US Treasury Secretary Steven Mnuchin said on Tuesday that a decoupling of the US and Chinese economies will result if American companies are not allowed to compete on a fair and level basis in China’s economy, reported the South China Morning Post.
Speaking at a virtual event sponsored by Bloomberg and Invesco, Mnuchin said he also had “every expectation” that China would live up to the terms of the phase one trade agreement calling for a massive increase in Chinese purchases of US goods, energy and services.
“If we can compete with China on a fair and level playing field, it is a great opportunity for US businesses and US workers, as China has a large, growing middle class,” he said. “But if we can’t participate and compete on a fair basis, then you are going to see a decoupling going forward.”