Mnuchin Says FX Tariff Push Isn't Shift to Weak Dollar Policy

U.S. Treasury Secretary Steven Mnuchin says currency policy can be an important tool to address trade imbalances, and that a recent proposal to tariff countries that engage in competitive devaluation doesn’t represent a preference for a weak dollar.

The Trump administration last month signaled intent to turn the $5.1 trillion-a-day global currency market into the next battlefield of his trade war with a Commerce Department plan that would allow the U.S. to apply countervailing tariffs on nations seen to be actively driving down their currencies to boost exports.