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DonViejo

(60,536 posts)
Sun Mar 25, 2018, 10:19 AM Mar 2018

Mnuchin: I don't expect tariffs to have a big impact on the economy

Source: The Hill



BY BRETT SAMUELS - 03/25/18 09:52 AM EDT

Treasury Secretary Steve Mnuchin said Sunday he doesn’t expect President Trump’s recent string of tariff announcements to have a large impact on the economy.

“I don’t expect to see a big impact on the economy. But again, I think what we’re doing is long-term very good for the economy,” Mnuchin said on “Fox News Sunday.”

Trump announced earlier this month that the U.S. would impose tariffs of 25 percent on steel imports and 10 percent on aluminum imports for national security reasons, in a move he argued would protect domestic workers and benefit U.S. companies.

Domestic and international leaders warned that such a move could spark a trade war, though the president brushed off such concerns.

Read more: http://thehill.com/homenews/sunday-talk-shows/380162-mnuchin-i-dont-expect-tariffs-to-have-a-big-impact-on-the-economy

20 replies = new reply since forum marked as read
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Mnuchin: I don't expect tariffs to have a big impact on the economy (Original Post) DonViejo Mar 2018 OP
Niether Mnuchin or drumpf know sh't about the economy or what they are doing. democratisphere Mar 2018 #1
Talk about living in a bubble! dhol82 Mar 2018 #2
Then......why impose them????? dameatball Mar 2018 #3
Exactly! nt backtoblue Mar 2018 #16
Dow down 10% since tariff talk started. yallerdawg Mar 2018 #4
No big effect on the market? Firestorm49 Mar 2018 #5
good thing he still has his fancy panty wife Angry Dragon Mar 2018 #20
Says a guy who doesnt drink canned beer underpants Mar 2018 #6
... and doesn't shop at Walmart William Seger Mar 2018 #14
Yep. All food production underpants Mar 2018 #18
Down only 10% ... so far that is...will go down more... SWBTATTReg Mar 2018 #7
Nah, it just means that "middle class tax cut" won't cover the rising prices at Walmart William Seger Mar 2018 #8
Three billion in new tarrifs. Maxheader Mar 2018 #9
Mnuchin also just said Line Item Vetos can be gotten around and OliverQ Mar 2018 #10
Has he looked at the stock market lately? C_U_L8R Mar 2018 #11
oh, dear god... paleotn Mar 2018 #12
Translation: I don't expect tariffs to have a big impact on me PSPS Mar 2018 #13
I wonder if hed like to take a look at my 401K? BlueIdaho Mar 2018 #15
Hank Paulson, September 15th, 2008 BumRushDaShow Mar 2018 #17
Excuse me, Agolf Twitler's tariff on imported solar panels will cost 30% of sinkingfeeling Mar 2018 #19

yallerdawg

(16,104 posts)
4. Dow down 10% since tariff talk started.
Sun Mar 25, 2018, 10:30 AM
Mar 2018

Probably has a big impact on the portion of US citizens who are retiring at this time and soon.

One thing holds true. We can count on Republicans to devastate our futures.

Firestorm49

(4,032 posts)
5. No big effect on the market?
Sun Mar 25, 2018, 10:42 AM
Mar 2018

The Dow only dropped 1400 Points in 3 days. We, the retired constituents, take a hit waiting for recovery while Mnuchin dines on caviar, not worried at all.

underpants

(182,773 posts)
18. Yep. All food production
Sun Mar 25, 2018, 01:06 PM
Mar 2018

Food costs by the way are not part of the calculation of Social Security increases.

SWBTATTReg

(22,112 posts)
7. Down only 10% ... so far that is...will go down more...
Sun Mar 25, 2018, 10:46 AM
Mar 2018

China tariffs is only the tip of the iceberg. tRUMP is going to piss off (if he hasn't already) our trading partners who will slap more and more stuff against any US products being imported into their countries. Just wait.

The US is not as isolated as the world used to be, and the ramifications of a tariff war now has consequences no one has foreseen yet. Critical metals needed for highly specialized manufacturing in this country (these metals are mined / extracted elsewhere) will get harder and harder and industries here in the US will be forced to pay higher prices for such materials.

The dollar will come under severe pressure as the Chinese and others change their dollar policies (instead of dollars for payments etc., will demand payments in other currencies). On and on and on.

Will not be pretty.

Maxheader

(4,372 posts)
9. Three billion in new tarrifs.
Sun Mar 25, 2018, 11:11 AM
Mar 2018

China on Friday announced plans for reciprocal tariffs on 128 U.S. products that include pork, wine, fruit and steel.

 

OliverQ

(3,363 posts)
10. Mnuchin also just said Line Item Vetos can be gotten around and
Sun Mar 25, 2018, 11:12 AM
Mar 2018

he's not concerned that the Supreme Court ruled them unconstitutional.

paleotn

(17,911 posts)
12. oh, dear god...
Sun Mar 25, 2018, 11:47 AM
Mar 2018


Well, that's what you get when you appoint an unqualified Wall Street hack as Sec Treas. Welcome back to the land of rising prices, high inflation and 12% mortgages.

BlueIdaho

(13,582 posts)
15. I wonder if hed like to take a look at my 401K?
Sun Mar 25, 2018, 12:21 PM
Mar 2018

Plenty of evidence there since the announcement of Trump's trade war.

BumRushDaShow

(128,869 posts)
17. Hank Paulson, September 15th, 2008
Sun Mar 25, 2018, 01:03 PM
Mar 2018
“But the American people can remain confident in the soundness and the resilience of our financial system.”

https://www.newyorker.com/magazine/2009/09/21/eight-days

sinkingfeeling

(51,445 posts)
19. Excuse me, Agolf Twitler's tariff on imported solar panels will cost 30% of
Sun Mar 25, 2018, 01:13 PM
Mar 2018

the industry, putting thousands out of work and raising the cost of solar energy.

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