Mnuchin: Progress made last week. Phase 1 deal is substantial

Speaking on CNBC

  • China will step up agricultural purchases
  • There needs to be a dispute resolution enforcement provisions
  • has every expectations that if US China trade deal is not in place December 15 tariffs will be imposed, but expects a deal
  • dispute resolution mechanism is important
  • There is a fundamental agreement in principle. There are still some issues that need to be worked out. But we have every expectations that phase 1 will close
  • The deputy level calls this week.  Lighthized and Mnuchin will make a call to vice premier next week.
  • NBA must work out China deal on its own

Mnuchin put on his best face on the deal which he typically does, in what will be a long drawn out process. However, there are some things that need to be done and agreed to, that will make or break the progress just in Phase 1.  Stocks are still lower but marginally higher from the start of his speech.  


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