Treasury Secretary Steven Mnuchin was a guest on CNBC's "Squawk Box" segment Wednesday ahead of a signing ceremony with Chinese officials to close the the "Phase One" trade deal.
Mnuchin Says Trade Deal Historic
The deal marks the first time the U.S. has struck an agreement with China on key areas that are fully enforceable, Mnuchin said. The list includes intellectual property, technology transfer, agriculture, structural issues, financial services, currency and purchasing.
The trade deal focuses more on what China will do moving forward, and President Donald Trump will not hesitate to reimpose or lift tariffs on Chinese exports, Mnuchin said.
Immediately following the deal set to be signed Wednesday, the U.S. administration will focus on enforcement, he said.
The agreement is a "very big win" for the business community, the treasury secretary said.
Looking Ahead To 'Phase Two'
The next round of negotiations with China will have certain rollbacks, and "Phase Two" could come in multiple forms, such as 2A, 2B, 2C, Mnuchin said.
Potential areas of discussion in the next round of talks include the misuse of pharmaceutical-related intellectual property along with U.S. financial companies being granted access to Chinese consumers, the Trump cabinet member said.
The ongoing trade negotiation relates mostly to economics, but other discussions like humanitarian issues, national security, the South China Sea and Iran will also take place, he said.
China Experts Discuss Phase One Trade Deal Ahead Of Signing Ceremony
China No Longer A 'Currency Manipulator,' US Says, As Trade Deal About To Be Signed
Screenshot from CNBC.
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