Mnuchin says that it "would not minimize" the possibility of applying tariffs on all Chinese imports

Updated 21-Jul-2019 9:03 AM

While he echoed the President on China, the Treasury Secretary also downplayed Trump's comments earlier this week about the Federal Reserve and the currency markets. Mr. Trump said in a tweet and in a TV interview that he was not happy that the Fed is raising short-term interest rates, which he says undermines efforts to the administration to boost US economic growth. This was unusual because the White House generally refrains from commenting on monetary policy.

million. Mnuchin said he and the president still "completely" supported the Fed's independence. He also said that the United States is not trying to interfere in foreign exchange markets after Trump has accused China and the European Union of manipulating their currencies to make their economies more secure. competitive.

The president has threatened tariffs on 500 billion dollars of Chinese imports before. On July 6 on Air Force One, the president told reporters that tariffs could eventually reach $ 550 billion in imports from China.

When asked in CNBC's interview, "Did we ever reach 500?" is "ready to go to 500", referring to the approximate monetary value of Chinese goods exported to the United States last year.

"I am doing this to do what is right for our country, we have been ripped off by China for a long time," he said.

Earlier this month, the United States imposed taxes on $ 34 billion in Chinese exports of machinery, components and electronics. Customs duties are also expected on $ 16 billion of Chinese electronics and other components

The United States has identified $ 200 billion of additional Chinese products that the United States could target for 250 billion dollars. According to Trump, it depends more on the extent to which China responds.

Writing to Jeffrey T. Lewis at [email protected]