Voice of America
21 Jan 2020, 17:35 GMT+10
The Phase 2 trade deal with China would not necessarily be a "big bang" that removes all existing tariffs, U.S. Treasury Secretary Steven Mnuchin told The Wall Street Journal in an interview.
"We may do 2A and some of the tariffs come off. We can do this sequentially along the way," he added.
Mnuchin also warned that Italy and Britain will face U.S. tariffs if they proceed with a tax on digital companies like Alphabet Inc.'s Google and Facebook Inc., the newspaper said.
Mnuchin's warning to Italy and Britain comes after France backed out and pledged with the United States to avoid a trade war until at least the end of this year.
British Prime Minister Boris Johnson in December had pledged to make major multinational companies pay their fair share of tax, including the implementation of a Digital Services Tax.
Italy approved a similar tax in the 2019 budget but it has not activated it yet.
Mnuchin said that he hoped Britain and Italy would suspend their plans to impose the taxes, according to the report.
"If not they'll find themselves faced with President Trump's tariffs. We'll be having similar conversations with them."
Mnuchin also said the Trump administration would propose additional tax cuts for the middle class in the United States.
"We are in the process of designing it and will be rolling it out shortly."
The details on proposed tax cuts come as Trump seeks to strengthen his 2020 re-election campaign.
Get a daily dose of Belfast Bulletin news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Belfast Bulletin.
More InformationLONDON, U.K.: British Prime Minister Keir Starmer won a vote in Parliament this week to move ahead with changes to the country's welfare...
LONDON, UK - Lawmakers in the United Kingdom have voted overwhelmingly to proscribe the direct-action group Palestine Action as a terrorist...
DUBLIN, Ireland: Former government minister Mary Hanafin has confirmed she will seek the Fianna Fáil nomination to contest Ireland's...
LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
Health Minister welcomes appointment of Belfast Trust Chief Executive Date published: 4 July 2025 ...
Award honours Northern Ireland fallen police and prison staff Date published: 4 July 2025 The first...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...
NEW YORK CITY, New York: Paramount has agreed to pay US$16 million to settle a lawsuit brought by U.S. President Donald Trump over...
LONDON, U.K.: British Prime Minister Keir Starmer won a vote in Parliament this week to move ahead with changes to the country's welfare...
WASHINGTON, D.C.: President Donald Trump will meet Israeli Prime Minister Benjamin Netanyahu at the White House on Monday. President...