mnuchin: no. [laughter] sec. mnuchin: do you?ughter] this president, who does have much less traditional channels, both for input and output -- how does that complicate your job? sec. mnuchin: i think it is terrific. look, this president understands modern communication. he understands how to , and howte with people to get feedback. and i think for too long, presidents have surrounded themselves with people who either just want to tell him what they want to hear, or people who are traditional washington. look at the cabinet. jobsave a lot of people in , a lot of people with different experience. mike: do you ever tell him things he does not want to hear? sec. mnuchin: of course. mike: how does he respond? sec. mnuchin: what i would like to say is, he is willing to listen. sometimes, he will agree with me. sometimes, he will not agree. that is obvious. but i would not have taken the job if i did not feel like he was willing to listen. that is true now and was true in the campaign. the stockalked about market and you attributed the

absolutely. >> it is the secretary mnuchin:? >> it is the secretary mnuchin:. it doesn't get calculated on the decimal. >> we will keep it the secretary -- the secretary mnuchin rule -- the role. >> i think we are in an forronment where we are set additional growth in the united states. i think that growth is good for the rest of the world. rise of thesee the u.s. stock market by the rise of the dollar. a huge confidence in the u.s. economy, particularly on a relative basis. thing thathe one would be a risk would be some somethingrrorism or else, and that is one of the reasons the president is so focused on proper vetting, on combating terrorism. and this week the secretary of state hosted 40 nations that on an ice is focus. in the president's other big objective is to make sure everybody is safe. >> the u.s. economy is up 5% since election day. what do you attribute that to? >> the president. the optimism. this is a whole new environment. we have an administration that wants to grow this economy and is willing to speak to business. and medium-sized business an

steve mnuchin: thank you very much.irst, let me say it is a pleasure to be here with you on trip, as i amgn secretary of the treasury. and it is because we have had such an important relationship between our two countries that i thought it was important for me to stop on the way to visit with you and your team to have a bilateral discussion, so thank you, and i know that president trump very much looks forward to welcoming the chancellor tomorrow in washington, d.c. i was sorry the trip got delayed, so i was not able to participate in that yesterday. again, i would like to reaffirm we had an extremely productive meeting. we discussed a wide range of topics. reaffirm the strong partnership and shared views that we have between us. onspecially want to comment -- we both believe it is important for the u.s. to play an essential leadership role toward global economic growth, and i look forward to participating in my first g-20 meeting tomorrow, and look forward to participating with and other meetings with you. we also both

here's how steve mnuchin responded to me. quote, senator wyden, by the way, i want to thank you for a now and great esteemed of having the mnuchin rule with both the buffett rule and the volcker rule. i take that as a great compliment, said mr. mnuchin, the nominee to head the treasury department to me. sounded pretty thrilled by it. he reiterated the mnuchin rule multiple times since the hearing, but here's the problem. the numbers do not add up and i'm sure we've got press folks in the audience. you can see articles written that go through table after table after table that show how the mnuchin rule is broken giving tax relief to the fortunate by hundreds of billions of dollars, paid for by taking insurance coverage and tax cuts for health care away for working families. i'm still waiting to see on the affordable care act debate what happens to those tax changes, but in the earlier bill in 2015, the republicans in the house took away the medicare tax change. now, the medicare tax change is particularly important because eve

now, steven mnuchin came to the finance committee. i visited with him early and i said, man, i think that sounds pretty good. and he had been talking about how there would be no absolute tax-cut for the upper class. and i said, that centrally good. and he talked about in the office. so when he sat down with the committee and we got to the questions, i said, you know, i'm just really pleased about this. i think we're going to call this the mnuchin rule. said i to the nominee. here's a statement region responded toeed, and'm going to quote, senator wyden, by the way, i want to thank you for a nap and great esteemed of having the mnuchin rule with both a buffett rule and the boca rule. i think that as a great complement, said mr. mnuchin, aa nominee to the treasury department to me. sounded pretty thrilled by it. he reiterated the mnuchin rule multiple times since the hearing. but here's the problem. the numbers do not add up. and i'm sure we've got press folks in the audience, you can see articles are written to go through table after t

