Earlier than the coronavirus pandemic, Mr. Mnuchin had not accrued a lot good will outdoors the Trump administration. He comes throughout as stiff
Earlier than the coronavirus pandemic, Mr. Mnuchin had not accrued a lot good will outdoors the Trump administration. He comes throughout as stiff and aloof. He not often smiles or indulges in small speak, a minimum of in public. (To interrupt the ice, he often impersonates Inspector Clouseau from the “Pink Panther” movies.)
Democrats and impartial watchdogs have pilloried Mr. Mnuchin for showing to assist his outdated banking buddies. He was accused of conflicts of curiosity for urging to get China to let extra Hollywood movies, like these he produced, into the nation. Final 12 months he flew from Washington to Los Angeles on the non-public plane of Michael R. Milken, the billionaire junk-bond pioneer convicted of conspiracy and fraud. Mr. Mnuchin on the time was pushing for him to obtain a presidential pardon.
Mr. Mnuchin is a self-proclaimed micromanager. Profession members of the tax coverage workers not often met with Treasury secretaries in earlier administrations; they’re usually referred to as to transient Mr. Mnuchin. On March 2, as monetary markets have been in upheaval, Mr. Mnuchin held a one-hour assembly in regards to the “grain glitch,” a technical wrinkle within the 2017 tax regulation.
Till the second week of March, Mr. Mnuchin, like most individuals within the Trump administration, regarded the coronavirus as a minor menace to the U.S. economic system.
Mr. Mnuchin opposed aggressive efforts to curb the virus, arguing in White Home conferences that it was no worse than the seasonal flu and worrying that halting flights from China would provoke the Chinese language authorities. (Monica Crowley, a Treasury spokeswoman, mentioned Mr. Mnuchin didn’t oppose limiting flights.)
Mr. Trump imposed the flight ban. Mr. Mnuchin accepted Mr. Trump’s determination and moved on, which colleagues say is typical: He presents opinions when requested, even when he is aware of Mr. Trump will disagree, after which executes regardless of the president decides. He seems to have little stake specifically outcomes. Does he agree or disagree with Mr. Trump’s stance on a given concern? In Mr. Mnuchin’s view, that’s irrelevant. He’s there to observe orders.
‘Massive Bother Coming’
In early March, traders have been panicking on the prospect of a protracted nationwide emergency. Airline journey collapsed. Unemployment claims leapt. By the tip of the month’s first week, inventory markets have been down almost 20 p.c from their excessive.