Former Treasury Secretary Steven Mnuchin, who served throughout President Donald Trump's first term, recently commented on Trump's stance on tariffs and inflation. Mnuchin stated that Trump would exercise caution to prevent reigniting inflation through tariffs. During his campaign, Trump had proposed imposing tariffs ranging from 10% to 60% on imports, particularly targeting Chinese goods. Economists have cautioned that such tariffs could lead to increased prices for consumers.
However, Mnuchin emphasized that Trump is mindful of the inflationary impact and intends to proceed cautiously with tariff implementation. Mnuchin highlighted that during Trump's first term, exceptions to tariffs were granted strategically, particularly for items affecting US companies.