here's what steve mnuchin said at the conference. united states has had of the most open trading markets and ishere in the world, one of the largest markets of anywhere in the world, so the president is interested in making sure that our agreements are reciprocal, but they are fair and a reflective of making sure that the american worker is at least at the same playing field and can compete. anna: steve mnuchin arrived today for the two date g-20 meeting of finance ministers. trade is top of the agenda. let's head to baden-baden were matt miller is standing by. role for germany? they have to corral this g-20 on to the same page around trade. germany has taken over the presidency of the g-20 this year and one of the issues they will have to deal with is countries like italy, france, brazil as well as the european commission that want anti-protectionism language in the draft communique and countries like the u.s., objecting to that and in -- instead want the words free and equitable trade in the communique. with germany is trying to do

treasury secretary steve mnuchin

who is a steve mnuchin looking at?from what sources have told us, james donovan is already working in the building. he is the head of the recruitment or hiring team for steve mnuchin. he was seen doing the interviews for various positions in treasury. he's been offered the number two position of deputy secretary. until the announcement is there, anything could happen. david: we are looking at the g-20 finance ministers meeting next week in germany. the treasury goes and plays a big role there. thes unclear whether nominee for undersecretary of international affairs will be able to go. just the rules and the laws around people with security clearances and an ok from the white house. so far come it's unclear who is actually going to go. we hope the communication advisors will be on the plane. steve mnuchin is definitely going. besides that, we don't really know. >> you've got work on tax reform , the white house once a part of that. talks of scaling back financial reform. how much of that centers on not having enough peo

the goal of steve mnuchin now?i think steve mnuchin's goal is to provide reassurance that the u.s. is going to be an engaged member of the global, economic and financial community. i thought it was smart he had a bilateral meeting with german finance minister. chair ince minister is the meetings and the most important finance minister in europe, some might say in the world, and certainly the most experienced. i think the press conference showed they began to develop a relationship of mutual assurance that is important. steve mnuchin will also meet over 15 of the world's most important finance ministers, home he is not met before and some he has never spoken to before, so that opportunity in the larger and then in the bilateral meetings to discuss those elements of a successful global economy of free, fair trade, open investment, as well thatobal imbalances preceded the crisis and are still with us. deficits in the united states, low demand late growth in europe and japan, and the misaligned chinese currency. this i

i don't mean a secretary mnuchin.be within the leadership back to the man in white house? >> it's important for the president to lay out his priorities when they are brand-new in the white house. it's also important to look beyond simply cutting domestic discretionary spending. if we want to get the long-term house in order for the united states, we've got to look at the mandatory spending programs and those will drive the long-term it deficit. for me, that's not something i will find when i study the details of the budget. that's something we've got to focus on. tom: i don't think it's front and center for you, but i know it is for senator portman to take one budget item, the opioid epidemic we see across the midwest of the nation. how do you cut the budget for that through health services given what republicans heard and saw and observed on the campaign trail? >> not only do we see it on the campaign trail, we have seen it in our districts with the daily work we do for our constituents and we've seen the horrific de

here is what steve mnuchin said on saturday.we are one of the largest markets in the world appeared we are one of the largest trading partners in the world. trade has been good for us and other people. having said that, we want to re-examine certain agreements. depiction ofe what stephen mnuchin and president trump are getting at. this is one of our bloomberg charts, 4785. in the top half, the blue bars show services. we tended to run a surplus in services. it is good. it is manufactured items where the deficit with the u.s. and the rest of the world is so vague, -- so big. you can see it has been much arrower. position onhis new trade is being expressed to the g-20. yvonne: what was the response from some of the officials on the communiquÉ? >> throughout the summit, there was some frustration expressed. it is clear these guys are new. stephen mnuchin has only been in office a couple of months. obviously has the german finance doesn't have ahe mandate yet to sit down and negotiate. towardsrrison was kind steve mnuchin and said h

