President-elect Donald Trump will likely return to the basics of his previous economic platform of tariffs, tax cuts and sanctions when he takes office in January, a former Treasury secretary said Thursday.
Steven Mnuchin, who held the job throughout President Trump’s first term from 2017 to 2021, told CNBC he believes these items are important to Republican policy.
Secretary Mnuchin said in an interview on “Squawk Box” that tax cuts “are a hallmark part of his program.” “I think it will be easy to pass in Congress, especially if Republicans control the House, and that’s how it will be.”
Also on the agenda will be the tariffs that President Trump imposed on several items during his first term and promised to reimpose.
“I think tariffs are necessary to bring the other countries back to the table, especially China, which hasn’t fulfilled all of the agreements,” Mnuchin said.
Finally, he suggested that countries such as Iran and Russia could be subject to sanctions again. In 2019, the Trump administration imposed sanctions on an Iranian oil production company because it was owned by the Revolutionary Guards.
“The sanctions against Iran and Russia have had a huge impact. In the case of Iran, they’re selling millions of barrels of oil right now, and we need to stop that,” Mnuchin said.
Beyond these issues, Mnuchin said he would not have a formal role in the Trump administration, but would be “happy to serve on the outside” and address other issues such as Trump’s massive deficit spending. I look forward to working with you as well.
“I think he’s now in a position, especially with this overwhelming result, to tackle difficult issues. I think that should be part of government spending,” he said.
Mr. Mnuchin is the founder of Liberty Strategic Capital.
