US warns of 'consequences' if China abandons trade deal
US Treasury Secretary Steven Mnuchin said Monday he expects China to uphold a trade deal reached with Washington this season, and warned of "consequences" if the country did not.
The comments come amid a sharp drop in global trade caused by the coronavirus pandemic in addition to a dispute between the two powers over fault for the spread of the virus, which first broke out in Wuhan, China.
THE UNITED STATES and China in January signed an agreement to get rid of a nearly two year-long trade war, that included a committed action by Beijing to get an additional US$200 billion in American goods over the next two years.
"I'm expecting them to meet their obligations," Mnuchin said on Fox Business Network.
"I've every reason to anticipate that they honor this agreement and if they don't, there will be very significant consequences in the partnership and in the global economy concerning how people would do business with them."
However, relations between Washington and Beijing have soured in recent weeks, with US President Donald Trump blaming China for the pandemic, and threatening tariffs.
THE UNITED STATES has been hit with tens of millions of layoffs as the virus has spread, considerably weakening the previously solid economy, which Trump was relying on to win re-election in November.
The trade agreement signed in January includes US$77.7 billion in additional purchases from the manufacturing sector, US$52.4 billion from the energy sector and US$32 billion in agricultural products.
THE UNITED STATES currently runs a trade deficit with China, and the target is to realign the trade balance between the two countries. -- AFP
Coronavirus: Global death toll reaches 252,393
The global death toll from the deadly coronavirus reached 252,393 by Tuesday morning.
Although cases of new infection keep growing among the infected world population currently, 98 percent are in mild condition.
Of the currently infected 2,197,985 patients, 2,148,350 are in mild condition, which is 98 percent, Worldometer daily update shows.
Meanwhile, 49,635 infected patients of the currently infected patients are in serious condition, and their percentage is merely two.
Since it was first reported in China in December this past year, coronavirus has infected 3,645,320 persons globally, the Worldometer data shows.
Up to now, 1,194,942 persons have recovered from COVID-19.
The World Health Organization (WHO) declared the coronavirus crisis a pandemic on March 11.
Meanwhile, the USA has confirmed 69,921 deaths and 1,212,835 cases while Spain reported 25,428 deaths and 248,301 cases till Tuesday.
The worst-hit European country Italy has recorded deaths 29,079 and 211,938 cases.
France, on the other hand, has reported 25,201 deaths and 169,462 cases. In the united kingdom, authorities have reported 28,734 deaths among 190,584 confirmed cases.
The coronavirus COVID-19 is affecting 212 countries and territories around the world and two international conveyances.
Meanwhile, Bangladesh has recorded 10,143 coronavirus cases and 182 deaths by Monday.
The united states reported its highest daily new coronavirus cases on Monday with the detection of 688 patients.
