that we believe is going to fix the immigration issue".

America's huge trade deficit with China - a record Dollars 379 billion previous year - is one factor driving Trump's frustrations with Beijing. "But there's no conclusion yet" on the language of trade, the official told reporters.

Aso went on say "market confidence could be eroded" if China and the USA did not resolve their ongoing trade war.

Related News:

  • Single ticket wins a $530 million jackpot

    Single ticket wins a $530 million jackpot

    The Mega Millions lottery has players in 44 states , the District of Columbia and the US Virgin Islands. No one hit the $475 million jackpot, though five second-prize tickets were sold across the country.
    Silencer used in Virginia Beach shooting made it deadlier: survivor

    Silencer used in Virginia Beach shooting made it deadlier: survivor

    Instead, Cox said Republicans intend to propose stiffer penalties for criminals who use firearms to carry out a crime. Northam's move on guns as strong leadership, and several lawmakers publicly thanked him.
    Ashleigh Barty holds off Amanda Anisimova in topsy-turvy French Open semifinal

    Ashleigh Barty holds off Amanda Anisimova in topsy-turvy French Open semifinal

    It is that even disposition that will stand Vondrousova in good stead, particularly coming up against quite a tough opponent. I think it's incredible. "I feel like tennis has done so much for me, and to see a new generation come through is great".
  • England aim to bounce back against Bangladesh

    England aim to bounce back against Bangladesh

    The match between England and Bangladesh is to be played in Cardiff's Sofia Gardens. Bangladesh in response got off to a terrible start as they lost Sarkar early on 8.
    Sir Winston earns unexpected win at Belmont

    Sir Winston earns unexpected win at Belmont

    Sports Group serves sports fans 24/7 with premier live events, insightful studio shows , and compelling original programming. The colt came into the Belmont Stakes off a second-place finish in the Grade 3 Peter Pan Stakes on May 11 at Belmont Park.
    North Korea 'to suspend mass games' after Kim criticism

    North Korea 'to suspend mass games' after Kim criticism

    But the performances went on a hiatus for several years during the mourning for Kim's father and only returned last year. In late May, when the president was visiting Japan, Bolton admitted there was no sign the outreach was working.
  • ICC refuses to allow to Dhoni to wear army insignia on gloves

    ICC refuses to allow to Dhoni to wear army insignia on gloves

    The ICC had on June 7 turned down the BCCI's request to allow Dhoni to continue wearing the insignia on his wicket-keeping gloves .
    Neville not underestimating Scotland as Lionesses get set for World Cup showdown

    Neville not underestimating Scotland as Lionesses get set for World Cup showdown

    The U.S. will play their first World Cup match Tuesday afternoon in Reims, France when they take on Thailand at 3 p.m. The U.S. has some of the best players in the tournament in Alex Morgan , Tobin Heath and Lindsey Horan.

    John Cena Officially Part Of Fast & Furious Franchise

    So, sorry to disappoint you, person who expected John Cena to play a cowardly weakling in the next Fast & Furious movie. He told Entertainment Weekly, "That stuff is beyond my control, but I would absolutely love that opportunity".
  • Trump says USA  reaches agreement with Mexico to avert tariffs

    Trump says USA reaches agreement with Mexico to avert tariffs

    The policy will mean that anyone caught entering the U.S. illegally will be obtained by border agents and returned to Mexico. Mexico pledged in a joint statement to take "unprecedented steps to increase enforcement to curb irregular migration ".
    Donald Trump calls off plan to impose tariffs on Mexico

    Donald Trump calls off plan to impose tariffs on Mexico

    She referenced progress in talks between US and Mexican officials on border issues. Trump said the State Department will release details of the agreement "shortly".
    Jordan Binnington Takes Loss In Game 1

    Jordan Binnington Takes Loss In Game 1

    Cassidy said Thursday that Grzelcyk was in the concussion protocol, and it's unclear whether or if he'll return during the series. Through two games of the Stanley Cup final , everything is pointing to a tough grind-it-out finish between the Bruins and Blues .


