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

[DonViejo]

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

[democratisphere]

1. Niether Mnuchin or drumpf know sh't about the economy or what they are doing.

Both just keep faking it!

[dhol82]

2. Talk about living in a bubble!

Somebody should cut the Fox feed to the White House.

[dameatball]

3. Then......why impose them?????

[backtoblue]

16. Exactly! nt

[yallerdawg]

4. Dow down 10% since tariff talk started.

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]

5. No big effect on the market?

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]

20. good thing he still has his fancy panty wife

[underpants]

6. Says a guy who doesnt drink canned beer

just as an example.

[William Seger]

14. ... and doesn't shop at Walmart

Inflation and soaring debt will be very hot topics by 2020.

[underpants]

18. Yep. All food production

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

[SWBTATTReg]

7. Down only 10% ... so far that is...will go down more...

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]

8. Nah, it just means that "middle class tax cut" won't cover the rising prices at Walmart

[Maxheader]

9. Three billion in new tarrifs.

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

[OliverQ]

10. Mnuchin also just said Line Item Vetos can be gotten around and

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

[C_U_L8R]

11. Has he looked at the stock market lately?

What an idiot.

[paleotn]

12. oh, dear god...

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. Translation: I don't expect tariffs to have a big impact on me

[BlueIdaho]

15. I wonder if hed like to take a look at my 401K?

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

[BumRushDaShow]

17. Hank Paulson, September 15th, 2008

“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]

19. Excuse me, Agolf Twitler's tariff on imported solar panels will cost 30% of

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