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U.S.' Mnuchin says agricultural sales to China will 'take time to scale up' to $40-50 billion

U.S.' Mnuchin says agricultural sales to China will 'take time to scale up' to $40-50 billion
FILE PHOTO: U.S. Treasury Secretary Steve Mnuchin speaks about sanctions against Turkey at a news briefing at the White House in Washington, U.S., October 11, 2019. REUTERS/Yuri Gripas -
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YURI GRIPAS(Reuters)
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By David Lawder

RIYADH (Reuters) – U.S. Treasury Secretary Steven Mnuchin said on Wednesday that it will take time for Chinese purchases of U.S. agricultural goods to “scale up” to the $40 billion (£31 billion) to $50 billion annual level touted by President Donald Trump if the two sides can seal a “Phase 1” trade deal.

Mnuchin told Reuters in an interview in Saudi Arabia that the $40 billion to $50 billion target is “a lot,” but is based on “very specific discussions” of product purchase 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. “It’s a one-year target, but obviously it’s going to take some time to scale up.”

(Reporting by David Lawder; editing by Jonathan Oatis)

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