Most liked

DFS Picks for the 2019 RBC Canadian Open
Even before anyone else considered Koepka for the No. 1 spot, he had his eyes on it. "I'm not too concerned with it", he said. Two former champions of the course are in this week's field, with those being Scott Piercy (2012) and Jim Furyk (2006).

Canadian Open: Rory McIlroy starts well as Keegan Bradley leads
In the final event before next week's US Open, McIlroy, 30, dropped two shots but found five birdies in his round. American star Dustin Johnson, meanwhile, had some struggles during his first-round 71.

Pakistan vs Sri Lanka abandoned after heavy rain in Bristol
It is the second time in World Cups held in England , dating back to 1975, that a match has been called off without a ball bowled. However, the supporters at Bristol County Ground were left disappointed, with the game between Pakistan and Sri Lanka called off.

Vettel and Ferrari give Mercedes food for thought in Canada
Hamilton was quickest on his first hot run in Q3 with a time of 1min 10.493 seconds, nearly two-tenths clear of Vettel. The German won from pole position from qualifying in Montreal past year . "The right message for the guys".

Watch 14 Minutes of Stunning STAR WARS: JEDI FALLEN ORDER Gameplay
Players will meet Cal on Bracca, a brand-new Star Wars planet and one of several new locations introduced in the game. It begins on Kashyyyk under the heel of the Empire's boot, with Kal looking to restart the Jedi Order.

Star Wars Jedi: Fallen Order EA Play 2019 gameplay walkthrough
Respawn Entertainment's Vince Zampella confirmed at the event that the footage takes place 3 hours into the game. We'll play a young wizard on the run, still trying to do good and build a rebellion while fleeing the baddies.

FIFA 20 Coming in September with FIFA Street-Style Volta Football
The latest instalment of the long-running football series will be coming out on September 27 . The Rush modes will make goalkeepers a no-show, making for more intense and frantic gameplay.

Putin: Russia not to build military base in Venezuela
Putin said he was puzzled by the absence of a global discussion. "There will be no instruments left to curb the arms race". The warming to China comes as Russian Federation faces trade sanctions and a deepening confrontation with the West.

Sophie Turner Blames Kit Harrington For Game Of Thrones’ Coffee Cup Error
On a talk show with Jimmy Fallon , Sophie Turner had claimed that the cup was indeed Emilia's as it was placed in front of her. She said that unfortunately it became a focal point of all discussions around the grand finale of the years-long saga.

German killer nurse gets life for 85 murders
Hoegel was tried in Oldenburg on 100 counts of murder but the court found him not guilty on 15 counts because of lack of evidence. At a second trial that ended in 2015 he was jailed for life for two murders and two attempted murders.

You can see Jupiter's moons with nothing but binoculars this month
Although opposition occurs on a specific date, the entire month will provide you with a good opportunity to observe the planet . When is the best time to see Jupiter? Keep an eye on the sky this month as the mighty Jupiter puts on a show.

Real Madrid Announce Eden Hazard Signing
Real Madrid finished third in the Spanish league and was eliminated early in the Champions League and the Copa del Rey. Hazard sealed his dream move on Friday, signing a five-year deal at the Estadio Santiago Bernabeu .

U.S. orders end to Turkey’s involvement in F-35 program
Painting a grim picture of Turkey without F-35s, Shanahan predicts "a loss in jobs, gross domestic product, and worldwide trade". The U.S. has already suspended deliveries of parts and services related to Turkey's receipt of the multi-million dollar jets.

Danny Green’s three-point success key to NBA Finals story arc
Raptors fans in Jurassic Park cheered the Toronto Raptors to a 105-92 victory against the Golden State Warriors on Friday night. The Raptors outshot the Warriors, 54.5% to 35% in the period.

Malthouse and Cleverly quit Tory leadership race
The ERG paper has the support of 16 Tories, including the group's chairman Jacob Rees-Mogg and former Conservative leader Iain Duncan Smith.