Mnuchin Warns of Tax Reform Delay Following Healthcare Setback
Donald Trump's Treasury Secretary has warned that a timetable for tax reform is likely to slip, after a series of setbacks in negotiations around healthcare.
Mnuchin's statement added to concerns about President Donald Trump's ability to deliver on his promises to cut taxes and simplify regulations - bets on which USA stocks have hit record highs since his election. "It's fair to say it is probably delayed a bit because of the health care". But, they are hopeful that currency will gain strength in long-term.
Mnuchin made the comments in an interview with The Financial Times released on Monday. He, however, insisted that tax reforms would be done before the end of 2017.
Late last month, President Trump's flagship healthcare bill was killed off after failing to secure enough support from Republicans.
Donald Trump's top economic aides have recently walked back expectations for how quickly tax reform will happen, but on Tuesday, the president put the pressure back on. It's unclear if the White House's plan will include the border-adjustment provision in the House Republicans' tax plan that would tax imports and exempt exports.
Mr. Mnuchin also confirmed that the controversial border adjustment tax is still on the table but insisted that there are other ways to close budget gaps. Projected global growth is set to rise to 3.5% from 3.1%.
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"Economic growth creates lots of revenues", he told the FT. "I am just pointing out the magnitude of what economic growth does".
But Trump suggested he was not fully committed to that order. "We need to junk our current tax code for one more suited to the modern economy".
However, Mnuchin also agreed that the dollar's strength in the short run is hurting exports and the economy;based on such mixed signals, traders are finding it hard to choose on which side to take a trade.
He said, "I think our dollar is getting too strong, and partially that's my fault because people have confidence in me".
"The president's comments during the campaign reflected previous periods of time", he added. North Korea had a failed missile test launch over the weekend, adding to regional tensions that have escalated in recent weeks as Trump has taken a tough rhetorical line with Pyongyang.
"And compared to USA bond yields, which have given up much of their gains after the election, US share prices, having gone through a limited correction, look vulnerable given potential developments in North Korea or the French election", she said. "These sanctions programmes are extremely important".
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