US Treasury's Mnuchin: US growth good for global economy


President Donald Trump administration's promised tax reform will be announced soon, Treasury Secretary Steven Mnuchin said Thursday.

The S&P financial group spiked 1.7%, paced by a 6% advance in American Express after reporting better than expected Q1 earnings, lifted in part by higher spending numbers from card members.

Trump has since said the administration will continue trying to replace health care legislation enacted by his predecessor, Barack Obama, though Mnuchin said tax reform will move forward even if health laws stay the same.

"What's good for the United States economy is good for the global economy", Mnuchin said in a discussion at the Institute for International Finance.

"Whether health care gets done or health care doesn't get done, we're going to get tax reform done", Mnuchin said.

"Corporate America is hanging in there despite softening economic data", CFRA investment strategist Lindsey Bell says.

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Mnuchin said he hoped that there would be bipartisan support for a plan.

Mnuchin said much like the president's campaign promise, his top priority is driving economic growth through tax reform and regulatory reform.

"The more permanent we can make the tax code the more it makes sense to us", he said. The director of the National Economic Council said the administration's tax plan would offer sweeping reforms for both individuals and corporations.

He also said that Trump's tax plan might involve using some tax revenues from businesses repatriating foreign earnings for infrastructure.

The goal is to "make sure banks have liquidity so they can lend" but at the same time ensuring they do not become a burden to taxpayers should they run into difficulties.

Mnuchin said it would "a little bit premature" to provide any further details on which direction the administration might recommend.