7/12/2018, 4:40 PM (Source: TeleTrader)
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Mnuchin: No negative impact from tariffs yet

United States Treasury Secretary Steven Mnuchin said on Thursday that President Donald Trump's decision to impose tariffs on steel and aluminum, as well as further trade restrictions against China has not impacted the business sentiment.

During his testimony before the House Financial Services Committee, Mnuchin noted that the US "has not yet seen any negative impact" from the duties. The treasury secretary also stated that the president and his administration are "very focused" on renegotiating the North American Free Trade Agreement (NAFTA) with Mexico and Canada and achieving free and fair trade.

Mnuchin added he intends to have a conversation with Harley-Davidson executives about the company's decision to move some of its production out of the US. The motorcycle maker claimed it opted for the move as a result of the tariffs, but the treasury secretary echoed Trump, noting he believes Harley-Davidson made the call to open a plant in Thailand even before it knew the European Union would target its products with retaliatory tariffs.

Breaking the News / NP