U.S. Treasury Secretary Steven Mnuchin has refuted suggestions that he and President Donald Trump hold differing opinions regarding the U.S. dollar. This follows President Trump expressing approval of the dollar's recent decline, while Secretary Mnuchin has publicly supported a "strong dollar policy."

When questioned on Friday about which stance—his or the President's—was correct, Mnuchin responded that it was a "false choice."

On January 28, the U.S. dollar strengthened after Mnuchin stated that the United States "has always had a strong dollar policy" and clarified that U.S. authorities were not intervening to weaken the dollar against the Japanese yen. The previous day, the dollar had fallen sharply after President Trump, when asked if he was concerned about the dollar's depreciation, replied, "No, I think it's good."

Secretary Mnuchin elaborated on Friday, stating, "The core of the strong dollar policy is, are we doing the things that create strong fundamentals for the dollar?" He cited the Trump administration's policies on taxes, trade, deregulation, and energy, as well as efforts to "re-strengthen our sovereignty in critical minerals."

"Are we making America the best place in the world to deploy capital? I think nobody has done a better job of that than President Trump," Mnuchin added.

Separately, the Treasury Secretary clarified his remarks from Thursday concerning the possibility of President Trump taking action against Kevin Warsh, whom the President has nominated to be the next Chair of the Federal Reserve.

During a hearing before the Senate Banking Committee, Democratic Senator Elizabeth Warren questioned Mnuchin about a reported comment made by Trump over the weekend. Mnuchin had initially stated that if the President wanted to sue Warsh for not lowering interest rates as desired, "that would be up to the President."

"I was trying to explain to Senator Elizabeth Warren—who apparently has no sense of humor—that it was a joke," Mnuchin said on Friday, declining to repeat the statement about the President's potential actions.

"President Trump has great respect for the Fed and respects the Fed's independence," Mnuchin concluded.