US Treasury Sec. Mnuchin: Tariffs are not about US protectionism - Reuters

As reported by Reuters, US Treasury Secretary Steven Mnuchin faced intense criticism during the two-day G20 finance ministers' summit in Buenos Aires this week. Mnuchin pushed back, claiming that the US' use of tariffs is not to engage in outright protectionism, but rather to rebalance inefficiencies in US trade.

Key highlights

US Treasury Secretary Steven Mnuchin stated on Tuesday that US tariffs are "not about protectionism", but rather defending American interests amidst unfair trade practices. Mnuchin clarified Trump's position, stating that while Trump isn't afraid of starting a trade war, that is not his ultimate goal. Mnuchin conceded that there was a risk that trade partners would reciprocate with tariffs of their own, but that the US is ultimately dedicated to "defending free and fair reciprocal trade".