Trump’s Treasury could cause financial market conditions to tighten even with Fed cut

U.S. Treasury Secretary Steven Mnuchin talks to reporters about cryptocurrency in the Brady Press Briefing Room at the White House July 15, 2019 in Washington, DC. On Monday, the Treasury Department announced an aggressive plan to build up its cash balances. The Treasury is slated to borrow an additional $433 billion during the quarter that runs from July to September, with a stated ending balance of $350 billion. In comparison, the Treasury borrowed just $40 billion from April to June. The larg


U.S. Treasury Secretary Steven Mnuchin talks to reporters about cryptocurrency in the Brady Press Briefing Room at the White House July 15, 2019 in Washington, DC. On Monday, the Treasury Department announced an aggressive plan to build up its cash balances. The Treasury is slated to borrow an additional $433 billion during the quarter that runs from July to September, with a stated ending balance of $350 billion. In comparison, the Treasury borrowed just $40 billion from April to June. The larg
Trump’s Treasury could cause financial market conditions to tighten even with Fed cut Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: jesse pound, thomas franck
Keywords: news, cnbc, companies, monetary, trumps, cut, cash, conditions, financial, debt, cryptocurrency, mnuchin, department, fed, cause, market, easing, treasury, tighten, driving


Trump's Treasury could cause financial market conditions to tighten even with Fed cut

U.S. Treasury Secretary Steven Mnuchin talks to reporters about cryptocurrency in the Brady Press Briefing Room at the White House July 15, 2019 in Washington, DC. Mnuchin said the Treasury is very concerned about Facebook’s Libra cryptocurrency and that he wants the government to “make sure that the U.S. financial system is protected from fraud.”

The Federal Reserve took steps toward easing monetary policy on Wednesday, but the Treasury Department, no longer constrained by the debt ceiling, is poised to perhaps tighten financial conditions through its upcoming funding actions.

On Monday, the Treasury Department announced an aggressive plan to build up its cash balances. The Treasury is slated to borrow an additional $433 billion during the quarter that runs from July to September, with a stated ending balance of $350 billion.

In comparison, the Treasury borrowed just $40 billion from April to June.

The large increase in debt issuance has the potential to partially offset the monetary easing just announced by the Fed. As the Treasury floods the market with new debt to rebuild its cash reserves, the new supply could have the effect of driving down prices and driving up yields of Treasurys and other market-determined interest rates.


Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: jesse pound, thomas franck
Keywords: news, cnbc, companies, monetary, trumps, cut, cash, conditions, financial, debt, cryptocurrency, mnuchin, department, fed, cause, market, easing, treasury, tighten, driving


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China, US officials meet for trade talks in Shanghai

Chinese Vice Premier Liu He (R) with United States Trade Representative Robert Lighthizer (2nd L) and Treasury Secretary Steve Mnuchin (L) before the start of talks at the Xijiao Conference Center in Shanghai on July 31, 2019. Top U.S. and Chinese trade officials met in Shanghai on Wednesday for talks in a bid to end a year-long trade war, despite low expectations for progress and combative remarks from U.S. President Donald Trump. As U.S. Trade Representative Robert Lighthizer and Treasury Secr


Chinese Vice Premier Liu He (R) with United States Trade Representative Robert Lighthizer (2nd L) and Treasury Secretary Steve Mnuchin (L) before the start of talks at the Xijiao Conference Center in Shanghai on July 31, 2019. Top U.S. and Chinese trade officials met in Shanghai on Wednesday for talks in a bid to end a year-long trade war, despite low expectations for progress and combative remarks from U.S. President Donald Trump. As U.S. Trade Representative Robert Lighthizer and Treasury Secr
China, US officials meet for trade talks in Shanghai Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-31
Keywords: news, cnbc, companies, china, secretary, officials, deal, mnuchin, chinese, shanghai, meet, huawei, month, lighthizer, talks, trade


China, US officials meet for trade talks in Shanghai

Chinese Vice Premier Liu He (R) with United States Trade Representative Robert Lighthizer (2nd L) and Treasury Secretary Steve Mnuchin (L) before the start of talks at the Xijiao Conference Center in Shanghai on July 31, 2019.

