Donald Trump's Treasury Secretary Steven Mnuchin unveils punchy economic growth targets

US Treasury Secretary Steven Mnuchin has unveiled a highly ambitious aim of securing a US tax-code overhaul by August and delivering punchy economic growth not seen in more than 10 years.

Mnuchin said Thursday in an interview with CNBC that the Treasury is in a process of looking at "currency manipulation across the board" and won't make any judgement "until we continue that process".

The comments - made in his first televised interviews since taking office last week - suggested that much work was still needed on key elements of the sweeping tax reform plan, which Mnuchin called his "No. 1 priority". "We want to get this done by the August recess".

Can notoriously impatient equity market investors cope with the likely delays to US President Donald Trump's promised tax cuts?

"It's going to be focused on middle-income tax cuts, simplification and making the business tax competitive with". He would not say when any tax cuts would take effect or whether they could be retroactive.

Complicating matters further is the current staffing shortage at Treasury, the White House, and other agencies, which likely makes it more hard to determine what timeframe to use to assess China's possible yuan manipulation, Scissors said.

Many economists expect it to gradually decline against the dollar over the rest of 2017.

But both Trump and Treasury Secretary Steven Mnuchin left the door open to acting soon.

"Mnuchin also has advisers that have to be confirmed by the Senate, and I'm sure they're going to take their time there as well", Harrington added.

Mnuchin, a former hedge fund manager and partner at Goldman Sachs, is facing the hard job of squaring his boss' view of China's currency with reality. "They've been sitting there for too long of a period of time and we need a solution".

"If you must pin the label of "grand champion". on China, then we are a grand champion of economic development", Geng continued.

"He (Mnuchin) said he is interested in an early meeting with his Chinese counterpart".

  • Zachary Reyes