President-elect Donald Trump is likely to return to cornerstones of his previous economic platform such as tariffs, tax cuts and sanctions when he takes office in January, the former Treasury secretary said Thursday.
Steven Mnuchin, who held the post during Trump’s first term from 2017-21, told CNBC he believed the items were critical to the Republican agenda.
Mnuchin said in an interview with “Squawk Box” that tax cuts are “a signature part of his plan.” “I think this should be easy to pass in Congress, especially if Republicans control the House as well, which it appears to be.”
Also on the agenda are tariffs, which Trump imposed on multiple items during his first term and has promised to do so again.
“I think tariffs do need to be used to bring counterparties to the table, particularly China, which is not living up to all the agreements they made,” Mnuchin said.
Finally, he said countries such as Iran and Russia may be subject to sanctions again. The Trump administration took steps against Iranian oil producers in 2019 because they belonged to the Islamic Revolutionary Guard Corps.
“The impact of sanctions on Iran and Russia is very significant. In Iran’s case, they are selling millions of barrels of oil right now and that needs to stop,” Mnuchin said.
Beyond these issues, Mnuchin said he likely would not take a formal role in the Trump administration but would be “happy to serve on the outside,” and he expected Trump to address other issues, such as huge deficit spending.
“I think he’s now in a position to be able to address difficult issues, especially with such an overwhelming result, and I think that has to be part of government spending,” he said.
Mnuchin is the founder of Liberty Strategic Capital.
About The Author
