zerohedge.com / by Tyler Durden / Apr 17, 2017 3:17 PM
In an interview with the FT, Treasury Secretary Steven Mnuchin discussed Trump’s “tremendous” tax reform, and confirmed what many already knew: that the push to revise the US tax code has been dramatically slowed by the failure to repeal and replace Obamacare, and conceded that the administration’s timetable for ambitious tax reforms will be delayed. Mnuchin also said the target to get tax reforms through Congress and on President Donald Trump’s desk before August was “highly aggressive to not realistic at this point”.
However while his tax-related comments were predictable, it is what he said about the strength of the dollar that was most notable. Recall that during his confirmation hearing, Mnuchin stated that a strong-dollar is preferable “in the long-run.” The question then became how he would reconcile his strong dollar stance with Trump’s recent flip-flop, in which the president urged for not only lower interest rates but a weaker dollar. This is what he told the FT about what relative value of the USD he prefers:
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