steve mnuchin is asked to review the process for the too big to fail.s is bloomberg. ♪ david: this is bloomberg markets. trump's first 100 days area i am david gura. was urgingproposal the administration to rethink too big to fail designation will stop gop lawmakers -- designation. -- gop lawmakers that steve mnuchin needs to review the costs associated with a label under the dodd frank. jesse westbrook. treasury of debts treasury secretary -- treasury secretary can change it? jesse: he has authority. there is not authority under the biggest banks and they get the designation which subjects them to more regulation. other firmss under that have been designated through the process and probably recall metlife sued the government to get out of the burdensome constraints. to get electric sold off under it. the senate republicans want probably more firms to get out of these constraints or never put in them in the first place. designated inre now you have lawmakers writing a memo. what is new and a memo from these lawmakers? i can imagine there's opposition to

perspective,ropean steve mnuchin lending a different tone yesterday.pe have cognizance of what trump thinks of the eu and having to fight the quarter around the currency. i have the chart. this is u.s.-german trade balance. this from the u.s. perspective showing trade deficit with germany. very much a part of the conversation between the u.s. and germany. how does this move your world? this conversation on trading, these definitions on their sites, how does this move the euro? jeremy: a lot more than used to. the administration view is that a trade deficit is a good back to loss -- de facto loss for the u.s. and something that has to be remedied and we are having to look at, where is that flow likely to go if not to the united states? what is going to happen to these german manufacturers who have previously looked to these export markets. that is the brakes it has been putting on the expectations for the euro at the moment. strong dollar, weak dollar policy we are getting, the communiques out of the trunk administration about a weaker dollar, or full r

stephen mnuchin has been clear we want for trade, not only free trade. so they drop a certain line in their communiquÉ and this is the first time his counterparts are meeting with him. >> it's important to highlight. even wilbur ross is highly that it hasn't been a two-way street. they are attacked at an extremely high rate for countries are protecting their own interests. their products could be sold above ours. that is a big issue. trade has evolved as we've seen, so why don't we have that can update our trade pact. dagen: this could rattle markets then all went to other things. the 10 year treasury is now higher than the yield is higher than the dividend yield on the s&p 500. the big front page story and also small caps have been underperforming this year, which is a sign from some investors that the trump agenda is on the run. maria: that was the first area for marcus to take off. dagen: election day and end of the year. >> the most important thing to note is that signaling robust growth happening because janet yellen even said that last week. dagen:

there's a great interview with steve mnuchin -- treasury secretary mnuchin i'm reading, and what i seebout mnuchin is he's talking right there about tax reform. we have to have tax reform. and this thing, i mean, if the democrats with a mandate from obama could not get this thing passed for a year. this thing, yes, you'd like to have health care, but what you really want is economic growth and jobs. >> mnuchin is talking to mike allen of axios right now. he's talked about a number of things, the dollar, cyber security and financial systems, and specifically tax reform and border adjustment. listen to that. >> the border adjustment tax has certain aspects that are v.a.t. like. and that system is a system that most of the rest of the world uses. so, you know, there's an argument that we should be on a system that's similar to the rest of the world. it is very complicated. so one of our concerns about it is that if the currency moves, then the walmart shopper shouldn't be impacted, okay? but if the currency moves, that has an impact for our exporters. so, you know, it's a very complicated

he said please to welcome steve mnuchin to downing street.ontinue to work closely together driving forward an ambitious agenda. how many questions will be on pound/dollar currency, how much on special trade, how much steve mnuchin saying why did you have to reverse part of that legit? they will have a lot to talk about in terms of the brexit. the treasury secretary will presumably have a lot of questions about that, and vice versa. philip hammond will want to know about the treasury's economic program, border adjustment tax, that kind of thing. this is not a policy meeting. i do not think anything of material consequence will come out of it. will diveg up, we into a discussion about where is the united states of america's federal reserve system. we will bring you peter hooper from deutsche bank and his optimistic assessment of where gdp is going. a agrees that there could be fate of rising interest rates to a good and better american economy. there is pushback on what we saw yesterday from a dovish fed and the idea in the bond market of lower

