US-China trade row not a threat to world economy: Mnuchin

US Treasury Secretary Steven Mnuchin pushed back Saturday against warnings that the Washington's trade fight with China imperils the world economy, saying that pushing Beijing to open up will be good for all.

The IMF has warned this week at annual meetings in Bali that the escalating US-China trade confrontation would hobble global economic growth, as the fund lowered its forecasts for this year and next.

But Mnuchin told reporters on the Indonesian resort island that President Donald Trump's drive to punish China with tariffs to encourage it to adopt fairer trade practices would have the opposite affect.

"Our objective with China is very clear: it's to have a more balanced trading relationship," Mnuchin said.

"I think that if we are successful, this is very good for US companies, US workers, Europeans, Japan, all of our other allies, and good for China."
"(A) free fair and reciprocal relationship."