Trump calls Chinese 'grand champions' of currency manipulation

Posted February 24, 2017

Mnuchin said the administration will achieve this through a combination of tax cuts and regulatory reform to spur economic growth.

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He told both networks that he believed the tax reform plan would help the United States boost economic growth above 3 percent by late 2018 from 1.6 percent in 2016.

Mnuchin said the Trump administration was not interested in simply subsidizing large corporations. "We will have our own set of financial projects", Mnuchin said.

"It's dubious that there's going to be comprehensive tax reform - emphasize reform ... broad-based, 1986 Reagan-like reform, on the individual side and the corporate side", the founder and senior chairman of Evercore said in an interview with "Closing Bell".

In an interview with the Wall Street Journal published Thursday, Mnuchin admitted that passing complex tax legislation in less than six months was "an ambitious timeline" that the administration and Congress might not be able to meet.

The International Monetary Fund said past year that the yuan's value was broadly in line with its economic fundamentals.

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Mnuchin said Thursday that the administration was looking at the House plan "very closely".

Some Republican senators have criticized a House Republican plan to levy a 20 percent tax on imports aimed at encouraging more USA production and exports and raising $1 trillion in revenue over a decade to offset lower business tax rates.

Large companies that do a lot of exporting, such as the Boeing Co., want a border adjustment tax.

"Absolutely", Mnuchin said. "This is a mark-to-market business, and you see what the market thinks".

Asked if the U.S. Treasury was planning to name China a currency manipulator any time soon, Mnuchin said he would follow its normal process of analyzing the currency practices of major U.S. trading partners.

"We're working behind the scenes very carefully".

"There's trillions of dollars offshore that will come back, and this will create jobs (and) this will create investment and we need to make sure our USA businesses are competitive", Mnuchin said.