There have been recent declines in confidence surveys of consumers and small business owners, apparently due to escalating trade tensions between the U.S. and its major trading partners of Canada, Mexico and China, as well as a massive cut in government jobs since Trump entered the White House.
Mnuchin, who since leaving office has been running the investment firm Liberty Strategic Capita, also commented on the recent downturn in the stock market, pointing out to CNBC that the decreases have come only after the indexes reached high levels.