US Treasury Chief: No Recession on Horizon

US eyeing sanctions over Turkey's S-400 buy Mnuchin

US eyeing sanctions over Turkey's S-400 buy Mnuchin

The Trump administration is in the process of negotiating with the Federal Housing Finance Agency (FHFA) and expects to have an agreement "in the near term" that will allow both Fannie Mae and Freddie Mac to retain their earnings while protecting taxpayers from downturns in the housing market, Treasury Secretary Steven Mnuchin said Monday.

Job growth in the USA slowed to 130,000 in August, well below the 223,000 average monthly gain in 2018.

The remarks brushed aside concerns prompted by recent economic data showing slower employment growth, falling business investment and a weakening manufacturing sector, which have intensified recession warnings.

The United States is meeting with technology and other companies as it considers its options following a row with Paris over France's tax on big internet firms, the U.S. Treasury secretary said on Monday. "As we look around the world, there's no question that China is slowing, Europe is slowing - the USA is the bright spot of the world", Mnuchin told reporters after an appearance on Fox Business Network. But as you look at the USA, we continued to be the bright spot.

"We're looking at that, I'm not going to make any comments on any specific decisions, but we are looking at it", he said.

"We have a document, we've made a lot of progress, they're coming here, I take that as a sign of good faith that they want to continue to negotiate", Mnuchin said.

The Wall Avenue Journal reported in August that Chinese imports of U.S. farm goods fell by 50 percent between 2017 and 2018 because the tariffs made these agricultural merchandise extra costly.

The US and China are now engaged in a trade war and simultaneous negotiations on a trade deal. "If not the president is perfectly fine with continuing the tariffs".

But contentious issues remain.

The United States for more than two years has been seeking sweeping changes to China's policies and practices on intellectual property protection, the forced transfer of US technology to Chinese firms, American companies' access to China's markets and industrial subsidies.