Saudi Press

Saudi Arabia and the world
Friday, Aug 22, 2025

US treasury chief in China tariff warning

US treasury chief in China tariff warning

Tariffs on $156bn of Chinese goods will be imposed if a trade deal is not finalised by December, Steve Mnuchin says.

Steven Mnuchin said he still hoped a tentative US-China deal agreed last week to suspend fresh tariffs would be formally approved.

But his caution, during a CNBC interview, seemed in contrast with President Trump's optimism last week.

Wall Street shares dipped at the open on worries about reaching a final deal.

Last Friday, the US agreed to hold off on a planned 25%-30% tariff increase on Chinese imports that was due to come into effect on Tuesday. It followed two days of talks in Washington between Liu He, China's vice-premier, and US officials.

President Donald Trump, who described the talks as a "love fest", said the preliminary deal would take about five weeks to complete.

He added that he might sign the deal alongside Chinese President Xi Jinping at a United Nations summit in Chile in December.

However, Chinese officials have been more cautious about the outcome, simply claiming there had been progress between the countries.

US officials also warned last week that tariffs on a different set of Chinese goods, which are due to go into effect in December, remained an option.


Still talking

Mr Mnuchin told CNBC: "I have every expectation if there's not a deal, those tariffs would go in place - but I expect we'll have a deal."

There are still major issues to be negotiated, including industrial subsidies and cybertheft.

Mr Mnuchin said more trade negotiations at various levels would take place over the coming weeks, including a phone call between himself, US Trade Representative Lighthizer, and Mr Liu.

Despite the treasury secretary's caution, analysts said it still look as if talks were progressing. "Investors are trying to wrap their head around this 'non deal'," said Robert Pavlik, chief investment strategist at SlateStone Wealth, in New York.

"If (the market) was really sceptical, it would be selling off a lot harder. But it's not because there are some good points to it - that they are still talking and potentially reaching a deal."

Asked on CNBC about a dispute between China and the US National Basketball Association, stemming from a tweet by Houston Rockets manager Daryl Morey expressing support for pro-democracy protests in Hong Kong, Mr Mnuchin said he hoped the two sides could come to a solution.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
×