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Stocks Slide As Mnuchin Warns “Will Take Time To Scale Up” China Ag Buys

Courtesy of ZeroHedge View original post here.

E-mini Dow futures are starting to slide as Steven Mnuchin says in a Reuters interview that "China purchase commitments for US agriculture goods will 'take some time to scale up' to $40 billion to $50 billion in annual targets.

Mnuchin told Reuters in an interview at The Future Investment Initiative conference hosted in Saudi Arabia, also known as "Davos in the desert," that $40 billion to $50 billion targets are "a lot," but the numbers are based on "very specific discussions" of agriculture commitments by China. 

"This is built on a bottom-up basis of both what we think we can deliver and what they think they need," Mnuchin said, adding that, "It's a one-year target, but obviously is going to take some time to scale up." 

Here's the complete list of headlines: 

  • MNUCHIN SAYS CHINA PURCHASE COMMITMENTS FOR U.S. AGRICULTURAL GOODS WILL 'TAKE SOME TIME TO SCALE-UP' TO $40-50 BLN ANNUAL TARGET-REUTERS INTERVIEW 
  • MNUCHIN SAYS AGRICULTURAL TARGETS IN 'PHASE 1' TRADE DEAL BASED ON CHINESE COMMITMENTS TO BUY SPECIFIC PRODUCTS
  • MNUCHIN SAYS 'ENCOURAGED' BY CHINESE VICE COMMERCE MINISTER'S COMMENTS ON PLANNED MARKET OPENINGS, REMOVAL OF CERTAIN INVESTMENT RESTRICTIONS
  • MNUCHIN SAYS CHINESE VICE COMMERCE MINISTER'S PLEDGES TO FULLY OPEN FINANCIAL SERVICES MARKET, ELIMINATE FORCED TECHNOLOGY TRANSFERS ARE 'CONSISTENT WITH OUR AGREEMENT' FOR PHASE 1 TRADE DEAL 
  • MNUCHIN SAYS NO TRIP PLANNED TO BEIJING FOR MORE IN-PERSON TALKS, SAYS PHONE CALLS HAVE BEEN PRODUCTIVE AND WILL CONTINUE
  • MNUCHIN SAYS NOT AT POINT OF MAKING RECOMMENDATION TO TRUMP ON DISPOSITION OF SCHEDULED DEC. 15 TARIFFS ON CHINESE GOODS
  • MNUCHIN SAYS CHINA FINANCIAL SERVICES MARKET OPENINGS NOT BASED ON ANYTHING NEGOTIATED DURING OBAMA-ERA BILATERAL INVESTMENT TREATY TALKS

 

 


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