Anamika Dey, editor
Brief news
- Steven Mnuchin indicated that President-elect Trump will likely reinstate key economic policies, including tariffs, tax cuts, and sanctions, upon taking office in January.
- Mnuchin emphasized the importance of tax cuts and tariffs, particularly in negotiations with China.
- He anticipates renewed sanctions on Iran and Russia, while expressing willingness to support Trump from outside the administration.
Detailed news
The former Treasury secretary for President-elect Donald Trump stated on Thursday that it is very likely that he will likely revert to cornerstones of his prior economic agenda, such as tariffs, reduced taxes, and sanctions, when he takes office in January.
The position was held by Steven Mnuchin throughout the entirety of President Trump’s first term, which lasted from 2017 to 21. Mnuchin expressed to CNBC that he considers those issues to be essential to the Republican agenda.
During an appearance on “Squawk Box,” Mnuchin stated that tax cuts are “a signature part of his program.” My opinion is that it should not be difficult to carry it through Congress, especially if the Republicans are also in charge of the House of Representatives, as it appears they will be.
The imposition of tariffs, which President Trump imposed on a number of different products during his first term in office and has pledged to do again, would also be on the agenda.
Mnuchin stated, “I believe that tariffs do need to be used in order to get counterparties back to the table, particularly China, which is not living up to all of the agreements that they made.”
The last thing he said was that countries like Iran and Russia should anticipate that they would be subject to sanctions once more. During the year 2019, the administration of President Trump imposed sanctions on Iranian petroleum producers due to the fact that these companies were owned by the Revolutionary Guard.
The sanctions that were placed on Russia and Iran had a significant impact. When it comes to Iran, they are now selling millions of barrels of oil, which is something that has to be halted, according to Mnuchin.
Mnuchin, who stated that he would, most likely, not take on an official role in the Trump administration but would “be happy to serve from the outside,” anticipates that Trump would take on other concerns, such as the excessive deficit spending, in addition to those issues.
“I believe that he is now in a position, especially with this overwhelming result, to take on difficult issues, and I believe that this ought to be a part of the government’s spending,” he stated.
Mnuchin is the one who first established Liberty Strategic Capital.
Source : CNBC news
