Mnuchin says UK can resolve many EU, US issues at same time

by Bloomberg Jan 25, 2020

Treasury Secretary Steven Mnuchin said he was focused on getting a trade deal between the U.S. and U.K. this year, adding that the U.K. can work out an agreement at the same time it negotiates with the European Union.

“There will be certain issues they need to resolve with the EU before they finalize” a deal with the U.S., Mnuchin said at a Chatham House event Saturday in London.

Britain is set to exit the bloc on Jan. 31, and U.K. and needs to negotiate a new trade deal with the EU by the end of the year. Chancellor of the Exchequer Sajid Javid said earlier this week in Davos that a deal with the EU will take precedence over any accord with the U.S. Mnuchin responded at the Davos conference that he was “a little disappointed” the U.S. wasn’t getting top priority.

The two nations also clashed this week over a U.K. plan to impose a digital services tax on Internet giants in April and the imminent decision on whether to allow Chinese firm Huawei Technologies Co. a role in Britain’s new wireless broadband networks. The key for 5G is making sure networks are protected, Mnuchin said today.

Mnuchin met Javid in London today prior to the Chatham House conference and did discuss the digital tax among other issues, Mnuchin said.