January 15, 2020 / 11:36 PM / a month ago

U.S.-China trade deal, USMCA to boost economy: Mnuchin on Fox News

FILE PHOTO: U.S. Treasury Secretary Steve Mnuchin speaks about sanctions against Turkey at a news briefing at the White House in Washington, U.S., October 11, 2019. REUTERS/Yuri Gripas/File Photo

WASHINGTON (Reuters) - Completion of the Phase 1 U.S.-China trade deal and a new North American trade agreement will boost the U.S. gross domestic product (GDP) by a combined 50 to 75 basis points, U.S. Treasury Secretary Steven Mnuchin told Fox News on Wednesday.

“When we look at this (U.S.-China deal) and we look at the USMCA together, I think you’re going to see a good 50 to 75 basis points combined,” Mnuchin said. “This will be a terrific offset for what’s been the slowdown due to Boeing and the 737 MAX.”

Studies suggest the production halt of the 737 MAX could shave 0.5% from U.S. GDP this year.

Mnuchin said the U.S. government would begin work with China on a second phase of the trade agreement, rolling out progress as work was completed on specific issues, such as concerns about Chinese government subsidies to Chinese firms.

Reporting by Andrea Shalal and Eric Beech; Editing by Chris Reese

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