Treasury Secretary Steven Mnuchin Discusses Trade, Employment, Tariffs, China, Taxes, Debt, and “Territorial” MAGAnomics…

A very confident Treasury Secretary Steven Mnuchin appears on CNBC for a wide-ranging interview on current economic subjects. Within the discussion [14:00] Secretary Mnuchin affirms the U.S. economy is nowhere near “full employment”; an economic reality which highlights how much labor statistics were manipulated by political ideologues the prior administration(s).

Additionally, Secretary Mnuchin discusses the administrations’ focus on ‘reciprocal trade deals’ as the cornerstone of new trade constructs. This is a seismic shift in U.S. trade position. The secretary replaces the word “globalism” with a more nuanced “world-wide”; and “economic patriotism/nationalism” is replace with the word “territorial”.

Also worth noting is the larger dynamic of “intellectual property” (vis-a-vis China) and how the inherent Trump policies therein overlay trade positions between the U.S. and China. As we have previously mentioned the USTR Lighthizer 301 investigation into China could be exponentially more significant than Steel and Aluminum tariffs. Secretary Mnuchin confirms this aspect albeit with a measure of necessary opaqueness.

This entry was posted in China, Donald Trump, Economy, Election 2018, Election 2020, energy, Enterovirus (EV-D68), Environmentalism, Legislation, media bias, NAFTA, President Trump, Trade Deal, Uncategorized, US Treasury, USA. Bookmark the permalink.

62 Responses to Treasury Secretary Steven Mnuchin Discusses Trade, Employment, Tariffs, China, Taxes, Debt, and “Territorial” MAGAnomics…

  1. FL_GUY says:

    So nice to have SMART and PATRIOTIC people working for We the People, bringing back our prosperity and eventually, the American Dream: for ALL AMERICANS!

    I’m tired of living in Globullist induced poverty to prop up failed nations/regimes, while I’m cold, hungry and constantly stressed. Anybody with me on this?.

    Liked by 28 people

    • JC says:

      100%, FL_GUY.

      Liked by 6 people

    • fleporeblog says:

      100% with you! Chuck Toad had the audacity to say that our job is to push democracy around the world by accepting so much in imports which in return leads to our large trade deficit. It is a trade off.

      That statement has been the trade philosophy of the past four presidents over the past 28 years!

      Liked by 8 people

      • Tegan says:

        Chuck Toad is an idiot…just for the record. 🤪

        Liked by 10 people

      • DAVID ABRAMS says:

        Absolutely correct. Past Presidents traded middle class jobs for foreign alliances. It was always stupid. In the real world nations have interests not friends! This has always been true. No country ever went communist because of insufficient US aid!

        Liked by 6 people

        • G. Combs says:

          The Federal Reserve FUNDED the Bolshevik Revolution with OUR MONEY!!!

          Congressman McFadden
          Remarks in Congress, 1934

          “Mr. Chairman, we have in this Country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks, hereinafter called the Fed. The Fed has cheated the Government of these United States and the people of the United States out of enough money to pay the Nation’s debt. The depredations and iniquities of the Fed has cost enough money to pay the National debt several times over…

          Some people who think that the Federal Reserve Banks United States Government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lender….

          These twelve private credit monopolies were deceitfully and disloyally foisted upon this Country by the bankers who came here from Europe and repaid us our hospitality by undermining our American institutions. Those bankers took money out of this Country to finance Japan in a war against Russia. They created a reign of terror in Russia with our money in order to help that war along. They instigated the separate peace between Germany and Russia, and thus drove a wedge between the allies in World War. They financed Trotsky’s passage from New York to Russia so that he might assist in the destruction of the Russian Empire. They fomented and instigated the Russian Revolution, and placed a large fund of American dollars at Trotsky’s disposal in one of their branch banks in Sweden so that through him Russian homes might be thoroughly broken up and Russian children flung far and wide from their natural protectors. They have since begun breaking up of American homes and the dispersal of American children.[…]”

          TOO bad that is never taught in our schools.

          Liked by 5 people

          • Darklich1234 says:

            All that in 20 years. Let’s see what we can do in 8


          • Elizabeth Carter says:

            Thank you so much for that information. We are really learning a lot of our history now that we were never taught in school.

