Mainstream media has been blasting President Trump for his efforts to create a more balanced global trade system through tariffs. Democrats have gone so far as to prophesized that Trump’s tariffs would destroy the American economy. That was put to rest in one state from the Treasury Secretary – to the world.
U.S. Treasury Secretary Steven Mnuchin said Saturday that the overall U.S. economy has not been harmed by the trade battles set off by President Donald Trump’s get-tough policies although some individual sectors have been hurt. He said the administration was exploring ways to help farmers and other specific industries that have been affected.
Mnuchin spoke to reporters on the sidelines of meetings of finance ministers and central bank presidents from the Group of 20 nations, composed of traditional economic powers such as the United States, Japan and Germany and emerging economic powers including China, Brazil, India, and Argentina.
As Reported By The Western Journal:
Mnuchin said that there had not been an adverse effect on overall growth from the tariffs but that certain industries were being harmed because other countries were retaliating by targeting specific industries.
“Certain countries have targeted very specific levels of things that are not coincidental,” Mnuchin told reporters. “So if you are looking at lobsters in Maine or you are looking at bourbon in Kentucky or you are looking at soybeans, there are clearly markets being followed.”
Mnuchin said that the administration would be “looking at different opportunities to help the farmers” and provide assistance to other sectors being “unfairly targeted” by tariffs from other nations.
“But I still think from a macro basis, we do not see yet any impact on what’s a very positive growth” performance for the U.S. economy this year, Mnuchin said.
At a briefing before the G-20 meetings began, U.S. Treasury officials told reporters that Mnuchin would be prepared to respond to concerns being raised by other countries about the Trump administration’s trade policies.