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 doesnt expect President Trumps recent string of tariff announcements to have a large impact on the economy.
I dont expect to see a big impact on the economy. But again, I think what were 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
democratisphere
(17,235 posts)Both just keep faking it!
dhol82
(9,352 posts)Somebody should cut the Fox feed to the White House.
dameatball
(7,396 posts)backtoblue
(11,343 posts)yallerdawg
(16,104 posts)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)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.
Angry Dragon
(36,693 posts)underpants
(182,773 posts)just as an example.
William Seger
(10,778 posts)Inflation and soaring debt will be very hot topics by 2020.
underpants
(182,773 posts)Food costs by the way are not part of the calculation of Social Security increases.
SWBTATTReg
(22,112 posts)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.
William Seger
(10,778 posts)Maxheader
(4,372 posts)China on Friday announced plans for reciprocal tariffs on 128 U.S. products that include pork, wine, fruit and steel.
OliverQ
(3,363 posts)he's not concerned that the Supreme Court ruled them unconstitutional.
C_U_L8R
(44,998 posts)What an idiot.
paleotn
(17,911 posts)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.
PSPS
(13,591 posts)BlueIdaho
(13,582 posts)Plenty of evidence there since the announcement of Trump's trade war.
BumRushDaShow
(128,869 posts)https://www.newyorker.com/magazine/2009/09/21/eight-days
sinkingfeeling
(51,445 posts)the industry, putting thousands out of work and raising the cost of solar energy.