As Donald Trump gears up for his presidency, he is expected to lean heavily on familiar economic strategies such as tariffs, tax reductions, and sanctions, according to former Treasury Secretary Steven Mnuchin.
Mnuchin, who served during Trump’s initial term from 2017 to 2021, shared his insights in a Thursday interview on CNBC, emphasizing that these components are pivotal to Republican policy.
He highlighted tax cuts as a significant part of Trump’s agenda, stating, “They are a fundamental element of his program.” He expressed confidence that passing them in Congress would be feasible, particularly with Republican control in the House.
In addition, tariffs imposed during Trump’s last term, which he plans to reinstate, are also expected to feature prominently on the policy agenda.
“Tariffs are essential to encourage negotiations with other nations, especially China, which hasn’t lived up to its commitments,” Mnuchin remarked.
Moreover, he indicated that sanctions against nations like Iran and Russia could be reinstated. He recalled that in 2019, the Trump administration sanctioned an Iranian oil enterprise linked to the Revolutionary Guards.
“The sanctions imposed on Iran and Russia have been significant. For example, Iran is currently exporting millions of barrels of oil, and we need to put an end to that,” Mnuchin commented.
Looking ahead, Mnuchin mentioned he would not hold an official position within the new Trump administration but is willing to support efforts surrounding economic issues, particularly regarding the administration’s substantial deficit spending. He stated, “I’m eager to collaborate on tackling challenging topics now that he has overwhelming support.”
Mnuchin is also the founder of Liberty Strategic Capital.
