The trade agreement between the United States and China will establish the growth of the US economy, said Treasury Secretary Steven Mnuchin. The US authorities plan to publish on January 30 of this year, the economic data of the last quarter of 2019.
According to Mnuchin, the White House expects the increase will be 2.5%, even 3%, over the past year. ‘There is no doubt that the agreement with China will increase growth significantly. The pact with Beijing is a historical fact and we expect the economy to be in good health by 2020”, he said.
The American manufacturer faces an unprecedented crisis with the immobilization for almost a year of the entire world fleet of its 737 MAX aircraft after two accidents in which more than 300 people died.
The company decided to stop the production of its flagship aircraft in early January because it could not deliver them to its customers, a factor that would affect US exports. The annual US growth rate was 3.1% in the first quarter of 2019, 2% in the second and 2.1% in the third.
The Chinese-American trade agreement, which will be signed next Wednesday in Washington, will be partial and will not cover all issues of the conflict.
The fact is that the US gets a full agreement on technological issues, financial services and additional purchases of Chinese products, as well as a real mechanism to enforce the commercial agreement signed with the Asian giant.
In addition, the US Treasury secretary said that cybersecurity, another major reason for the dispute with Beijing, will be part of the second phase of the agreement, whose negotiations are expected to begin following the signing of phase one. For Mnuchin, the agreement is described as a great victory for the president of the United States, Donald Trump.