UPDATED 1:10 PM PT — Thurs. July 12, 2018
Treasury Secretary Steve Mnuchin recently addressed concerns over the potential effects of tariffs on U.S. business and investments.
During his testimony before the House Financial Services Committee Thursday, Mnuchin touted the strength of the American economy.
He discussed the positive impacts of President Trump’s financial policies, and said the president is very focused on economic growth.
When asked about the potential impacts of tariffs and trade policies, he said the administration is watching the situation closely.
“I speak on a regular basis to many industries as well as people within the administration and we are monitoring the economic situation,” stated the treasury secretary. “We have not yet seen any negative impact although as you said we are monitoring carefully the impact on uncertainty on investment.”
Mnuchin described the tariffs on Chinese goods as “moderate,” and said they are intended to level the playing field for American companies.
He added, the tariffs are also meant to stop the forced transfer of technology to China.