treasury secretary steven the nation -- steven mnuchin ?clues beyond what donald trump says almost every day, he basically says we are going to pursue a more protectionist policy, but i guess the world does not want to believe that and they are hoping that steve mnuchin can act independently from the white house. that wasot seem as if his mandate. still, there was not really a contentious feeling between most of the other g-20 major finance ministers. franceresentative from was one exception who said this was really the g 19 plus one. most ministers wanted to get to explore what his mandate might be. he read from the statement during the debates about the communique, so he did not really put original or new creative thought towards his contribution, but just bought a straight man from -- a statement from treasury, maybe from the white house. if you listened to what game schaeuble, finance minister from germany, he seemed to be more conciliatory. i asked him before the communique what we would see as far as protectionism. know the exact cont

you spoke with mnuchin today. i tell you what is really amazing, moment you spoke with the new treasury secretary because the market was -- looked like it was settled in for a pretty good gain. it got another leg to up the side. that's why we have the financials leading the way, boeing leading the way, apple, american express. it's been a phenomenal ride. also today transportation stocks made a new all-time high. old school folks like to see that. that is sort of a proxy for the underpinnings of what is going on in this economy. there's economic data out today, manufacturing data, the best in more than 2 1/2 years, again, it's one thing to talk about the enthusiasm. the optimism that president trump outlined last night is coming to fruition and so many different ways, neil. >> neil: real quickly, snap chat is indicating that they'll come in around $70 a share which would give it a $25 billion evaluation. now it's back. >> yeah, a great day topublic. i'll caution investors. i'd rather look at these companies that h

mnuchin, and you did a great job in your interview with him.y is if the republicans can't come together over the replacement for obamacare, it's not going to happen. and let me tell you what's at the center of that controversy. it is a refundable tax credit. last night the president just said tax credit. but the better way planned for house speaker paul ryan has always called for a refundable tax credit. what is that? well, it would make obamacare more affordable and how would it do it? it would dollar for dollar reduce taxes that people owe the federal government, take that one step further, if you owe no taxes, well, you would get that money back in terms of a refund. do we know how much money that is? no, it's not been said. but we do know that tom price's plan calls for 1,200 to $3,000 refundable tax credit to go to these families. now, the kick back on this what republicans don't like, they say this is an entirely new entitlement program that will amount to billions and billions of dollars over time to go out of the federal treasury, and t

mnuchin has a role. wilbur ross will have a big role. the trade representative.efinitely not a mainstream person when it comes to his views on international trade. and the global economy. my sense from talking to folks back there is that wilbur ross man fact be more equal than most. it may actually be a good thing. it is unclear. the president likes to do things and have a little competition among aides and advisers. and then see what comes out of them next. kevin is in the east room of the white house where this was supposed to take place any minute now. same question to you. , whatask president trump would he say about who's in charge of trade policy? president trump is in charge of policy and michael mckee asked that the other day about what markets should be reacting to. , his topdent trump lieutenants on the economic council. in terms of the rhetoric that we from secretary mnuchin, i think it has been a much more measured type of rhetoric. this is the common theme when you take a step back in terms of how market reaction has adapted to the rhetoric coming ou

directly third gerry connolly and steve mnuchin -- gary cohn and steve mnuchin. i believe collaboration will win. finger-pointing won't. there are solutions to problems. what do you want the outcome to be and how do we get there? i think we will have a civic society collaborating together. i think some of these business are the finest institutions on the planet. we take care of people in clients. before the crisis that we were trying to help people. we want toake sure do a job helping to grow and helping the economy to get better. francine: a lot of banking ceos are terrified that if donald trump deregulated wall street too much you're not on a level playing field anymore. think it's a good thing. there has been criticism and some are legitimate. at the end of the day when steve mnuchin, they will where things that make sense for everybody. we want a level playing field. american banks of far more capital. i was the european banks to thrive. if the european banks don't thrive, europe will not thrive. to me the regulators should really look at those things to help

