Those who criticize policy changes carried out by the current Trump administration are “overreacting a bit,” former Treasury Secretary Steven Mnuchin told CNBC’s “Squawk Box” on Wednesday, adding that he does not see signs of an imminent slowdown for the U.S. economy.

Mnuchin, who served in President Donald Trump’s Cabinet during his first term in office, said that “I don’t think we’re going to have a recession. I don’t think the outlook looks like we’re going to have a recession. And Larry Summers saying there’s a 50% probability, I just don’t agree with that,” Mnuchin said, referring to a recent remark from another former Treasury head.

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.

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