Saturday, July 21, 2018

Mnuchin Warns: Trump Administration May Put Tariffs on ALL Chinese Products Entering the US

Treasury Secretary Steve Mnuchin is signaling how insane the trade war might get. He has stated that he “wouldn’t minimize” the possibility of levying tariffs on all $500 billion worth of goods the U.S. imports from China annually.

Mnuchin spoke to reporters on the sidelines of meetings of finance ministers and central bank presidents from the Group of 20 nations, composed of traditional economic powers such as the United States, Japan and Germany and emerging economic powers including China, Brazil, India and Argentina.

President Donald Trump made the same threat Friday in an interview with CNBC’s “Squawk Box,” claiming he was readying to “go to 500.”

Any new tariffs would be in addition to the 25 percent tariffs the administration has already enacted on $50 billion worth of goods.

Mnuchin also said, absurdly, Saturday that the overall U.S. economy has not been harmed by the trade battles set off by the Trump administration.

Tariffs, by their very nature, always distort and shrink economies.