Market news
19.12.2019, 15:36

U.S. treasury secretary Mnuchin: Signing of the U.S.-China trade pact will be at the beginning of January, - CNBC

  • The trade pact is on paper and translated and not open to renegotiation
  • China will double purchases of agricultural goods from the U.S. under phase 1 trade pact
  • Pact is going through technical legal scrub; will release document and sign at the beginning of January
  • U.S. priority on trade with China right now is to implement phase 1 deal but prepared to work hard on phase 2
  • U.S. farmers can meet China demand
  • USMCA trade pact should add 0.5% to U.S. GDP
  • For the first time we have binding enforcement; if disputes are not resolved the president has the authorization to put on tariffs
  • A lot of currency provisions from USMCA trade pact have been put into China phase I trade deal
  • Negative interest rates in Europe have led banks to hold dollars
  • Strength of U.S. dollar is sign of strength of economy

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