Treasury Secretary Steven Mnuchin Steven Terner MnuchinShutdown clash looms after Democrats unveil spending bill Lawmakers fear voter backlash over failure to reach COVID-19 relief deal United Airlines, unions call for six-month extension of government aid MORE said Sunday he doesn’t expect President Trump Donald John TrumpBubba Wallace to be driver of Michael Jordan, Denny Hamlin NASCAR team Graham: GOP will confirm Trump's Supreme Court nominee before the election Southwest Airlines, unions call for six-month extension of government aid MORE’s recent string of tariff announcements to have a large impact on the economy.

“I don’t expect to see a big impact on the economy. But again, I think what we’re doing is long-term very good for the economy,” Mnuchin said on “Fox News Sunday.”

Trump announced earlier this month that the U.S. would impose tariffs of 25 percent on steel imports and 10 percent on aluminum imports for national security reasons, in a move he said would protect domestic workers and benefit U.S. companies.

ADVERTISEMENT

Domestic and international leaders warned that such a move could spark a trade war, though the president brushed off such concerns.

The Trump administration on Thursday announced it would exempt several countries from its steel and aluminum imports, a move Mnuchin called a "win-win."

"We’re not afraid of a trade war but that’s not our objective," Mnuchin said Sunday.

In addition to the steel and aluminum tariffs, the U.S. last week moved to specifically impose additional levies on Chinese products amounting to $50 to $60 billion.

China on Thursday announced it is prepared to implement reciprocal tariffs.

On Sunday, Mnuchin suggested the tariffs on China could be avoided through negotiation. For example, the countries could come to an agreement on lowering the trade deficit by a set amount in the next year, or China could open up its markets, Mnuchin said.

"We are going to proceed with our tariffs. We’re working on that. But we’re simultaneously having negotiations with the Chinese to see if we can reach an agreement," Mnuchin said.

"We're cautiously hopeful we’ll reach an agreement, but if not we are proceeding with these tariffs unless we have an acceptable agreement that the president signs off on," he added.