Treasury Secretary Steven Mnuchin said the coronavirus outbreak in China and Boeing's problems have forced the administration to lower its projections for the economy.
His comments came Thursday during an interview on the Fox Business show "Mornings with Maria."
Mnuchin was asked if the coronavirus in China would impact the U.S. economy.
"I think we'll have a much better idea in another week or two as we monitor how the virus spreads," he said.
But he noted: "I think our projects have been reduced because of Boeing and other impacts, so it will be lower."
"We would have hit 3%," Mnuchin admitted, adding, "there's no question that the virus will have some impact on global growth and some impact on the U.S."
He had told host Maria Bartiromo in January expectations for the economy would have to be tempered because of Boeing's problems getting the 737 Max back in the air.
President Donald Trump's chief economic adviser Larry Kudlow told Tuesday's "Mornings with Maria" that exports in the phase one trade deal with China will be slowed down due to the virus.
"It is true the phase one trade deal, the export boom from that trade deal, will take longer because of the Chinese virus," Kudlow said. "On the other hand, the North American trade deal, USMCA, is going to unlock tremendous investment.
"Manufacturers will benefit," Kudlow concluded.
Jeffrey Rodack ✉
Jeffrey Rodack, who has nearly a half century in news as a senior editor and city editor for national and local publications, has covered politics for Newsmax for nearly seven years.
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