United States  

Celebrating 10 Years of Trusted News Discovery
One News Page
> > >

"Very simple math"; Mnuchin explains tariffs

Video Credit: Reuters Studio - Duration: 00:40s - Published < > Embed
'Very simple math'; Mnuchin explains tariffs

"Very simple math"; Mnuchin explains tariffs

Treasury Secretary Stephen Mnuchin insisted Monday that China is paying for the tariffs imposed by the U.S., explaining how the depreciation of China's currency makes the math work.

Rough Cut (no reporter narration).

0
shares
ShareTweetSavePostSend
 

"Very simple math"; Mnuchin explains tariffs

BROADCAST AND DIGITAL RESTRICTIONS~**BROADCASTER: NO USE.

DIGITAL: NO USE AUSTRALIA BROADCASTER WEBSITES.

NO USE ABC AMERICA, FOX, CNN, UNIVISION, TELEMUNDO, BBC AMERICA, NBC, OR THEIR DIGITAL/MOBILE PLATFORMS.

Treasury Secretary Stephen Mnuchin told reporters Monday how China is paying for tariffs after being asked whether he'd explained to President Donald Trump that China is not paying for the tariffs imposed by the U.S. "Well, let me explain the math very simply.

If the renminbi depreciates 15 percent and you put on a 15 percent tariff, that means that U.S. companies can buy in dollars, items that are 15 percent cheaper.

So, the fact that they buy things 15 percent cheaper means China is paying for indeed the tariff because when you look at the net economics, it's not costing U.S. companies anything because of the depreciation.

It really is simple math with the depreciation of the renminbi." The 14-month U.S.-China trade war has escalated sharply since May, when talks broke down after Beijing backtracked on earlier commitments to make changes in law to improve intellectual property protections, curb the forced transfer of U.S. technology to Chinese firms and improve U.S. access to Chinese markets.

Since then, U.S. President Donald Trump has sharply increased existing tariffs on $200 billion worth of Chinese goods and imposed or scheduled new tariffs on virtually all remaining imports from China to increase his negotiating leverage.




You Might Like


Recent related videos from verified sources

"Very simple math"; Mnuchin explains tariffs [Video]"Very simple math"; Mnuchin explains tariffs

Treasury Secretary Stephen Mnuchin insisted Monday that China is paying for the tariffs imposed by the U.S., explaining how the depreciation of China&apos;s currency makes the math work. Rough Cut..

Credit: Rumble     Duration: 00:41Published

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.