Washington Wants to Seal New Trade Deal With Beijing, Ex-U.S. Treasury Secretary Says
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Former U.S. Treasury Secretary Steven Mnuchin speaks at Web Summit Qatar in Doha on Tuesday. Photo: Web Summit
(Doha, Qatar) — Washington is likely to look to seal another trade deal with Beijing, which may include getting China to live up to the commitments it made during Trump’s first term, said former U.S. Treasury Secretary Steven Mnuchin at a conference Tuesday.
“President Trump is using tariffs to get [China] back to the negotiating table and get to another deal,” Mnuchin said during a panel at Web Summit Qatar in Doha.
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- Washington is pursuing a new trade deal with Beijing to address China's unmet commitments from the Phase One trade deal signed in January 2020, which required $200 billion in increased U.S. export purchases.
- Tariffs are being used as a negotiation tool, and their revenue could potentially fund debt reduction or tax cuts; these tariffs aren't expected to burden U.S. consumers heavily.
- Mnuchin expressed continued interest in TikTok, with potential plans for U.S. ownership increasing, avoiding a nationwide ban through bipartisan agreement.
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Who’s Who
- ByteDance Ltd.
- ByteDance Ltd. is the parent company of TikTok, a popular short-video app. The U.S. House of Representatives passed a bipartisan bill requiring ByteDance to divest from TikTok by January 2025 or face a nationwide ban. The article mentions ongoing negotiations about potential U.S. ownership, with a possible solution involving the U.S. owning around 60% of TikTok while reducing Chinese ownership to 20% or below.
- TikTok
- Former U.S. Treasury Secretary Steven Mnuchin expressed interest in acquiring TikTok and mentioned ongoing negotiations. He suggested a solution where the U.S. would own about 60% of TikTok, reducing Chinese ownership to 20% or below. A bipartisan bill in the House requires ByteDance to divest from TikTok by January 2025 to avoid a nationwide ban. Trump delayed the federal ban for 75 days, aiming for a deal where the U.S. controls at least half.
- Liberty Strategic Capital
- Liberty Strategic Capital is a private equity firm founded by former U.S. Treasury Secretary Steven Mnuchin after leaving office in 2021. The firm focuses on investments in technology and financial services sectors.
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What Happened When
- January 2020：
- The Phase One trade deal was signed between the U.S. and China.
- 2020-2021：
- China was required to increase its purchases of U.S. exports by at least $200 billion.
- After 2021：
- China purchased only 58% of the total U.S. goods and services exports it had committed to buy.
- By January 2025：
- The House of Representatives passed a bipartisan bill forcing ByteDance to divest from TikTok.
- January 20, 2025：
- Trump delayed the federal ban on TikTok for 75 days.
- February 4, 2025：
- Trump's additional 10% tariffs on all Chinese imports took effect.
- February 21, 2025：
- Trump signed a memorandum restricting Chinese investment in strategic U.S. sectors.
- February 22, 2025：
- A Chinese Ministry of Commerce spokesperson called the U.S. memo discriminatory.
- February 25, 2025：
- Steven Mnuchin spoke about the U.S.-China trade relationship at Web Summit Qatar.
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