Top U.S. and Chinese trade officials met in Shanghai on Wednesday for talks in a bid to end a year-long trade war, despite low expectations for progress and combative remarks from U.S. President Donald Trump.

As U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin landed in the Chinese commercial hub on Tuesday, Trump accused Beijing on Twitter of stalling, and warned of a worse outcome for China if it continued to do so.

This week’s meetings, the first in-person trade talks since a G-20 truce last month, come as an official survey showed China’s factory activity shrank for the third month in a row in July, underlining the growing strains placed on the world’s second-biggest economy by the trade war.

Vice Premier Liu He met and shook hands with Lighthizer and Mnuchin at Shanghai’s Xijiao State Guest Hotel in front of media on Wednesday morning ahead of the day’s negotiations, but the officials did not make any public remarks.

The trade row has dragged on for more than a year, with the world’s two largest economies slapping billions of dollars of tariffs on each other’s imports, disrupting global supply chains and shaking financial markets.

The Shanghai talks were expected to centre on “goodwill” gestures, such as Chinese commitments to purchase U.S. agricultural commodities and steps by the United States to ease some sanctions on Chinese telecoms equipment giant Huawei Technologies, a person familiar with the discussions told Reuters earlier.

Trump had said on Twitter that China appeared to be backing off on a pledge to buy U.S. farm goods, and he warned that if China stalled in the hope that he wouldn’t win re-election in the November 2020 U.S. presidential contest, the outcome will be worse for China.

“The problem with them waiting … is that if & when I win, the deal that they get will be much tougher than what we are negotiating now … or no deal at all,” Trump said.

China’s state-owned Global Times tabloid said that U.S. negotiators should show sincerity and hold “reasonable expectations” after making “unrealistic demands that infringe upon China’s sovereignty and dignity.”

It said that if “Washington still holds the illusion that Beijing will somehow cave in and compromise on issues concerning sovereignty and other related core interests to reach a deal, then no deal is fine.”

The U.S. and Chinese delegations were scheduled to have had dinner at Shanghai’s historic riverfront Fairmont Peace Hotel on Tuesday night, but both teams avoided the media and did not make public comments.

The U.S. Commerce Department put Huawei on a national security blacklist in May, effectively banning U.S. firms from selling to Huawei, a move that enraged Chinese officials.

Trump had agreed last month to allow some sales to Huawei in a meeting with Chinese President Xi Jinping, but so far, U.S. semiconductor and software makers are still mostly in the dark about the administration’s plans.

In Sao Paulo on Tuesday, U.S. Commerce Secretary Wilbur Ross said decisions on license applications by U.S. firms to resume some sales to Huawei could come as early as next week.


Company: cnbc, Activity: cnbc, Date: 2019-07-31
Keywords: news, cnbc, companies, china, secretary, officials, deal, mnuchin, chinese, shanghai, meet, huawei, month, lighthizer, talks, trade


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Amazon has ‘destroyed the retail industry’ so US should look into its practices, Mnuchin says

Treasury Secretary Steven Mnuchin said Wednesday the Justice Department is right to be looking into Amazon’s practices as part of its antitrust review of big technology companies. “I think if you look at Amazon, although there are certain benefits to it, they’ve destroyed the retail industry across the United States so there’s no question they’ve limited competition,” Mnuchin told CNBC’s “Squawk Box. ” “I think it’s very good that the attorney general is going to look into this. I think it’s an


Treasury Secretary Steven Mnuchin said Wednesday the Justice Department is right to be looking into Amazon’s practices as part of its antitrust review of big technology companies. “I think if you look at Amazon, although there are certain benefits to it, they’ve destroyed the retail industry across the United States so there’s no question they’ve limited competition,” Mnuchin told CNBC’s “Squawk Box. ” “I think it’s very good that the attorney general is going to look into this. I think it’s an
Amazon has ‘destroyed the retail industry’ so US should look into its practices, Mnuchin says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-24  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, amazon, technology, justice, mnuchin, looking, industry, look, retail, department, review, practices, destroyed, theyve, think


Amazon has 'destroyed the retail industry' so US should look into its practices, Mnuchin says

Treasury Secretary Steven Mnuchin said Wednesday the Justice Department is right to be looking into Amazon’s practices as part of its antitrust review of big technology companies.

