Mnuchin Warns Of Tariffs Hike If China Deal Fails

ABC News reports:

Treasury Secretary Steven Mnuchin warned of a coming tariff hike if China does not finalize the specifics of a newly negotiated partial trade deal announced by President Donald Trump last week.

The tariffs on 15% of $160 billion worth of Chinese goods impacting consumer electronics– cellphones, laptops, toys–would go into effect by Dec. 15. It was previously unclear whether the December tariffs would go into effect, given that both the U.S. and China are actively engaged in trade talks.

“I have every expectation that if there’s not a deal, those tariffs would go in place,” said Sec. Mnuchin on CNBC. “But I expect we’ll have a deal.”