Treasury secretary says a strong dollar is a 'good thing,' contradicting what Trump has said at times
J. Scott Applewhite/AP
Mnuchin, the former Goldman Sachs banker and hedge fund manager, commented on the dollar's strength in the interview with the Journal's Rebecca Ballhaus.
"I think the strength of the dollar has a lot to do with kind of where our economy is relative to the rest of the world, and that the dollar continues to be the leading currency in the world, the leading reserve currency, and a reflection of the confidence that kind of people have in the US economy," Mnuchin told the Journal, adding its appreciation was a "good thing."
While this statement lines up with Mnuchin's position expressed during his Senate confirmation hearing, it does contradict some statements made by President Donald Trump.
Trump told the Journal in January that the dollar is too strong and it is hurting US companies.
"Our companies can't compete with [Chinese companies] now because our currency is too strong," said Trump. "And it's killing us."
The strong dollar has been the number one complaint of S&P 500 companies for over a year according to data compiled by FactSet.
Mnuchin's position does line up, however, with the views of Treasury secretaries in previous administrations.
Former Treasury secretary Jack Lew echoed similar sentiments in January after Trump's interview saying that a strong dollar is "good for the US" and "good for the world."
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- From terrace to table: 8 Edible plants you can grow in your home
- India fourth largest military spender globally in 2023: SIPRI report
- New study forecasts high chance of record-breaking heat and humidity in India in the coming months
- Gold plunges ₹1,450 to ₹72,200, silver prices dive by ₹2,300
- Strong domestic demand supporting India's growth: Morgan Stanley