Tags: China | Trump Administration | steven mnuchin | china | tariffs | economy

Mnuchin: Trump Fine With Continuing China Tariffs

(Chris Kleponis/Sipa via AP Images)

By    |   Monday, 09 September 2019 12:16 PM

The tariffs on China haven't had a significant effect on the United States' economy, and will continue until or unless a solid trade deal is reached between the two countries, Treasury Secretary Steven Mnuchin said Monday. 

"If we can get a good deal, a deal that is good for us, we will sign it," Mnuchin told Fox Business' Maria Bartiromo. "If not, the president is perfectly fine with continuing the tariffs, which are raising significant amounts of money for the U.S. treasury."

There is no question there is a "considerable showdown" of the world's economy, both in China and in Europe, but the United States remains "the bright spot of growth," Mnuchin said. 

"I don't see in any way a U.S. recession," Mnuchin said. "I think if you look about at interest rates, I think what you see is both in terms of long-term interest rates a historic low good for the economy, I think you see that on a relative basis, we are still high relative to the rest of the world on interest rates...I don't in any way think yield curve reflects a recession. We see very health robust growth for the balance of the year."

There are talks coming up with China, on the vice-minister level, at the beginning of October, and the object remains to get a good deal after talks broke down earlier this year. 

Meanwhile, Mnuchin said it is "fair" to say the tariffs have impacted China, while "we have not seen yet" any impact on the U.S. economy. 

"Ambassador (Robert) Lighthizer has done a very good job managing the exception process on a case-by-case basis," said Mnuchin. 

It is also "no question" that U.S. growth is "significantly higher" than that in the rest of the world, said Mnuchin, because "the Trump economy, the economic plan, is working."


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The tariffs on China haven't had a significant effect on the United States' economy, and will continue until or unless a solid trade deal is reached between the two countries, Treasury Secretary Steven Mnuchin said Monday. 
steven mnuchin, china, tariffs, economy
304
2019-16-09
Monday, 09 September 2019 12:16 PM
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