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Mnuchin says U.S.-China decoupling will occur if firms can't compete fairly

WASHINGTON, June 23 (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Tuesday that a decoupling of the U.S. and Chinese economies will begin to occur if U.S. companies are not allowed to compete on a fair and level basis in China's economy.

Speaking at a virtual event sponsored by Bloomberg and Invesco, Mnuchin said he also had "every expectation" that China would live up to the terms of the Phase 1 trade agreement calling for a massive increase in Chinese purchases of U.S. goods, energy and services. (Reporting by David Lawder; Editing by Sandra Maler)