A day after sending the dollar reeling with comments supportive of a weak U.S. currency, U.S Treasury Secretary Steven Mnuchin said the Trump administration was not seeking trade wars but would defend its economic interests, Reuters reported. At a news conference at the World Economic Forum in Davos, Mnuchin played down his comments on Wednesday that a weaker dollar was "good for us as it relates to trade and opportunities", saying they had been "balanced and consistent". "I thought my comment on the dollar was actually quite clear yesterday," Mnuchin told reporters. "I thought it was actually balanced and consistent with what I've said before, which is, we are not concerned with where the dollar is in the short term." Mnuchin said there were "both advantages and disadvantages of where the dollar is in the short-term" and stressed that the United States wanted fair economic competition. "We want free and fair and reciprocal trade. So I think it's very clear. We're not looking to get into trade wars. On the other hand we are looking to defend America's interests."
