May 22, 2019 / 2:01 PM / a month ago

Mnuchin says tariffs won't lead to major cost increases for U.S. families

FILE PHOTO: U.S. Treasury Secretary Steven Mnuchin testifies before a Senate Appropriations subcommittee on Capitol Hill in Washington, U.S. May 15, 2019. REUTERS/Jonathan Ernst

WASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Wednesday that he did not expect American families to experience significant cost increases from President Donald Trump’s higher tariffs on Chinese goods in part because companies will source products elsewhere.

Mnuchin, speaking at a House Financial Services Committee hearing, said currency effects, reduction in profit margins and other factors would mitigate tariffs, and in some cases, the U.S. government would grant product exemptions.

“My expectation is that a lot of this business will be moved from China to other places in the region so that there will not be a cost,” Mnuchin said.

Reporting by David Lawder; Editing by Chizu Nomiyama

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