Mnuchin, who served in President Donald Trump's cabinet during the Republican's first term in office, told CNBC's "Squawk Box" that he does not see signs of an imminent slowdown for the U.S. economy.

The first few months of Trump's second-term have been marked by escalating trade tensions between the U.S. and its major trading partners of Canada, Mexico and China.

Former Treasury Secretary Steven Mnuchin said Wednesday he believes "people are overreacting a bit" to the policy changes from the current Trump administration.

Mnuchin, who served in President Donald Trump's cabinet during the Republican's first term in office, told CNBC's "Squawk Box" that he does not see signs of an imminent slowdown for the U.S. economy.

"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 recent commentary from another former Treasury head.

The first few months of Trump's second-term have been marked by escalating trade tensions between the U.S. and its major trading partners of Canada, Mexico and China. The White House has repeatedly announced and then rolled back tariffs. The federal government has also been slashing jobs. Those factors seem to have contributed to recent declines in confidence surveys of consumers and small business owners.