“I think if you look at Amazon, although there are certain benefits to it, they’ve destroyed the retail industry across the United States so there’s no question they’ve limited competition,” Mnuchin told CNBC’s “Squawk Box. ”

“I think it’s very good that the attorney general is going to look into this. I think it’s an important issue and I look forward to him reporting back to the president and hearing his recommendations,” said Mnuchin.

The Justice Department said Tuesday it is opening a broad antitrust review of big technology companies, sending shares of Amazon, Alphabet and Facebook lower in off-hours trading. The DOJ said it is looking into how major online platforms have “achieved market power” and how their practices may have “reduced competition, stifled innovation, or otherwise harmed consumers.”


Company: cnbc, Activity: cnbc, Date: 2019-07-24  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, amazon, technology, justice, mnuchin, looking, industry, look, retail, department, review, practices, destroyed, theyve, think


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Mnuchin: Phone call on trade with China set for Thursday, ‘complicated issues’ remain

Treasury Secretary Steven Mnuchin told CNBC on Thursday that he and U.S. Trade Representative Robert Lighthizer will talk with Chinese counterparts later in the day but “complicated issues” remain in the trade war. “We’re working under the direction of President Trump and President Xi from the meeting in Osaka and we’ll see where we get.” China and the U.S. agreed last month at the G-20 summit in Osaka, Japan, to restart trade talks and avoid the implementation of additional tariffs. The Wall St


Treasury Secretary Steven Mnuchin told CNBC on Thursday that he and U.S. Trade Representative Robert Lighthizer will talk with Chinese counterparts later in the day but “complicated issues” remain in the trade war. “We’re working under the direction of President Trump and President Xi from the meeting in Osaka and we’ll see where we get.” China and the U.S. agreed last month at the G-20 summit in Osaka, Japan, to restart trade talks and avoid the implementation of additional tariffs. The Wall St
Mnuchin: Phone call on trade with China set for Thursday, ‘complicated issues’ remain Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: fred imbert
Keywords: news, cnbc, companies, deal, issues, president, remain, phone, trump, china, talks, osaka, mnuchin, trade, conversation, complicated, set, went


Mnuchin: Phone call on trade with China set for Thursday, 'complicated issues' remain

Treasury Secretary Steven Mnuchin told CNBC on Thursday that he and U.S. Trade Representative Robert Lighthizer will talk with Chinese counterparts later in the day but “complicated issues” remain in the trade war.

“This will be the second conversation we’ve had. There has been conversation at the staff level,” Mnuchin said in a “Squawk Box ” interview. “We’re working under the direction of President Trump and President Xi from the meeting in Osaka and we’ll see where we get.”

Mnuchin added that if the call went well, he would expect in-person meetings to take place.

China and the U.S. agreed last month at the G-20 summit in Osaka, Japan, to restart trade talks and avoid the implementation of additional tariffs. The world’s largest economies have been engaged in a trade war for more than a year, keeping a cloud of uncertainty over financial markets and the global economic outlook.

The Wall Street Journal reported that U.S.-China trade talks have been at a standstill as the Trump administration weighs China’s demands to ease restrictions on telecom giant Huawei.

Mnuchin said Huawei was not a sticking point on the negotiations, but “there are just a lot of complicated issues.”

“We were very far along [in] the deal. We were disappointed that we went backwards on certain issues,” he said. “But if we can get a good deal, this is a great opportunity for U.S. companies and for U.S. workers.”

