Treasury Secretary Steven Mnuchin testifies before a Senate Appropriations subcommittee on Capitol Hill in Washington, May 15, 2019.
Jonathan Ernst | Reuters
Treasury Secretary Steven Mnuchin said Wednesday he would not push in the near term for policies that would weaken the U.S. dollar.
“I think the dollar is the reserve currency of the world. It’s in our interest; we want to maintain it,” Mnuchin told CNBC’s “Squawk Box.” “A stable dollar is very important and over the long-term period of time I do believe in a strong dollar, which signifies a strong U.S. economy, a strong stock market and particularly because of the president’s economic policies.”
Mnuchin’s comments come after President Donald Trump reportedly asked aides to find ways to weaken the U.S. dollar. A weaker dollar makes it cheaper for people overseas to buy U.S.-made products.
This is a developing story. Check back for updates.