Mnuchin warns of tax reform delay following healthcare setback: FT

Mnuchin warns of tax reform delay following healthcare setback: FT

Mr. Mnuchin said that it is probably delayed a bit because of the healthcare.

He stressed that the United States did not intervene in currency markets, saying: "The president was making a factual comment about the strength of the dollar in the short term.There's a big difference between talk and action".

Still, the former Goldman Sachs banker maintained that tax reform would be complete in 2017.

Late last month, President Trump's flagship healthcare bill was killed off after failing to secure enough support from Republicans.

Trump said he did not want to "put deadlines" on passing either healthcare or tax reform but he said "healthcare's gonna happen at some point", adding that passing healthcare reform would save money and make it easier to pass a tax overhaul.

The tax, which would subject importers to higher taxes than exporters or those that produce products in the US for domestic consumption, could raise $1 trillion in revenue over 10 years. "That is not to say we have taken it off the table", Mr Mnuchin said of the border adjustment.

And while Mnuchin is at least promising to continue fighting for full-blown tax reform, reports are filtering out of Congress about abandoning all the hard work of reform and replacing it with deficit-financed tax cuts.

US urges Hungary to suspend law threatening Soros-founded university
Tibor Navracsics said last week: "the Central European University is one of the most important universities not only in Hungary"...

"The key for the market is still earnings, economic growth etc, and politics is merely a daily side show", said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago, Illinois.

"SM - I would just say that there's a lot of options". Mr Mnuchin rebuffed suggestions that Washington may be seeking to depreciate the currency via verbal interventions following remarks from Mr Trump last week.

"The anticipated shift in the policy mix so far has buoyed financial markets and strengthened business confidence, which could further fuel the current momentum", the International Monetary Fund report said.

He agreed with the president's repeated comments in recent months that the dollar's strength in the short term was hurting U.S. exports and the economy.

He said, "I think our dollar is getting too strong, and partially that's my fault because people have confidence in me".

That dwarfed any relief for market players after the U.S. Treasury department did not name China as a currency manipulator, avoiding an all-out confrontation on currencies between the world's two largest economies.

Since both the U.S. President and Secretary of the Treasury agree that the greenback is overvalued in the short-term perspective, dollar bulls shouldn't get overexcited on the long run views. "We have of course seen Trump suggest the main movements against (North) Korea are likely to be economic sanctions rather than military", Foley said. North Korea had a failed missile test launch over the weekend, adding to regional tensions that have escalated in recent weeks as Trump has taken a tough rhetorical line with Pyongyang.

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