Subscribe to CNBC on YouTube.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: fred imbert
Keywords: news, cnbc, companies, deal, issues, president, remain, phone, trump, china, talks, osaka, mnuchin, trade, conversation, complicated, set, went


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Mnuchin says progress being made on debt limit deal, markets shouldn’t be concerned

“I think everybody is in agreement that we won’t do anything that puts the U.S. government at risk in terms of our issue of defaulting. So I don’t think the market should be concerned, and we’re working hard. He added that everybody involved is aware of the risks that the inability to reach a deal would bring. The Treasury has been using a series of “extraordinary measures” to keep the government running while the spending impasse continues. Mnuchin earlier had said that those measures could kee


“I think everybody is in agreement that we won’t do anything that puts the U.S. government at risk in terms of our issue of defaulting. So I don’t think the market should be concerned, and we’re working hard. He added that everybody involved is aware of the risks that the inability to reach a deal would bring. The Treasury has been using a series of “extraordinary measures” to keep the government running while the spending impasse continues. Mnuchin earlier had said that those measures could kee
Mnuchin says progress being made on debt limit deal, markets shouldn’t be concerned Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: jeff cox
Keywords: news, cnbc, companies, progress, deal, working, concerned, spending, suspending, agreement, shouldnt, debt, sides, service, limit, markets, think, mnuchin, measures, treasury


Mnuchin says progress being made on debt limit deal, markets shouldn't be concerned

Treasury Secretary Steven Mnuchin told CNBC on Thursday the administration and congressional leaders are continuing toward resolving an impasse over the debt ceiling and he is confident an agreement will be reached that will ensure the U.S. does not default on its obligations.

“I don’t think the market should be concerned,” he said. “I think everybody is in agreement that we won’t do anything that puts the U.S. government at risk in terms of our issue of defaulting. I think that nobody wants a shutdown in any scenario. So I don’t think the market should be concerned, and we’re working hard. We’ll get there one way or another.”

In what he called his “most conservative” scenario, the U.S. could lose its spending ability by early September. At that point, the Treasury would not be able to make payments on its $22 trillion debt load, a potentially catastrophic event that would ripple through financial and world markets.

Both sides have been negotiating on reaching future spending limits and a longer-term agreement on continuing to allow the government the ability to borrow. There have been some indications that an agreement is near, though CNBC’s Ylan Mui reported earlier that the two sides remain significantly apart.

In the interview on “Squawk Box, ” Mnuchin said he has been having “daily conversations” with House Speaker Nancy Pelosi, D-Calif., they have reached an agreement on “top-line” spending numbers over a one- and two-year period, and are now working on “offsets” to put caps on spending.

He added that everybody involved is aware of the risks that the inability to reach a deal would bring.

“I’ve discussed that with the leadership of both the House and the Senate,” he said. “That’s why I’ve encouraged them to raise the debt ceiling before they leave.”

Lawmakers plan on leaving for their August recess on July 26.

The Treasury has been using a series of “extraordinary measures” to keep the government running while the spending impasse continues. The measures currently in use entail halting sales of state and local government series Treasury securities, redeeming existing sales and suspending any new investments of civil service and Postal Service pension funds, and suspending reinvestments of the Government Securities Investment Fund and the Exchange Stabilization Fund.

Mnuchin earlier had said that those measures could keep the U.S. afloat into November, but recently shortened the time span.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: jeff cox
Keywords: news, cnbc, companies, progress, deal, working, concerned, spending, suspending, agreement, shouldnt, debt, sides, service, limit, markets, think, mnuchin, measures, treasury


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Mnuchin: US has ‘very serious concerns’ that Facebook’s Libra could be misused by terrorists

Treasury Secretary Steven Mnuchin has concerns about Facebook’s proposed cryptocurrency and its potential illicit use. In a press conference Monday, Mnuchin said Facebook’s planned digital currency “could be misused by money launderers and terrorist financiers” and that it was a “national security issue.” “The president does have concerns as it relates to bitcoin and cryptocurrencies — those are legitimate concerns that we have been working on for a long period of time,” Mnuchin said. The tech g


Treasury Secretary Steven Mnuchin has concerns about Facebook’s proposed cryptocurrency and its potential illicit use. In a press conference Monday, Mnuchin said Facebook’s planned digital currency “could be misused by money launderers and terrorist financiers” and that it was a “national security issue.” “The president does have concerns as it relates to bitcoin and cryptocurrencies — those are legitimate concerns that we have been working on for a long period of time,” Mnuchin said. The tech g
Mnuchin: US has ‘very serious concerns’ that Facebook’s Libra could be misused by terrorists Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: kate rooney
Keywords: news, cnbc, companies, libra, concerns, bitcoin, facebook, terrorists, illicit, serious, facebooks, treasury, digital, mnuchin, committee, misused


Mnuchin: US has 'very serious concerns' that Facebook's Libra could be misused by terrorists

Treasury Secretary Steven Mnuchin has concerns about Facebook’s proposed cryptocurrency and its potential illicit use.

