US official acknowledges consumers will pay some tariff costs

US Treasury Secretary Steven Mnuchin on Wednesday acknowledged that consumers may pay higher prices as a result of the steep tariffs imposed on Chinese goods.

Mnuchin's remarks were at odds with the message hammered by President Donald Trump, who claims China pays for the tariffs, creating a windfall for the US government.

"There may in some cases be an impact passed on to our consumers," Mnuchin said in testimony before the House Financial Services Committee.

He also said he had spoken to senior executives at Walmart and other mega retailers about which consumer products were most likely see prices spike due to the trade battle with Beijing.

"I just spoke to many of these CEOs...there may be a small number of items where the tariffs may be passed on."
"I don't expect that there will be significant costs for American families."