Trump administration hopes to pass tax reform by August
- Author: Zachary Reyes Feb 24, 2017,
Feb 24, 2017, 18:29
WASHINGTON | The Trump administration wants to overhaul the tax code by August, Treasury Secretary Steven Mnuchin said Thursday, laying out an aggressive timetable in his first significant public comments since taking office last week. Mnuchin said in an interview Thursday.
Long before Trump was president, he was calling for protectionist trade policy against China to curb what he has called unfair mercantilistic practices and a wide Sino-American trade surplus. While the Hussein-Obama Admin in its October report said China meets just 1 of 3 criteria to be labeled as such, the Treasury can change those criteria.
Concerns over the strength of far right leader Marine Le Pen in the French presidential election campaign pushed the euro lower against currencies other than the dollar, including the yen, said Richard Scalone, co-head of foreign exchange at TJM Brokerage in Chicago. In its last report issued in October, the Treasury Department found that China met only one of the three standards it now uses to designate a country a currency manipulator, while Japan, South Korea and Germany each met two.
In its last annual assessment of the Chinese economy, the International Monetary Fund found the value of the RMB Yuan "remains broadly in line with fundamentals".
At the moment, Treasury does not issue debt maturing in more than 30 years.
"For longer-term purposes, an appreciation of the dollar is a good thing, and I would expect longer-term, as you've seen over periods of time, the dollar does appreciate", Mnuchin told the newspaper. "We believe in dynamic, not static, scoring", he said.
"Due to the warning by Mnuchin, investors found it hard to buy the dollar aggressively", an official at a major Japanese bank said. This trend, he said, makes it more hard for US companies to compete on the global stage, adding that China is a currency manipulator.
President Trump's preliminary growth forecasts were more positive than projections made by independent agencies and private forecasters. Sec.
While he said the cuts would be integral to achieving the administration's goal of at least 3% economic growth, a level called "very achievable".