In a press conference Monday, Mnuchin said Facebook’s planned digital currency “could be misused by money launderers and terrorist financiers” and that it was a “national security issue.”

“Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cyber crime, tax evasion, extortion, ransomware, illicit drugs and human trafficking,” Mnuchin said, adding that he is “not comfortable today” with Facebook’s launch.

“They have a lot of work to do,” he said.

The press conference comes days after President Donald Trump said in a tweet that he was “not a fan” of cryptocurrencies like bitcoin. He also suggested Facebook, which plans on launching the global cryptocurrency next year, would need a bank charter to do so. Bitcoin dropped sharply on Monday following the president’s criticism on Twitter. The world’s first and most valuable digital currency fell roughly 10% to a low of $9,872 to start the week.

“The president does have concerns as it relates to bitcoin and cryptocurrencies — those are legitimate concerns that we have been working on for a long period of time,” Mnuchin said.

In response to the Treasury secretary’s comments, Facebook told CNBC that “they anticipated critical feedback from regulators, central banks, lawmakers around the world.” The tech giant also said they announced Libra a year before its anticipated launch date, “so that we could have those conversations.”

Facebook’s David Marcus, head of Facebook’s Calibra digital wallet that will be used to store Libra, is scheduled to testify before the committee on Tuesday. The House Financial Services Committee will hold its own hearing focused on Libra on Wednesday. Marcus responded to questions from the U.S. Senate Banking Committee in a letter last week, saying the company needs governments, central banks and regulators involved to properly launch the digital asset and Facebook “can’t do this alone.”

WATCH: Facebook responds to Mnuchin’s criticism


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: kate rooney
Keywords: news, cnbc, companies, libra, concerns, bitcoin, facebook, terrorists, illicit, serious, facebooks, treasury, digital, mnuchin, committee, misused


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Harriet Tubman $20 bill design could never have been ready for 2020 intro, officials say: Report

Contradicting earlier reports that Treasury Secretary Steven Mnuchin had delayed the introduction of a new $20 bill featuring Harriet Tubman, current and former officials told The Washington Post that the bill was never going to be ready for a 2020 introduction. According to the Post, which cited three current or former high-ranking government officials appointed by President Barack Obama who were involved in the Tubman $20 bill project, the bill’s release remains on schedule. Felix also said th


Contradicting earlier reports that Treasury Secretary Steven Mnuchin had delayed the introduction of a new $20 bill featuring Harriet Tubman, current and former officials told The Washington Post that the bill was never going to be ready for a 2020 introduction. According to the Post, which cited three current or former high-ranking government officials appointed by President Barack Obama who were involved in the Tubman $20 bill project, the bill’s release remains on schedule. Felix also said th
Harriet Tubman $20 bill design could never have been ready for 2020 intro, officials say: Report Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: marc rod, dan mangan
Keywords: news, cnbc, companies, felix, bill, report, harriet, intro, currency, treasury, officials, tubman, design, 20, mnuchin, say, 2020, ready, lew


Harriet Tubman $20 bill design could never have been ready for 2020 intro, officials say: Report

In this file photo, Secretary Jack Lew looks at a rendering of Harriet Tubman during a visit to the Bureau of Engraving and Printing.

Contradicting earlier reports that Treasury Secretary Steven Mnuchin had delayed the introduction of a new $20 bill featuring Harriet Tubman, current and former officials told The Washington Post that the bill was never going to be ready for a 2020 introduction.

In 2016, then-Treasury Secretary Jack Lew said the government would release in 2020 a “final concept design” for a $20 bill featuring the former slave who helped free dozens of other slaves to mark the 100th anniversary of women’s suffrage.

In May, Mnuchin said the new design would not be unveiled until 2028.

