"I don't blame China for taking advantage of us".
Mnuchin said in an interview with CNBC that the talks he and U.S. Trade Representative Robert Lighthizer led in Washington last week with Chinese Vice Premier Liu He were "very productive".
It added that Asian countries are likely to suffer the greatest impact. If they fail to reach an agreement before the deadline, the United States has threatened to hike tariffs on $200 billion of Chinese goods from 10% to 25%.
President Donald Trump on Tuesday (Feb 5) told Congress that Washington's aggressive trade negotiations with Beijing would mean an end to China's alleged "theft" of U.S. jobs and wealth.
US President Donald Trump on Wednesday vowed to rectify "calamitous" trade policies and sought to expand his power to impose reciprocal tariffs which could have implications on bilateral trade with countries like India.
The world's two largest economies have 24 days left in a three-month truce in their trade war before United States duty rates are due to rise sharply - an escalation that economists say could be a powerful negative shock to the global economy.
The US trade deficit has swelled more than 18 per cent since Trump took office, rising far faster than economic growth, and has hit record heights with China in particular. "If - barring an agreement between US China on 1 March - tariffs will escalate to 25 per cent, which is a significant difference from the 10 per cent as it now exists".
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"There'll be currency wars and devaluation, stagflation leading to job losses and higher unemployment and more importantly, the possibility of a contagion effect, or what we call a reactionary effect, leading to a cascade of other trade distortionary measures", Coke-Hamilton said.
The study indicates that European Union would be the victor, capturing around $70bn of new exports. US-China Trade War "Most Stupid Thing Ever", Says Alibaba Chief Jack Ma.
A United States plan to hike tariffs on China next month could trigger an economic downturn and let other countries take over about $200bn of Beijing's exports, a United Nations report said on Monday.
The study found that European exports will grow by $70bn, while Japan, Canada and Mexico will see exports increase by more than $20bn each. "One major concern is the risk that trade tensions could spiral into currency wars, making dollar-denominated debt more hard to service", the report added.
The report projects East Asian economies to be the biggest losers, with USA tariffs costing up to $160 billion in trade as the regional value chain shrinks. Tariffs on American soybeans prompted Chinese importers to switch to Brazilian suppliers previous year.
But the UNCTAD study also warns that the spat could hit East Asian producers the hardest, with a projected $160 billion contraction in the region's exports unless discussions between China and the USA are resolved before the March deadline.