            Today I looked up the Presidents that “Trump Fires Up Workers at Tariff Announcement
            ‘Steel is steel; you don’t have steel, you don’t have a country’…
            …Cites Presidents Washington, Lincoln, Jackson, McKinley, & Roosevelt…”

            I found this article to be very interesting: because it includes 3 of the 5 President’s mentioned.
            Learn About The McKinley Assassination
            The obscure history of America’s 25th President and the William McKinley assassination in 1901, was indeed the beginning of the end of important aspect of our freedom: The Social Contract.
            It was the shot that was hardly heard around the world. But the implications and ramifications of McKinley’s death and Teddy Roosevelt’s rise would set off a series of critical events, leading to President Franklin Delano Roosevelt’s “New Deal”, LBJ’s war on poverty and eventually to Obama’s new Affordable Health Care Act, that would change how American’s freedoms were interpreted and regulated.
            Followed by the inauguration of his Vice-President, Teddy Roosevelt, American history was quick to forget President McKinley while Teddy was literally etched in history with Mount Rushmore. Only four US Presidents have been assassinated while in office. McKinley shares that macabre distinction with Presidents Abraham Lincoln (1864), James Garfield (1881) and John F. Kennedy (1963).

            This is interesting also about President Garfield.:
            On the scene at the train station: Cabinet member Robert Todd Lincoln. Present at his father’s death 16 years before, he would also witness the murder of McKinley 20 years later.
            “Of the four presidential assassinations, he was there for three of them,” Millard said – a pretty ghoulish distinction!
            It was Lincoln who summoned Dr. D. Willard Bliss (the ‘D’ stood for Doctor, his actual first name).

            These President’s loved the American people and were trying to get us out of British Control and shut down the Federal Reserve. Jackson did kill the Bank. Lincoln set up the Greenback Dollar to get around the Bank. Washington led our First American Revolution against British control. Franklin Roosevelt used War Bonds to get around them.

            “Whoever controls the volume of money in our country is absolute master of all industry and commerce…when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate.”
            ― James A. Garfield

            Andrew Jackson Killed the Bank in 1836
            He is still remembered here for his determination to kill the Bank. In fact, he killed it so well that it took the “money changers” 77 years to undo the damage.
            When asked what his most important accomplishment had been, Jackson replied,
            “I killed the Bank.”
            From 1836 when the lights were turned off on Rothschild’s central bank to 1913 the United States operated without a central bank and it has been the most prosperous time of the country.

            Woodrow Wilson brought the Bank back. He said it was the worst thing he ever did.

            Assassination is a common thread here. I have prayed for President Trump since he came down the escalator. He has tackled the biggest problems we have. He calls it The Second American Revolution. He is in terrible danger. I know that God is protecting him and I know that our prayers are an important part of this war. We have to stand with him and not falter.
            God Bless President Trump
            God Bless America

            Liked by 4 people

        • David R. Graham says:

          David Abrams, eloquently put. And true. In that vein, here is a macro view of USA interests in the Indo-Pacific Region:


      • cozette says:

        Chuck thinks China has a democracy? These blatherers really do rely on the gullibility of their viewers.

        Liked by 2 people

    • Skinner says:

      May we be blessed with a cabinet like our current one for eons to come.

      Citizen statesmen who wake up each day putting America First, and strive to protect our liberty, and return our freedoms regulated to hell by prior administrations.

      Liked by 9 people

    • litlbit2 says:

      As well as some CEO’s without taxpayer funds or corrupt trade advantages would be proven to be “box of rocks” mentality. Example seen GE lately with Obama cash?

      Liked by 5 people

    • Adults. Doing adult things. I agree, very refreshing!


  2. wheatietoo says:

    I love watching Sec Mnuchin speak.

    He does this little posture-straightening move, reminds me of when a fighter takes a hit and then shakes it off and straightens himself.

    Nice to see these guys on CNBC being polite and respectful to him…as they should be.

    Liked by 24 people

    • JC says:

      Noticed same, wheatietoo. Excellent interview.

      I may be prematurely extrapolating too much, but perhaps a few Press Operatives are turning a bit of a corner, ceding some respect to Secretary Mnuchin and other members of the administration after Thursday’s huge developments. Kingpins, not just dominoes, are tumbling due to VSG President Trump’s necessary and gutsy tough stand on… everything. Obstructionists and lying globalists must take notice. Even they must have a clue how much more ridiculous they look each and every day.

      Liked by 7 people

    • TheWanderingStar says:

      Steve, Wilburine, Robert are freaking superheros for our country and President. Not to take away from Rex, the General or anyone else they all have super powers! It’s a great team of people.

      Liked by 15 people

      • wheatietoo says:

        I’m watching Wilburine right now, on Charles Payne’s show, talking about how Trade impacts our Jobs.

        He just scored a direct hit at Ozero. Haaa.