According to the Post, which cited three current or former high-ranking government officials appointed by President Barack Obama who were involved in the Tubman $20 bill project, the bill’s release remains on schedule. Larry Felix, former director of the Bureau of Engraving and Printing, spoke on the record to the newspaper, while the other officials declined to be named.

The Post reported that Mnuchin has been following the timeline set forth under the Obama administration. Felix told the Post that the 2020 release date Lew announced was never feasible.

“Those announcements were not grounded in reality. The U.S. had not at the time acquired the security features to redesign and protect the notes,” Felix told the newspaper.

NiQuan Energy, which lists Felix on its website as its group chairman, did not respond to a request for comment from Felix. Lew did not respond to a request for comment.

Felix also said that, per a 2013 report by the Advanced Counterfeit Deterrence committee, which oversees currency redesigns, a new $20 bill could not enter circulation before 2020. Felix and other officials said that the Treasury could not have released a “concept” design in 2020, as Lew promised, because it would have given counterfeiters a decade to replicate the bill, according to the Post.

In a news conference Monday, Mnuchin echoed the Post’s reporting.

“There’s a lot of misinformation on this issue,” he said. “This is a nonpolitical situation where the primary objective of changing the currency is to stop counterfeiting.”

He noted that the $100 bill took 10 years to redesign and that releasing any new currency requires new machinery and a new manufacturing process. He said that “even in the most optimistic scenario” the currency would not be complete before the end of a second Trump term.

The Post’s reporting aligns with a statement Obama appointee and current BEP Director Len Olijar gave to CNBC in June. “No Bureau or Department official has ‘scrapped’ anything; it is too early to develop an integrated concept or design until security features are finalized,” he said.

In a statement Monday, Olijar said: “Not only is it a mistake to give counterfeiters a look at potential security features, currency designs undergo a number of iterations and can change during testing. Moreover, as U.S. currency is a world currency, it is important not to confuse the public with design changes.”

Mnuchin’s comments Monday are consistent with what he has said previously.

“The suggestion that this process is being stalled is completely erroneous,” Mnuchin said in June.

The Treasury Department did not respond to a request for comment on the Post’s report.

The Treasury Department’s internal watchdog is investigating the matter after Senate Minority Leader Chuck Schumer, D-N.Y., sent a letter asking whether the altered release date was prompted by political considerations.

A spokesman for Schumer did not respond to a request for comment.

The New York Times previously reported that design and production work for the bill was well underway when Mnuchin announced the delay and that he did so in part to avoid President Donald Trump canceling the plan entirely.

Trump was a vocal critic of the plan to put Tubman on the $20 bill. While campaigning Trump called the move “pure political correctness.” He proposed putting her portrait on the $2 bill instead.


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: marc rod, dan mangan
Keywords: news, cnbc, companies, felix, bill, report, harriet, intro, currency, treasury, officials, tubman, design, 20, mnuchin, say, 2020, ready, lew


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Mnuchin says White House and Congress are ‘getting closer’ to a deal to raise the debt ceiling

US Treasury Secretary Steven Mnuchin speaks on regulatory issues associated with crypto currency in the briefing room at the White House in Washington, DC, on July 15, 2019. U.S. Secretary Steven Mnuchin said on Monday the administration and Congress are getting close to a deal on raising the U.S. debt ceiling and he has urged lawmakers to take action on the issue before their August recess. “I think there is a preference on both parties, to the extent that we can agree on the debt ceiling and a


US Treasury Secretary Steven Mnuchin speaks on regulatory issues associated with crypto currency in the briefing room at the White House in Washington, DC, on July 15, 2019. U.S. Secretary Steven Mnuchin said on Monday the administration and Congress are getting close to a deal on raising the U.S. debt ceiling and he has urged lawmakers to take action on the issue before their August recess. “I think there is a preference on both parties, to the extent that we can agree on the debt ceiling and a
Mnuchin says White House and Congress are ‘getting closer’ to a deal to raise the debt ceiling Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: kate rooney
Keywords: news, cnbc, companies, debt, deal, closer, white, getting, issues, steven, raise, ceiling, secretary, lawmakers, mnuchin, congress, think, house


Mnuchin says White House and Congress are 'getting closer' to a deal to raise the debt ceiling

US Treasury Secretary Steven Mnuchin speaks on regulatory issues associated with crypto currency in the briefing room at the White House in Washington, DC, on July 15, 2019.

