Trump names Mnuchin, Ross to economic team

Trump names Mnuchin, Ross to economic team

Mnuchin is a Goldman Sachs veteran, working for the investment bank from the mid 1980s through 2002. He used the connections he had developed in almost two decades at Goldman Sachs to garner donations for Trump, and even negotiated a joint fundraising agreement with the Republican National Committee that allowed big donors to give to the party and the candidate.

The treasury secretary-designee expected the US annual growth rate to accelerate to between 3 percent and 4 percent.

Theresa May, the Prime Minister, set out this month an "aim for the United Kingdom to have the lowest corporate tax rate in the G20", which suggests Britain could cut corporation tax further and faster than current proposals to reduce the rate to 17pc by the end of the decade.

"What we saw from traveling with the President-elect at all these rallies is for the average American worker, they've gone no where", said Mnuchin, who served as Trump's national finance chairman.

Donald Trump's new Treasury secretary promised "the most significant middle income tax cut since [Ronald] Reagan".

Ross, whose fortune is estimated at $2.9 billion, agrees with Trump in the need for Washington to pull out of bad trade agreements and has advocated steep tariffs on Chinese imports.

Mnuchin said his plan involves reducing the corporate tax rate to 15 percent - from the current 35 percent - echoing an idea Trump pledged to deliver during the campaign.

The US president-elect also said he meant to nominate Todd Ricketts, a co-owner of Chicago Cubs baseball franchise, for the position of Deputy Commerce Secretary. He left the bankruptcy advisory business in the 2000s and earned incredible wealth by investing in struggling companies in US industries like steel, coal, auto parts, and textiles. The Progressive Change Campaign Committee described Mnuchin as "a self-dealing Wall Street tool", while The California Reinvestment Coalition, also not entirely jazzed about the news, said "The fox has been nominated to guard the henhouse". "That's the part that's going to get fixed", Ross told CNBC.

Mnuchin, in an interview with CNBC in July, said he thought Dodd-Frank "needs to be looked at".

Mnuchin spent 17 years at Goldman Sachs, ultimately rising to partner before leaving to start his own hedge fund and launching a production company that bankrolled Hollywood hits like "Avatar" and "American Sniper".

The Trump transition team announcement of the pick says his has been a legacy of "saving jobs and restructuring failing companies", as well as growing telecom businesses among many others including coal and steel industries-in the rust-belt states that helped Trump win the presidency. He replied that he's been focused on being a regional banker over the last eight years.