        Liked by 13 people

      • fleporeblog says:

        And none of them except Mad Dog (who the hell can blame him) is taking a salary for it!

        Liked by 8 people

        • Tegan says:

          Now THAT’s amazing…and totally ignored. Most Cabinet Secretaries use the opportunity to enrich themselves and set themselves up for even more in the future.

          Liked by 7 people

        • wheatietoo says:

          I think there are a few others, Fle, who are not wealthy and need those salaries.

          People like Zinke, Pruitt and Perry…these guys are probably taking their salary.

          Liked by 3 people

          • fleporeblog says:

            Don’t get me wrong I have absolutely no problem with people taking a salary. The ones you named are well deserving of it.

            Liked by 1 person

            • wheatietoo says:

              Yep…and Mick Mulvaney, he’s another one that isn’t wealthy.

              It’s cool though, that the killer-billionaires are refusing to take a salary, isn’t it.
              We are so fortunate to have their expertise and real-world experiences, working for us.

              Liked by 3 people

              • fleporeblog says:

                I don’t think Devos or McMahon take a salary. The difference of those that do versus those that don’t is outsiders versus honest politicians. These men and women are honest and deserve every dollar they get in their salary. That includes our VP who takes a salary.

                Liked by 3 people

    • Marygrace Powers says:

      wheatietoo I love that move of Mnuchin’s/very subtle.
      Great analogy on your part. He’s one smart guy.

      Liked by 1 person

      • wheatietoo says:

        Thanks, Marygrace.

        I also love that little “Uuuh-kay?” that he throws in, after he’s made a great point.

        Which translates to:
        ‘Have I sufficiently explained why you are wrong?’

        Liked by 3 people

    • He does present really well. He is never rattled or caught off guard. Knows ecactly how to swat down their socialist ideology!

      Liked by 2 people

  3. NYGuy54 says:

    Thanks I had not seen that. Steve is super bright and very clear headed. He earns his respect.

    Liked by 11 people

  4. TheWanderingStar says:

    Blue dress lady, “…according to the WSJ, hardly a liberal outlet,…”. Whaaat??

    Liked by 10 people

  5. intercesser says:

    God bless you , Sundance ! America really owes you a huge debt of gratitude for all of your hard work and all of your wisdom . I don’t know which spiritual gift it is that you have , but you surely have one , in power . You helped to open the eyes of my understanding to the Unipaty / globalist / corporate media paradigm . I hate to admit it , but it now seems that I had been drinking the Kool-Aid on some of this stuff . President Eisenhower warned the nation in his farewell address of the dangers of an empowered military-industrial complex . We should have listened more carefully . Now we face an even greater danger from the globalist – governance complex and their promoters in the chattering classes . There has been some kind of an unholy alliance between media , and academia , and government and globalism to undermine our national sovereignty and weaken our people in every way possible . The fight is far from over : there are hidden strongholds yet to be uncovered and conquered . Let us all be encouraged and ever more resolved to fight on to more and more victories .

    Liked by 18 people

  6. fleporeblog says:

    Fellow Treeper Dufrst wrote the following incredible post on another thread:

    I’ve said it before, Trump is not a supply sider. The country for most of it’s history pre-1900 funded itself on tariffs. Trump passed a massive corporate tax cut and middle class tax relief, but the Establishment didn’t cut spending. Conservative orthodoxy stated that consumption taxes are preferable to taxing work (income taxes), savings (401(K)s), and investment (profits/capital gains).

    The reciprocal tax would be a consumption tax that would offset the corporate taxes that were cut. It would permit further reductions in corporate and income taxes and essentially return the US to a consumption tax system. What’s brilliant about it is that it would make jobs and product manufacturing for our domestic market more likely to be sourced in our country since domestic goods would not be taxed and it will force other countries to lower their trade barriers boosting our exports, which will produce more jobs at home.

    These are the exact incentives that would further drive down unemployment and raise workforce participation and wages. Wage growth will lead to higher revenues and greater business investment as their their businesses expand. Greater investment will be plowed into workers boosting productivity and higher productivity will lead to higher profitability. Higher profits will boost the stock market and higher stock prices will generate a strong wealth effect boosting consumption. Higher consumption will boost GDP and GDP growth will be twofold because that increase consumption will not go to imports (because of the tax) but more to domestic goods. Higher GDP will reduce our deficit and our national debt. And a lower deficit and national debt will put a lid on long-term interest rates, boosting returns on investments, leading to a virtuous cycle that becomes an economic boom.

