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U.S. isn't weaponizing dollar, treasury secretary claims, but adds that sanctions are alternative to war
But by definition sanctions weaponize the dollar, so what's the difference here?
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By Natasha Tarak
CNBC, New York
Saturday, December 14, 2019
U.S. Treasury Secretary Steven Mnuchin on Saturday rejected the suggestion that the Trump administration is weaponizing the dollar through its trade-restricting policies with other countries.
“Let me be clear: we are not weaponizing the U.S. dollar,” Mnuchin told CNBC’s Hadley Gamble at the Doha Forum in Qatar. “If anything I would say the opposite; I take great responsibility that people use the dollar as the reserve currency of the world, and the dollar is quite strong — sometimes the president says the dollar is too strong.
... Dispatch continues below ...
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“The dollar is strong because of the U.S. economy and because people want to hold dollars and the safety of the U.S. dollar. So because of that, we take sanctions responsibility very seriously — as a matter of fact, I personally sign off on every single piece of sanction that we do.”
Officials in China and Europe have been actively promoting their currencies as substitutes for the dollar when it comes to both reserves and transactions, particularly in the face of expanding U.S. sanctions and protectionist trade policies like tariffs. ...
"The reason why we're using sanctions is because they are an important alternative for world military conflicts. And I believe it's worked," the secretary said. ...
... For the remainder of the report:
https://www.cnbc.com/2019/12/14/mnuchin-us-isnt-weaponizing-dollar-sanct...
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