The phase one trade deal has been reached on Friday between United States and China and Steven Mnuchin, the U.S. Treasury Secretary feels that it is historic and is going to help in the boosting of growth globally
In an interview which he gave recently, he said that this partial trade deal is going to address most of the issues which are central to the trade agenda of Washington.
He said that this is going to make sure that issues like technology transfer, intellectual property and structural problems with agriculture are going to be dealt with. This also will ensure that there is an opening up of the financial services and the currency understandings along with a commitment from China that they are going to purchase the agriculture goods from United States.
Mnuchin has also waived off the notion that United States is going to push the trading system that is rules based back and argue that there is now going to be a level playing field with the Chinese which is going to benefit this economy.
He added that for long the United States had been open to China and China had not been open to the United States. The restrictions had been very strong and for the economies that are the first and second biggest economies in the world, there must be more trade that happens back and forth and this is what they have been focusing their efforts on and he further feels that the deal is not just going to be good for United States but also for growth globally.
The stocks saw a surge globally on Friday as both the countries announced that a partial deal has been arrived at which is going to avert the next round of tariffs.
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