Steven Mnuchin, the newly nominated nominee for Treasury Secretary by President-elect Donald Trump, said the top priority of the new Trump administration would be to cut taxes.
“Our first priority is to cut taxes,” said Mnuchin in an interview with CNBC’s Squawk Box. “We want to cut the corporate taxes, which will bring back growth.”
Mnuchin said that their plan is to cut the corporate tax rate to 15% from its current 35% level.
Trump’s Treasury pick also said that he believes the reforms from the new administration will bring “sustained 3 to 4% GDP growth.”
Additionally, Mnuchin said that he expects interest rates to stay low for a the foreseeable future.
“I think that interest rates are going to stay relatively low for th next couple of years,” said Mnuchin.
Both Mnuchin and Trump’s Commerce Secretary pick Wilbur Ross said that they were “fans” of Federal Reserve Chair Janet Yellen, but would not comment on whether she would serve our her term or be re-appointed by Trump.
On China, Mnuchin said that they would evaluate any possible trade enforcement action against the country when they get into office. Trump repeatedly gone after China for devaluing their currency against the US dollar to make their exports more competitive.
“If we determine we need to label them a currency manipulator, we will do so,” said Mnuchin.
More to come…
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