Editor: Philip Ragner | Tactical Investor
Trump Economy
WASHINGTON —Treasury Secretary Steven Mnuchin said Sunday that he did not expect major economic fallout from President Donald Trump’s recent tariff announcements.
“I don’t expect to see a big impact on the Trump Economy,” Mnuchin said on “Fox News Sunday.” “But again, I think what we’re doing is, long-term, very good for the economy.”Mnuchin said, “We’re not afraid of a trade war, but that’s not our objective.”
The Treasury secretary said the United States would go ahead with the tariffs, but moves against China were subject to negotiation. While expressing hope of an agreement, he said, “We are proceeding with these tariffs unless we have an acceptable agreement that the president signs off on.” Read more
Mnuchin on Trump Economy
President Donald Trump’s plans to tariff steel and aluminium, which may prompt a global trade war, will not hurt his projections for U.S. growth, Treasury Secretary Steven Mnuchin said.
“We’re comfortable that we’re going to manage through this so that it is not detrimental to our growth projections,” Mnuchin said in a Fox Business interview with Maria Bartiromo Wednesday. “We’re comfortable with the economic impact,” he said of the tariffs.
Trump’s call for tariffs on steel and aluminium imports has prompted an outcry not just from trading partners but also from within his administration and the Republican Party over concerns they will spark a global trade war. Republican lawmakers are pressuring Trump to at least curtail the tariffs’ reach to certain forms of the metals or by targeting a limited number of countries.
Mnuchin has said that Canada, the U.S.’s biggest supplier of steel, could gain relief from the tariffs along with Mexico if they can reach an agreement with Trump on renegotiating the North American Free Trade Agreement. The tariffs won’t apply to the U.S. neighbours if a new trade deal is concluded, he said. Renegotiating the deal is key to improving the trade imbalance with China, he said, which will lead to a better investment environment for American businesses. Read more
Trump Economy: Mnuchin does not Expect major Fall out From tariffs
Brushing aside last week’s market swoon fueled by investors’ fears of a trade war, Treasury Secretary Steven T. Mnuchin said Sunday that he did not expect major economic fallout from President Trump’s recent tariff announcements.
“I don’t expect to see a big impact on the economy,” Mnuchin said on “Fox News Sunday.” “But again, I think what we’re doing is, long-term, very good for the economy.”
Investors have been rattled by Trump’s decisions to impose stiff tariffs on steel and aluminium imports — though with exemptions for some countries — and on imports from China worth up to $60 billion.
Stocks tumbled late in the week to levels not seen since November of last year, amid post-election uncertainty. The Dow registered a weekly loss of more than 1,400 points or nearly 6%. While Trump has taken credit repeatedly as markets soared, he has been silent on the declines. Past presidents generally avoided boasting of market gains, mindful that stocks go down as well as up. Read more
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