U.S. Treasury Secretary Steven Mnuchin stated, U.S. companies will decouple from China if they are not allowed to compete on a fair and level basis in China with its domestic companies.
Mnuchin made these remarks while speaking at a virtual event sponsored by Bloomberg and Invesco.
“If we can compete with China on a fair and level playing field, it is a great opportunity for U.S. businesses and U.S. workers, as China has a large, growing middle class,” he said. “But if we can’t participate and compete on a fair basis, then you are going to see a de-coupling going forward.”
In reference to the next coronavirus bill, Mnuchin said, it would cater more to businesses that need help the most; it will also target returning as many people to work as quickly as possible.
While infrastructure projects will be part of the discussions, the focus of the next bill has other priorities.
“The issue with infrastructure is that normally, these are not shovel-ready (projects),” said Mnuchin. “Even if we pass something, this isn’t going to impact getting people back to work in September and October.”
U.S. President Donald Trump is racing to try and revive the economy from coronavirus lockdowns.