U.S. Secretary Steven Mnuchin said on Monday the administration and Congress are getting close to a deal on raising the U.S. debt ceiling and he has urged lawmakers to take action on the issue before their August recess.

“I think there is a preference on both parties, to the extent that we can agree on the debt ceiling and a budget deal, that that is the first choice, and I think that we’re getting closer,” Mnuchin told reporters during a briefing at the White House.

Mnuchin said that if a deal on all of the issues were not reached before lawmakers were scheduled to take off, they should either stay put or approve an increase in the debt ceiling on its own.

“I think we’re very close to a deal, but as you know, these deals are complicated,” he said. “I’m very hopeful we can come to … an agreement quickly, but having said that, if for whatever reason we cannot agree on all these issues before they leave, I would either expect them to stick around or raise the debt ceiling.”

Mnuchin said he was not concerned about the prospect of a government shutdown related to the budget discussions.


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: kate rooney
Keywords: news, cnbc, companies, debt, deal, closer, white, getting, issues, steven, raise, ceiling, secretary, lawmakers, mnuchin, congress, think, house


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House Committee sues Treasury for Trump tax returns

US President Donald Trump and Treasury Secretary Steven Mnuchin (L) speaks during a tour of the H&K Equipment Company in Coraopolis, Pennsylvania on January 18, 2018. The House Ways and Means Committee on Tuesday sued the Treasury Department and the IRS to get President Donald Trump’s tax returns, a spokesman for a committee member told CNBC on Tuesday. The legal action shows the Democrat-led panel following through on its threat from months earlier, when Treasury Secretary Steven Mnuchin and IR


US President Donald Trump and Treasury Secretary Steven Mnuchin (L) speaks during a tour of the H&K Equipment Company in Coraopolis, Pennsylvania on January 18, 2018. The House Ways and Means Committee on Tuesday sued the Treasury Department and the IRS to get President Donald Trump’s tax returns, a spokesman for a committee member told CNBC on Tuesday. The legal action shows the Democrat-led panel following through on its threat from months earlier, when Treasury Secretary Steven Mnuchin and IR
House Committee sues Treasury for Trump tax returns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-02  Authors: kevin breuninger
Keywords: news, cnbc, companies, president, request, steven, irs, committee, house, tax, treasury, sues, trump, returns, mnuchin, trumps


House Committee sues Treasury for Trump tax returns

US President Donald Trump and Treasury Secretary Steven Mnuchin (L) speaks during a tour of the H&K Equipment Company in Coraopolis, Pennsylvania on January 18, 2018.

The House Ways and Means Committee on Tuesday sued the Treasury Department and the IRS to get President Donald Trump’s tax returns, a spokesman for a committee member told CNBC on Tuesday.

The legal action shows the Democrat-led panel following through on its threat from months earlier, when Treasury Secretary Steven Mnuchin and IRS chief Charles Rettig defied subpoenas to hand over six years of Trump’s personal and business returns. Mnuchin had argued that the committee had no “legitimate legislative purpose” to request the president’s federal tax returns.

The legal complaint in U.S. District Court in Washington, D.C., says that Mnuchin, Rettig and their departments “have now — for what the Committee believes is the first time ever — denied a Section 6103(f) request in order to shield President Trump’s tax return information from Congressional scrutiny.”

That section of the federal tax code clearly states that the Treasury “shall furnish” an individual’s returns if a formal written request is made, Democrats argue.

“In refusing to comply with the statute, Defendants have mounted an extraordinary attack on the authority of Congress to obtain information needed to conduct oversight of Treasury, the IRS, and the tax laws on behalf of the American people who participate in the Nation’s voluntary tax system,” the complaint says.