treasury secretary steve mnuchin has a problem.et his management team approved by the white house. according to people familiar with the matter, trump's aides say steve mnuchin's picks are too liberal or to wall street. is --g us now with more who covers the treasury department. why can't steve mnuchin stack up his department? ,s it a more difficult problem staffing treasury, then staffing other departments? sayingproblem that he is is something we see across agencies in this administration. he specifically is having trouble getting his top list through the white house. plenty ofes he have candidates to choose from? do we know if there are people applying for jobs at the treasury? >> he had been conducting a lot of the meetings. he has jim donovan from goldman sachs to view -- goldman sachs who he had would like. he has his choice for international affairs and possibly just a music from whoan stanley, years ago, may be undersecretary of domestic finance so he does have people in mind but he is struggling to get the approval from th

charlie gasparino, who do you believe, mnuchin or jae dimon? >> i believe claman.ut either of those jerks. by the way, liz, i remember when it was you and me and cavuto, like israeli army on the first war, right? yeah, we throwing seltzer bottles at the competition and winning, remember that? liz: yeah. >> we've come a long way, i must say. liz: we have. >> i'm glad i'm here. liz: you can't leave me, ever. >> depends on how much money the other place is willing to be honest with you. i'm completely mercenary. liz: the "art of the deal." >> i learned that from somebody. this is not a story generally do with market up 300, how great it is. might as well throw a little bit of caution out there to the investor who is buying up the market based on donald trump's, president trump's speech last night, which was, as i listened to it, an amazing speech, very presidential. one of the things that the market likes and big investors like, they like stability, and you know showed he a very stable guy that takes the office of the presidency very seriously. that is one-half of the

steve mnuchin can advocate policy.hat job at the federal reserve, that is the person who works on federal reserve rules for regulation. question aboutn why people don't want to do these jobs. on the one hand, people like jamie dimon are saying the but putting right people in place on the ground in washington to execute that sentiment is not happening. >> obviously jamie dimon is a big voice for the banking industry. let's see what was said earlier this week. they will getink substantial legislative change through the congress, except areas where there may be some midsized and smaller banks in ways that don't in any way undermine the regulatory framework. horizon, inn the the absence of legislative changes, do we presume regulators will enforce less stringently? >> yes. they can enforce less stringently, interpret things differently, it can be interpreted differently, but there is almost -- only so much flexibility there. if you want to do a wholesale awrite of the rules, it is bureaucratic and time-consuming process wh

mnuchin's comments are shocking. >> absolutely. they are at odds with the tech industry who warn this is a big deal this will impact onjjobs. and musk and this neuralink story are saying the only way people can survive is if people merge with machines, that's what neuralink is about. >> mnuchin said we are 50 to 100 years away. feels like we're one, two, maybe a decade away. he seems completely off. >> it's happening now. this is the point. if you look at the development of driverless cars, jeff weiner of linkedin, his tweet showing amazon drone deliveries, this is all automation, not sci-fi. this is happening now. this is the point, there's a lot of business leaders, a lot of politics who have not quite come to terms with how far the development is happening. in davos i heard someone from google speaking about how surprised he was, a google founder talking about how surprised he was at the development of ai. it's come at such a pace it has even shocked people in the industry. >> let's explain what neuralink is it's a brain compute

