US Treasury Sec. Mnuchin: Seeking to promote more domestic manufacturing

Adding to his previous comments to the G20 trade ministers, US Treasury Secretary Steve Mnuchin emphasized the need for the US to become self-dependant as far as medical supplies are concerned.

Key quotes

Overdependence on other countries for cheap medical supplies has created strategic vulnerability to US economy.

Encouraging diversification of supply chains, seeking to promote more domestic manufacturing.

G20 should stay focused on the response to the pandemic, not try to use it to push other agendas in trade or elsewhere.

FX implications

The news helped to offer a bit of risk-on by the end of Monday’s trading, as could be witnessed from Wall Street close.