Steven Mnuchin says that “people are reacting a bit” to Trump’s policies

The former Treasury Secretary Steven Mnuchin said Wednesday that he believes that “people are reacting a bit” to the policy changes of the current Trump administration.

Mnuchin, who served in the president Donald TrumpThe cabinet of the Republican’s first mandate said in the position of CNBC “Box“That he does not see signs of an imminent deceleration for the US economy.

“I don’t think we are going to have a recession. I don’t think the perspective seems that we are going to have a recession. And Larry Summers saying that there is a 50%probability, I just don’t agree with that,” said Mnuchin, referring to Recent comment of another former Treasury Chief.

The first months of Trump’s second mandate have been marked by the growing commercial tensions between the United States and their main commercial partners in Canada, Mexico and China. The White House has announced repeatedly and then Rolled rates. The federal government has also been reducing jobs. These factors seem to have contributed to recent decreases in consumer confidence surveys and small businesses.

The Atlanta Federal Reserve Bank GDPnow tracker He currently projects that the US economy will get in the first quarter. However, this projection is an atypical in relation to most Wall Street economists who generally predict modest growth.

Mnuchin also approached the recent setback in the stock market, noting that the decreases come from high levels. On Tuesday, the S&P 500 closed 9.4% below its record record, and heavy technology Nasdaq compound Closed 13.7% discount on its high water brand.

“I don’t think anyone should see what a natural and healthy correction of these indices is as indicating that the economy is in trouble,” he said.

Mnuchin, a former Goldman Sachs executive, was widely seen as a stable presence in Trump’s first administration and was one of the main architects of economic support plans during the Covid-19 Pandemia.

He said Wednesday that he did not focus on the movements of the daily stock market when he directed the Treasury Department, but saw them as a good long -term “barometer”. Trump has said in recent days that he is not paying attention to the stock market.

Since he left the position, Mnuchin has administered the investment firm Liberty Strategic Capital.