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Mnuchin says trade war with China likely won't 'have a meaningful impact on our economy'

April 9, 2018

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Treasury Secretary Steven Mnuchin conceded a trade war with China is possible in an appearance on CBS Sunday, but he downplayed its probable effects for the American economy.

"Our expectation is that we don't think there will be a trade war," Mnuchin said. "Our objective is to continue to have discussions with China. We want to have free and fair reciprocal trade." But "whatever happens in trade," he continued, "I don't expect it to have a meaningful impact on our economy."

Saturday afternoon, President Trump had struck a combative tone about China and trade on Twitter:

The United States hasn’t had a Trade Surplus with China in 40 years. They must end unfair trade, take down barriers and charge only Reciprocal Tariffs. The U.S. is losing $500 Billion a year, and has been losing Billions of Dollars for decades. Cannot continue!
— Donald J. Trump (@realDonaldTrump) April 7, 2018

Sunday morning, however, he was more optimistic:

President Xi and I will always be friends, no matter what happens with our dispute on trade. China will take down its Trade Barriers because it is the right thing to do. Taxes will become Reciprocal & a deal will be made on Intellectual Property. Great future for both countries!
— Donald J. Trump (@realDonaldTrump) April 8, 2018

Read Mnuchin's full comments on the Trump administration's trade agenda here.