WASHINGTON_Treasury Secretary Steven Mnuchin said Sunday that he did not expect major economic fallout from President Donald Trump's recent tariff announcements.
"I don't expect to see a big impact on the economy," Mnuchin said on "Fox News Sunday." "But again, I think what we're doing is, long-term, very good for the economy."
Trump decided to impose stiff tariffs on steel and aluminum imports �with exemptions for some countries_and on imports from China worth up to $60 billion.
China has said it would retaliate in kind, though its initial response was relatively mild.
Mnuchin said, "We're not afraid of a trade war, but that's not our objective."
The Treasury secretary said the United States would go ahead with the tariffs, but moves against China were subject to negotiation. While expressing hope of an agreement, he said, "We are proceeding with these tariffs unless we have an acceptable agreement that the president signs off on."