    Trump has an economics degree from the Wharton School of Finance. He always says, “I was a pretty good student.” It is showing. MAGA!!

    I replied with the following:

    Here is the remainder of our back and forth:

    Dufrst replied:

    I will say that these bank forecasts have been way off. I see strong growth in this first quarter of over 3% easily. You can see it in the unemployment numbers, the bonuses that were paid out, and the tax cuts that took effect in February. Import growth are a concern and will take away from growth but I think we will still get to 3%. Hopefully 🙂

    My response:

    A month ago I would have been right there with you! However, everything you are describing is true. However, the catch is that Americans are spending more and that leads to the import gap growing much faster than exports. 2.8% to 3% is my expectation for 2018 annual GDP rate.

    Get the trade situation going in the right direction and 4%+ becomes the expectation by 2020.

    By 2025, we are talking about 7%+!

    Dufrst reply back:

    I agree with you that trade is the key to MAGA. Trump understood this from the start and now I see how he gets higher growth. He was an economics major, so what should we have expected? He understands the big, macroeconomic picture very well and will MAGA if he can straighten the trade equation out.

    The U.S. ran surpluses every year until 1975 and from then on we have had these trade deficits. First it was Japan and Germany that exploited us and then we started righting the trade deficit ship in the 1990s (which led to budget surpluses). Then we allowed China into the WTO in 2001 and from then on the trade deficits have been out of control!

    Trump is looking to right the ship in order to get us out of this debt we’ve had. The reciprocal tax will be the exact reform he can run on in 2020 to generate the growth you describe.

    Liked by 7 people

  7. sundance says:

    Liked by 14 people

    • fleporeblog says:

      What many people don’t understand, we actually have a surplus when it comes to trade with Australia 🇦🇺. They meet the #1 qualifier for our President to move forward with this agreement. I love how he is rewarding countries that are willing to do the right thing with us. There won’t be too many more.

      Liked by 7 people

    • GB Bari says:

      What is so comforting is how much of a “natural” President Trump appears to be at these negotiations and in getting a better deal for the US which solves many chronic economic problems. He appears to be better prepared to handle these issues than any president before him in my lifetime and I go way back to mid-20th century.

      Liked by 4 people

  8. fleporeblog says:

    I love that our VP is hitting multiple states this past week touting our Economy!

    Liked by 7 people

  9. fleporeblog says:

    I never thought I would see a Poll more in favor of our President’s agenda than the Harvard-Harris Poll on Immigration. Well I found an agenda item that beats Immigration. Our President’s Trade Policies!

    The CoC, Big Club, RINOs, Globalist, EU, China 🇨🇳, Mexico 🇲🇽, Canada 🇨🇦, South Korea 🇰🇷 etc. must be losing their collective minds tonight. Our President has awaken a Nation and we aren’t going back ever again!

    From the article linked above:

    The vast majority of Americans support President Trump’s economic nationalist agenda on foreign trade, wherein the populist president is in the process of renegotiating multinational trade deals like the North American Free Trade Agreement (NAFTA).

    As Trump signed into law his 25 percent tariff on imported steel and 10 percent tariff on imported aluminum to protect American workers and U.S. industries, more than 80 percent of Americans say they support the president’s trade economic nationalism.

    In a Harvard-Harris poll, about 83 percent of Americans said they supported Trump’s effort to level the playing field on foreign trade to reverse the decades-long pattern of multinational free trade agreements which have wiped out broad portions of the Rust Belt and middle America.

    About 93 percent of Republican voters say they strongly or somewhat support Trump’s plans to renegotiate free trade to benefit American workers and to prevent multinational corporations from easily moving U.S. jobs overseas.

    Liked by 9 people

  10. Rud Istvam says:

    Two comments from Lurking Lawyer, neither about law but rather based on my now near 40 years of high level business bottom line and business long term strategy experience. Speaking also as a joint program honors grad of Harvard Law/Business with a summa cum laude in economics from Harvard College (all of which, with $4, also buys a Starbucks coffee).
    1. There never was free trade. A myth encountered many times in my business/consulting career. Lots of specific stories/examples, but not for a shortish comment. The only trade position that makes any sense is bilateral (country by country) reciprocity. Biblical. Do unto others as they do unto you. Trump and his cabinet are going exactly there.
    2. China is a much more difficult problem, since they were left to fester globally for several decades. My last senior corporate role incolved the company’s over 10000 employees in Tianjin, China. Been there and done that. China is always rational if you can construct a win win deal. Never if it is a zero sum win/lose. Trump knows this intuitively, as NYC construction unions are all about we win/you lose, yet he was maybe the biggest builder in NYC. He will find a way to prevail, and the intellectual property gambit is a brilliant opening move. Most of Hauwei’s technology is stolen from Motorola and Cisco. Just one example.

