2024-11-07 21:09:00
President-elect Donald Trump likely will return to cornerstones of his previous economic platform such as tariffs, lower taxes and sanctions when he assumes office in January, his former Treasury secretary said Thursday.
Steven Mnuchin, who held the post throughout Trump’s first term from 2017-21, told CNBC that he sees those items as critical to the Republican’s agenda.
Tax cuts are “a signature part of his program,” Mnuchin said in a “Squawk Box” interview. “I think that should be easy to pass in Congress, particularly if the Republicans control the House as well, which it looks like it will be.”
Also on the agenda would be tariffs, which Trump implemented on multiple items during his first term and promised to do again.
“I think that tariffs do need to be used to get counterparties back to the table, especially China, which is not living up to all of the agreements they made,” Mnuchin said.
Finally, he indicated that nations such as Iran and Russia can expect to see sanctions again. The Trump administration levied measures against petroleum producers in Iran in 2019 because they were owned by the Revolutionary Guard.
“The sanctions on Iran and Russia were very impactful. In the case of Iran, they’re now selling millions of barrels of oil, which needs to be stopped,” Mnuchin said.
Outside of those issues, Mnuchin, who said he likely would not take an official role in the Trump administration but would “be happy to serve from the outside,” expects Trump to take on other issues such as steep deficit spending.
“I think he’s in a position now, particularly with this overwhelming result, to take on difficult issues, and I think that’s got to be part of government spending,” he said.
Mnuchin is the founder of Liberty Strategic Capital.
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**Interview with Steven Mnuchin, Former Treasury Secretary**
**Editor:** Thank you for joining us today, Steven. It seems that as we look ahead to President-elect Trump’s upcoming term, there’s a strong emphasis on returning to key elements of his past economic strategy. Can you give us insight into the significance of tariffs in this agenda?
**Mnuchin:** Absolutely. Tariffs are a crucial tool for negotiating with trade partners. They create leverage, compelling counter parties to the table in order to strike more favorable deals. I believe we’ll see these reintroduced as a means of rejuvenating American manufacturing and protecting jobs.
**Editor:** You mentioned tax cuts as a “signature part” of Trump’s platform. In your view, how effective were these cuts during his previous term?
**Mnuchin:** The tax cuts significantly stimulated the economy by enhancing consumption and investment. We witnessed wage growth and low unemployment rates as a result. I anticipate that a return to these policies will continue to foster economic growth.
**Editor:** Beyond tariffs and tax cuts, do you see any other economic strategies that might be reinstated?
**Mnuchin:** Sanctions are another key area. We used them effectively to counteract geopolitical threats and to create economic pressure on adversaries. I expect similar strategies will once again be part of the agenda.
**Editor:** With all these policies in mind, what do you believe will be the biggest challenges the administration will face in implementing them?
**Mnuchin:** The global economic landscape has shifted. Challenges such as inflation and supply chain disruptions will need to be managed carefully. Additionally, political opposition domestically might also pose hurdles to enacting these policies.
**Editor:** Thank you for your insights, Steven. It will be interesting to see how these strategies unfold in the coming months.
**Mnuchin:** My pleasure. I look forward to seeing how the new administration navigates these complex issues.
