US Treasury Secretary Steven Mnuchin attends a session at the Congres center during the World Economic Forum (WEF) annual meeting in Davos, on January 21, 2020.

The strength of the U.S. economy will prove to be an important factor when voters head to the polls in November, according to U.S. Treasury Secretary Steven Mnuchin, despite a slew of headwinds that could weigh on growth this year.

Mnuchin warned earlier this month that U.S. growth may not hit Trump's pledged 3% growth in GDP (gross domestic product) in 2020.

Speaking to CNBC at the G-20 Summit in Riyadh, Saudi Arabia, on Sunday, Mnuchin said disruptions at Boeing could cause a 50 basis point drag on growth, compounded by General Motors strikes and the potential impact of the coronavirus outbreak.

"But the real impact in terms of the American economy, wages are going up, more jobs are being created and more people are coming back into the workforce than ever before," Mnuchin told CNBC's Hadley Gamble.