OnTheIssuesLogo

Steve Mnuchin on Free Trade

 

 


Supports USMCA trade agreement to replace NAFTA

The USMCA is a new trade pact among the United States, Mexico and Canada, intended as a stronger and modernized replacement for the North American Free Trade Agreement (NAFTA).

Secretary of the Treasury Steven Mnuchin: "The US-Mexico-Canada deal will open markets and create economic opportunities for workers and businesses across North America. Modernizing this agreement rebalances our important trade partnerships and will boost economic growth for our three nations."

Source: White House press release "USMCA" in Trump Cabinet statement , Oct 2, 2018

Free market proponent but tariffs OK to reduce trade deficit

While colleagues describe Mnuchin as someone who believes in free markets and views trade barriers as a last resort, those close to the secretary say he has learned to appreciate President Trump's use of the threat of tariffs as a negotiating tool. In talks with China, he has been focused on the president's desire to see the bilateral trade deficit reduced, rather than emphasizing some of the other trade barriers that many lawmakers and executives say put American companies at a disadvantage.
Source: Alan Rappeport in N. Y. Times on 2018 Trump Cabinet , Jun 3, 2018

3-part agenda: tax & regulatory relief; free & fair trade

Q: You said there is the potential of a trade war with China. How should Americans prepare for that risk?

MNUCHIN: Actually, I said our expectation is that we don't think there will be a trade war. Our objective is to continue to have discussions with China. We want to have free and fair, reciprocal trade. We're just looking for our companies and our workers to have a level playing field. And right now, we have about $500 billion of goods that we buy from China and they buy about $135 billion from us.

Q: This has caused such nervousness in the markets--

MNUCHIN: The markets have had a lot of volatility in general. The market is still up a tremendous amount since the election. The tax plan is kicking in. Our regulatory relief is kicking in. Trade has always been the third part of our agenda. But let me just put this in perspective. If we can open up their $10 trillion economy for us to compete fairly, this is one of the single biggest opportunities long term for U.S. companies.

Source: CBS Face the Nation 2018 interviews of Trump Cabinet members , Apr 8, 2018

Free markets YES, but U.S. needs balanced trade agreements

"There's no doubt that the secretary [Steve Mnuchin] represents the president's very strong view that we believe in free trade," the [U.S. Treasury] official told reporters. "But the environment we're in now, where the expectation is America totally subordinates its national interests in order for the free trade system to work, is just one we don't accept. So, we've been very clear, we believe in free trade with reciprocal terms that leads to more balanced trade relationships."
Source: David Lawder, Reuters News Service, on Trump Cabinet , Mar 19, 2018

Protectionist instinct to label China a currency manipulator

One of Mnuchin's challenges will be to live up to Trump's promises on trade. Mnuchin is thought to share his boss's protectionist instincts. He will determine trade policy alongside Wilbur Ross, Trump's nominee for commerce secretary. Ross is a vocal critic of recent trade deals. At the commerce department, he will oversee trade enforcement, such as the imposition of tariffs. At the Treasury, Mnuchin will have such responsibilities as declaring China a currency manipulator.
Source: The Economist newsmagazine coverage of 2016 Trump transition , Dec 3, 2016

Other candidates on Free Trade: Steve Mnuchin on other issues:
Incoming 2021 Biden Administration:
Defense:Lloyd Austin
Attorney General:Xavier Becerra
Pres.:Joe Biden
State:Antony Blinken
DOT:Pete Buttigieg
HUD:Marcia Fudge
DOE:Jennifer Granholm
DOI:Deb Haaland
V.P.:Kamala Harris
Climate:John Kerry
DHS:Alejandro Mayorkas
Domestic Policy:Susan Rice
Public Liaison:Cedric Richmond
USDA:Tom Vilsack
Treasury:Janet Yellen

Cabinet Archives:
Biden Cabinet
Biden Administration
Trump Administration
Biden Books
Trump Books
Obama Books
Bush Books
Former Trump Administration:
Pres.:Trump
V.P.:Pence
NSA:Bolton
HUD:Carson
DOT:Chao
ODNI:Coats
U.N.:Haley
SBA:McMahon
Staff:Mulvaney
USDA:Perdue
DOE:Perry
State:Pompeo
HHS:Price
A.G.:Sessions
State:Tillerson
DOI:Zinke

Former Obama Administration:
Pres.:Barack Obama
V.P.:Joe Biden
State:John Kerry
HUD:Julian Castro
State:Hillary Clinton
Staff:Rahm Emanuel

Former Bush Administration:
Pres.:George W. Bush
V.P.:Dick Cheney
State:Colin Powell
State:Condi Rice
EPA:Christie Whitman

Former Clinton Administration:
Pres.:PBill Clinton
V.P.:Al Gore
HUD:Andrew Cuomo
DOL:Robert Reich
A.G.:Janet Reno
Abortion
Budget/Economy
Civil Rights
Corporations
Crime
Drugs
Education
Energy/Oil
Environment
Families/Children
Foreign Policy
Free Trade
Govt. Reform
Gun Control
Health Care
Homeland Security
Immigration
Infrastructure/Technology
Jobs
Principles/Values
Social Security
Tax Reform
War/Iraq/Mideast
Welfare/Poverty
Search for...





Page last updated: Mar 14, 2021