Investing.com - U.S. Treasury Secretary Steven Mnuchin welcomed a weaker dollar on Wednesday, underlining concerns that the Trump administration is stepping an attack on major trading partners as part of the president’s America First agenda.
Mnuchin said that a “weaker dollar is good for trade,” sending the U.S. currency slumping. The remark was seen by investors as a break from traditional U.S. currency policy.
He made the remark at the World Economic Forum in Davos, where other world leaders have made swipes at what they see as U.S. protectionism.
The annual Davos gathering of world leaders, chief executives and non-governmental agencies has long embraced globalization and free trade.
President Donald Trump is set to speak in Davos on Friday and investors are concerned he will use the speech to signal a more protectionist policy stance.
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