Company: cnbc, Activity: cnbc, Date: 2019-07-02  Authors: kevin breuninger
Keywords: news, cnbc, companies, president, request, steven, irs, committee, house, tax, treasury, sues, trump, returns, mnuchin, trumps


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Mnuchin: ‘We were about 90% of the way’ on China trade deal and there’s a ‘path to complete this’

Treasury Secretary Steven Mnuchin told CNBC on Wednesday the U.S. and China were close to a trade deal, and he’s optimistic that progress can be made during weekend talks between President Donald Trump and China’s Xi Jinping. “We were about 90% of the way there [with a deal] and I think there’s a path to complete this,” he told CNBC’s Hadley Gamble in Manama, Bahrain. He said he’s confident Trump and the Chinese president can make progress in stalled trade talks at the Group of 20 meeting. A Ban


Treasury Secretary Steven Mnuchin told CNBC on Wednesday the U.S. and China were close to a trade deal, and he’s optimistic that progress can be made during weekend talks between President Donald Trump and China’s Xi Jinping. “We were about 90% of the way there [with a deal] and I think there’s a path to complete this,” he told CNBC’s Hadley Gamble in Manama, Bahrain. He said he’s confident Trump and the Chinese president can make progress in stalled trade talks at the Group of 20 meeting. A Ban
Mnuchin: ‘We were about 90% of the way’ on China trade deal and there’s a ‘path to complete this’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-26  Authors: holly ellyatt
Keywords: news, cnbc, companies, complete, weekend, told, talks, way, meeting, xi, path, 90, china, deal, president, theres, trade, trump, mnuchin, g20


Mnuchin: 'We were about 90% of the way' on China trade deal and there's a 'path to complete this'

Treasury Secretary Steven Mnuchin told CNBC on Wednesday the U.S. and China were close to a trade deal, and he’s optimistic that progress can be made during weekend talks between President Donald Trump and China’s Xi Jinping. “We were about 90% of the way there [with a deal] and I think there’s a path to complete this,” he told CNBC’s Hadley Gamble in Manama, Bahrain. He said he’s confident Trump and the Chinese president can make progress in stalled trade talks at the Group of 20 meeting. “The message we want to hear is that they want to come back to the table and continue because I think there is a good outcome for their economy and the U.S. economy to get balanced trade and to continue to build on this relationship.” He did not provide any detail on what the final 10% of an agreement might entail, or what the sticking points are to completing a deal.

Trump is meeting his Chinese counterpart on Saturday at the G-20 summit in Osaka, Japan. The outcome of the meeting could be pivotal for the global economy and financial markets, which has been rattled by 18 months of trade tensions between the economic giants and an escalation of tariffs on each other’s imports. Officials have yet to negotiate a breakthrough, but there are hopes that a meeting between the two presidents could help the discussions. A Bank of America Merrill Lynch survey of investors found that about two-thirds expect no deal this weekend, but there would be no new tariffs either. “I’m hopeful that we can move forward with a plan,” Mnuchin told CNBC. “President Trump and President Xi have a very close working relationship. We had a productive meeting at the last G-20.” At their meeting in December at the G-20 in Buenos Aires, Trump and Xi reached a truce in the trade war, but talks in May broke down, and the countries added additional tariffs. Mnuchin said he was hopeful a deal could be struck by the end of the year but said “there needs to be the right efforts in place.” Dow futures jumped after Mnuchin’s comments and signaled a higher open for Wall Street Wednesday.

Slowing growth

Talks between the U.S. and China broke down in May because China reportedly did not want to commit to changes in its laws to help allay U.S. concerns about intellectual property theft, forced technology transfers and currency manipulation. Commerce Secretary Wilbur Ross has previously played down hopes for a Trump-Xi breakthrough this weekend, saying in mid-June that “the most that will come out of the G-20 might be an agreement to actively resume talks.” The trade war has impacted the Chinese and U.S. economies, despite both presidents insisting otherwise. In April, the International Monetary Fund lowered its global growth forecast for 2019 to 3.3%, down from an earlier forecast of 3.5%, citing ongoing global trade tensions as the rationale for the downgrade.


Company: cnbc, Activity: cnbc, Date: 2019-06-26  Authors: holly ellyatt
Keywords: news, cnbc, companies, complete, weekend, told, talks, way, meeting, xi, path, 90, china, deal, president, theres, trade, trump, mnuchin, g20


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