    Liked by 7 people

    • David GERKEN says:

      I was at the Moto Fab in Tianjin when they started up (I think for the second time?) in 2000-2001 ish. Always heard that there was a chinese factory right beside it copying everything that they did.

      Liked by 1 person

  11. A2 says:

    Hou yeah. Nice to wake up to all the most excellent economic news. Sundance sure keeps us on our toes. Always takes me an hour or so to read all the new posts (posted when I was sleeping).

    Sec Mnuchin inspires confidence and like all of the President’s cabinet has a surfeit of common sense.

    With reference to Wheatietoo’s comment on body language, I noticed during his senate confirmation trial by stupidity, that Sec Mnuchin’s face ticks when he really doesn’t like the interlocutors and his patience is wearing thin.

    I think that he used ‘territorial’ in the context of the tax reform, as the US in the past had a worldwide taxation system (the only country with the exception of a small country I forgot the name of) as opposed to a territorial system.

    Liked by 2 people

  12. Chuck Arnold says:

    And what are the Dems, Rhino’s, and MSM, which all three are one in the same now, doing while our Country, under Trump, is roaring back, You have Schiff and Mueller trying to throw OUR President, that WE elected, out of office, you have most of the MSM looking for Porn stars willing to say whatever they want them to say about our President, and CNN heading off to Bangkok Thailand, or wherever, looking for a sex coach, who also wants to bad mouth our President. How pathetic are these people?

    Liked by 3 people

  13. GB Bari says:

    Multiple times someone on the CNBC panel used the word “protectonist” in describing these trade actions, the President, etc. Mnuchin politely corrected them every time but they came right back minutes later and used the word again, and at every opportunity. OBVIOUSLY the Democrat meme for Trump’s trade agenda is “Protectionist” – and implying it’s bad. Good thing the Harvard poll cited above destroys their intended impact with that narrative.

    Liked by 4 people

  14. Michael says:

    Within the discussion [14:00] Secretary Mnuchin affirms the U.S. economy is nowhere near “full employment”; an economic reality which highlights how much labor statistics were manipulated by political ideologues the prior administration(s).

    U6 is over 8%.
    LOTS of people available to work.

    Liked by 2 people

  15. marywilbur says:

    Can someone tell me what CIFIUS is? Secretary Mnuchin said that CIFIUS reviews all potential deals which may negatively impact national security. Who or what is this acronym?


  16. G. Combs says:

    CIFIUS = Committee on Foreign Investment in the United States

    Shadow Stat August 24th, 2004
    by Walter J. “John” Williams

    “[…]The popularly followed unemployment rate was 5.5% in July 2004, seasonally adjusted. That is known as U-3, one of six unemployment rates published by the BLS. The broadest U-6 measure was 9.5%, including discouraged and marginally attached workers.

    Up until the Clinton administration, a discouraged worker was one who was willing, able and ready to work but had given up looking because there were no jobs to be had. The Clinton administration dismissed to the non-reporting netherworld about five million discouraged workers who had been so categorized for more than a year. As of July 2004, the less-than-a-year discouraged workers total 504,000. Adding in the netherworld takes the unemployment rate up to about 12.5%.

    The Clinton administration also reduced monthly household sampling from 60,000 to about 50,000, eliminating significant surveying in the inner cities. Despite claims of corrective statistical adjustments, reported unemployment among people of color declined sharply, and the piggybacked poverty survey showed a remarkable reversal in decades of worsening poverty trends.

    Somehow, the Clinton administration successfully set into motion reestablishing the full 60,000 survey for the benefit of the current Bush administration’s monthly household survey. […]”

    During Obummer’s entire presidency the actual unemployment hoovered between 22% and 23%
    Can you say DEPRESSION???

    With President Trump the numpers are slowly falling as overseas jobs start coming back

    If you want the real statistics for the USA I highly recommend reading ShadowstatDOTcom ( Shadow Government Statistics, American Business Analytics & Research LLC.)


  17. Pat Frederick says:

    Please excuse my ignorance, but could someone direct me to or give me information on the theft of intellectual property that is being investigated? Someone mentioned it is “built in” I believe in all Chinese transactions? I may be misquoting that, but how is this happening? It seems very important to trade discussions and I am totally clueless here and would like to understand it. tia


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