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.
Mnuchin also revealed that Trump's primary focus upon re-assuming office would be to extend the 2017 Tax Cuts and Jobs Act, parts of which are set to expire in 2025. Mnuchin suggested that Trump might introduce additional tax cuts aimed at promoting economic growth.
