President-elect Donald Trump is likely to return to cornerstones of his previous economic policies such as tariffs, lower taxes and sanctions when he takes office in January, his former Treasury secretary said Thursday.
Steven Mnuchin, who held the post during Trump's first term from 2017 to 2021, told CNBC that he sees these issues as crucial to the Republican's agenda.
Tax cuts are “an essential part of his program,” Mnuchin said in a “Squawk Box” interview. “I think this should be easy to pass in Congress, especially if Republicans also control the House, which it appears they will.”
Also on the agenda would be tariffs, which Trump had introduced on several points in his first term in office and promised to do so in the future.
“I think tariffs actually need to be used to bring counterparties back to the table, particularly China, which is not honoring all of the agreements that they have made,” Mnuchin said.
Finally, he pointed out that countries such as Iran and Russia must expect renewed sanctions. The Trump administration took action against oil producers in Iran in 2019 because they were owned by the Revolutionary Guard.
“The sanctions against Iran and Russia were very effective. In the case of Iran, they are now selling millions of barrels of oil, which must be stopped,” Mnuchin said.
Aside from those issues, Mnuchin said he likely wouldn't take on an official role in the Trump administration but would “be happy to have outside input” that Trump would also address other issues, such as large deficit spending.
“I think he is now in a position, particularly with this overwhelming result, to tackle difficult issues and I think that needs to be part of government spending,” he said.
Mnuchin is the founder of Liberty Strategic Capital.
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