Treasury secretary Mnuchin: The US can get back to 3 percent growth
- Author: Zachary Reyes Feb 25, 2017,
Feb 25, 2017, 3:51
"It's going to be something that's focused on growth, and we will have listened to people's concerns and we will have taken them into account".
The three major U.S. equity indexes closed mixed on Thursday as investors digested the comments made by U.S. Treasury Secretary Steve Mnuchin.
Separately, the University of Michigan's survey of consumer sentiment and new-home sales will be published at 10 a.m. ET. "There are certain aspects of it that we're concerned about, there are certain aspects that we like", Mnuchin told Fox Business Network of the border tax adjustment plan. He also wants to deliver economic growth at rates not seen in more than a decade, according to the Wall Street Journal. "So I haven't held back", Trump said.
"We have a process within Treasury where we go through and we look at currency manipulation across the board, and we'll go through that process", Mnuchin said, answering a specific question about China.
Trump also threatened during the election campaign to slap tariffs on imports from China and declare the country currency manipulator, which would set in motion a process that could allow the United States to take retaliatory action. He said he has discussed those issues with two supporters of the approach, House Speaker Paul Ryan and House Ways and Means Committee Chairman Kevin Brady, R-Texas.
The dollar was bogged down a day after minutes from the US Federal Reserve's January 31-February 1 policy meeting showed the central bank was in no rush to raise interest rates.
"We're working behind the scenes very carefully".
"The first, most important thing that will impact growth is a tax plan, so we are committed to pass tax reform. We're running a lot of numbers and we're taking into account a lot of issues", he said.
"The president's priority", he said, "is we've got to focus on our defense and make sure that our military has the capabilities that they need, that our borders have the capabilities that they need to protect the American citizens".
"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.