Trump's First Treasury Secretary: "Trump's Priorities Are Tax Cuts, Tariffs, and Iran Sanctions"

[US Election 2024]

Steve Mnuchin, former U.S. Treasury Secretary under the first Donald Trump administration, stated that if Trump is inaugurated, he will return to the foundations of previous economic policies such as tariffs, tax cuts, and sanctions.

Former U.S. Treasury Secretary Steve Mnuchin (right), who served in the first term of the Donald Trump administration, appeared on CNBC's Squawk Box for an interview on the 7th (local time). Photo by CNBC

On the 7th (local time), Mnuchin appeared on the U.S. economic media CNBC's Squawk Box and said that he believes these issues are very important to the Republican agenda.

He described tax cuts as a "distinctive part of the Trump program" and predicted, "I think the tax cut bill will pass easily in Congress. Especially if the Republicans control the House, it seems likely." Trump has previously pledged to impose tariffs of up to 20% on all imports, and as high as 60% on Chinese products in particular.

Having served as Treasury Secretary during Trump’s first term from 2017 to 2021, he said, "I believe tariffs should be used to bring the other party back to the negotiating table," and criticized, "especially China has not fulfilled everything agreed upon." This statement is interpreted as suggesting the possibility of stronger tariff measures based on non-compliance.

Along with this, Mnuchin predicted that Iran and Russia would again face U.S. sanctions. The first Trump administration had previously imposed sanctions on Iranian oil producers in 2019, citing their ownership by the Iranian Revolutionary Guard Corps. He said, "Sanctions on Iran and Russia have had a very significant impact," and added, "Iran is still selling millions of barrels of oil, which must be stopped."

Additionally, Mnuchin forecasted, "Trump is expected to address issues such as sharp fiscal deficit spending." He said, "Based on the overwhelming election results, he is in a position to solve difficult problems now," and "and that should be part of government spending."

Mnuchin drew a line regarding the possibility of being reappointed in a second Trump administration. However, he said, "I would be happy to serve from outside." He currently leads Liberty Strategic Capital, a private equity firm.