Washington – The Trump administration’s priority is boosting US growth through tax cuts and an overhaul of regulations, and a growing American economy will be good for the world, Treasury Secretary Steven Mnuchin said Thursday.
Cutting corporate taxes to encourage US firms to repatriate “trillions of dollars” in foreign earnings currently stashed in offshore accounts will drive investment and growth, he said.
“What’s good for the US economy is good for the global economy,” Mnuchin said in a discussion at the Institute for International Finance.
The US official said the administration’s key focus is around fair and balanced trade and investment, but he steered clear of the tensions among finance officials gathered for the semi-annual meeting of the International Monetary Fund due to the worrisome protectionist rhetoric out of Washington.
This has created a strained atmosphere at the usually staid and formulaic meetings, as Trump officials have focused on attacking individual countries for their trade surpluses with the United States, and dismissed the IMF concerns as “rubbish.” Mnuchin said US corporate tax rates are among the highest in the world, and have caused companies to understandably park their earnings offshore.