Rep. Maxine Waters teaches Steve Mnuchin the Art of the Deal (video)

Maxine Waters teaches Steve Mnuchin the art of the deal https://t.co/VORvF5iRwk

Wow. What an absolute smug pri*k.MNUCHIN: “I believe you’re supposed to take the g(r)avel and bang it.”WATERS: “Please do not instruct me as to how I am to conduct this committee.”

Posted by Donald Trump Is Not My President on Wednesday, April 10, 2019

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Mnuchin: US open to removing Russian aluminum producer from sanctions list

538

Mnuchin: US open to removing Russian aluminum producer from sanctions list
© Anna Moneymaker

Treasury Secretary Steven Mnuchin said Friday that the Trump administration is considering the possibility of removing a Russian aluminum company from a list of sanctioned entities as the company seeks to reconcile with the U.S. government.

Mnuchin told Reuters that the sanctions aimed at top Russian companies suspected to be involved in “malign activities” were not meant to destroy the aluminum company, Rusal, which the outlet reported is working on reestablishing a relationship with U.S. officials.

“I’m not going to go into the exact specifics of what those proposals are and where we stand on them, but, yes, if we can find an acceptable solution, that is our objective,” he added.

Rusal was sanctioned in April due to the majority share in the company being held by Russian billionaire Oleg Deripaska, who lost control of the company’s board of directors last month after a new independent board was elected, according to Reuters.

The Treasury Department had previously stated that the path to sanctions relief for Rusal involved a change of management.

Deripaska, who is also a figure in the ongoing special counsel investigation into Russia’s election interference, was sanctioned by the Treasury Department over his ties to Russian President Vladimir Putin.

“The path for the United States to provide sanctions relief is through divestment and relinquishment of control of RUSAL by Oleg Deripaska,” the agency said in April.

Mnuchin extended the initial draw-down period for business with Rusal, the world’s second-largest aluminum producer, after aluminum prices dropped nearly 10 percent around the world following the initial sanctions.

“The U.S. government is not targeting the hardworking people who depend on RUSAL and its subsidiaries,” Mnuchin said in April. “Given the impact on our partners and allies, we are issuing a general license extending the maintenance and wind-down period while we consider RUSAL’s petition.”

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U.S. Dollar Drops To 3-Year-Low After Trump Treasury Secretary Praises Weak U.S. Currency

By Guardians of Democracy Staff
Published on January 24, 2018
The U.S. dollar plunged to a three-year low on Wednesday after Treasury Secretary Steven Mnuchin said a weaker dollar was good for U.S. trade in remarks at the World Economic Forum in Davos, Switzerland.

The ICE U.S. Dollar Index, which measures the strength of the dollar against six other currencies, dropped 0.5 percent to 89.66 a day after Mnuchin told business leaders in Davos that a sinking dollar value “is good for us as it related to trade and opportunities.”

“Longer-term, the strength of the dollar is a reflection of the strength of the U.S. economy and the fact that it is and will continue to be the primary currency in terms of the reserve currency,” Mnuchin said Wednesday.

Wednesday’s plunge marked the first time in three years the index has fallen under 90 points.

Mnuchin’s comments echo statements by President Trump in favor of a weaker dollar.

Last January, Trump said that the dollar was “too strong” and that U.S. companies can’t compete because of it, particularly against the Chinese.

The dollar index has lost more than 10 percent since his remarks.

CNBC notes:

While the weak dollar could help U.S. exports, strategists point out it devalues all types of U.S. assets, including Treasurys, and makes the cost of goods from overseas more expensive for everyone from manufacturers to everyday Americans.

The Hill adds:

This But some analysts say a weaker dollar could also hurt American consumers by forcing them to pay more for foreign goods.

“The reform momentum of the Trump administration has received another blow,” said strategists at Morgan Stanley last year when the dollar fell to a 10-month low in July.

The euro, meanwhile, saw its value shoot up to a three-year high, trading at $1.2349 Wednesday, up from $1.2298 the day before. The U.K.’s pound also saw a jump in value, trading at $1.4097 on Wednesday, up from $1.4 on Tuesday.

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