Treasury Secretary Steve Minuchin said that president Trump has no intention of retreating and is not worried about the trade war, despite threats of retaliation by China after imposing tariffs up to $ 60 billion on Chinese goods.
Minuchin said they were continuing to implement tariffs and that they are not afraid of any trade war, although that was not their goal.
The presidential memorandum signed by Trump last Thursday targets up to $ 60 billion as tariffs on Chinese goods, according to the US administration saying that there is US intellectual property theft is taking place. The list of goods will be published after a 30-day consultation period.
Trump gave the Treasury 60 days to develop investment restrictions aimed at preventing companies and funds controlled by China from acquiring US companies with sensitive technologies. Minuchin said he believed the United States could reach an agreement with China on some issues but the tariffs would not be suspended unless an acceptable deal was reached.
China urged the United States to back down and threatened retaliation by striking US agricultural exports.