>> no, it's the mnuchin rule but doesn't get calculated on .001 decimal. >> the mnuchin rulish. >> no we will keep it. [laughter] >> the world economies surprising rise, what could stop that or what worries you about the global picture? >> the one bad thing is we are never good at predicting what the next problem is. i think we are in an environment now where, i think, that we are set for additional growth in the united states. i think that growth is good for the rest of the world. i think you see by the rise of the stock market, by the rise of the dollar, there's huge confidence in the u.s. economy, particularly on a relative basis, the rest of the world. obviously the one thing would be the risk would be some type of terrorism or something else and i think that's one of the reasons why the president is so focused on proper vetting, on combating terrorism. i attended this week the secretary of state hosted, i think, it was about 40 nation that is came in on an isis focus and, you know, besides for the economy, the president's other big objective is to make sure that everybody is safe

press -- with steve mnuchin. i decided to look at imports minus exports.y trend starting after the financial crisis. there is more room for that to go down and you can find that chart -- what i thought was fascinating, wolfgang talking about the complexity of navigating and negotiating these bilateral deals with the european union. mark: both relevant, both presented absolutely brilliantly, both created -- david, by playing to merkel and plain to me and plain to trump -- by the smallest margin, i'm going for gora today. >> what happens if we have a split decision? mark: it goes to the gallery. julie: i am going to go with dani. chartart is the scarier talking about the mean reversion. what does the gallery say? mark: what is the gallery saying denmark david is the winner -- what is the gallery saying? david is the winner. >> hopefully that does not play out in the real bracket. [laughter] julie: thank you, guys, for both of your interest. coming up, we have makro research. this is bloomberg. ♪ mark: it is 11:00 in new york. from london, i am mark barton al

>> that was the mnuchin rule but doesn't get calculate on the absolute .001 desmill. >> the mnuchin rule-ish. mr. secretary, the cover of the economist this week on the -- hot air balloon: the world economy's surprising rise. what could stop that or wore hwa -- worries you about the global picture? >> one good thing -- or one bad thing, never really good at predicting what the next problem is. so, i think we're in an environment now where i think that we're set for additional growth in the united states. think that growth is good for the rest of the world. i think you see by the rise of the u.s. stock market, bit the rise of the dollar, there's huge confidence in the u.s. economy, particularly on a relative basis, relative to europe and the rest of the world. obviously the one thing that would be the risk would be some type of terrorism or something else, and i think that's one reason why the president is so focused on proper vetting, on combating terrorism. attended this week the secretary of state hosted -- i think i what 40 nations that couple in on an isis focus, and the president's othe

who do you believe, mnuchin or jamie dimon? >> i was on a show earlier having a hard time make it complicated. get taxes done. don't include the border adjustment tax. take the corporate rate down to 20%. lower personal income tax rate. if you want to get more complicated do that later. david: kevin, i love you, you're not answering, who do you believe jamie dimon -- >> i believe jamie dimon because nothing gets done in washington quickly or fast enough. you have too many lawyers and lobbiests with their hands out there. david: i vote for jamie dimon. adam lashinsky, who are you voting for? >> i do as well. there is a substantive issue here regarding this isn't just not what is right for the economy or what economists think. this is a political issue and it is not just jamie dimon who will say this not going to happen as quickly as you might think. it's a lot of house republicans who say this will not happen as quickly as you think. that is because the administration is not going after entitlements at the same time. there are a

lea: treasury secretary steve mnuchin is optimistic about the tax plan. mnuchin told neil cavuto that a reform package could come in the next few months. >> our objective is to pass tax reform by the august recess. i think that's a very aggressive timetable, but realistic and something the president did i are committed to doing. >> by august, voted amid done a great. >> and signed. turn to president trump said his economic team is working on in historic tax reform. lea: neil cavuto's interview could also help the sox yesterday. let's get you caught up on global market action overnight reaching a composite down half of 1%. gq japan up nine tenths of 1%. hang seng in hong kong than two tenths of 1%. nicole: in europe, somewhat muted the london ftse down two points. cacm france down two-point and chirpy dax down 13 points. lea: look at u.s. stock market futures ahead of the opening bell. dow futures are up by two, nasdaq futures lower by three as well. nicole: watching oil and gold both under little pressure here. oil down 44 cents at 53.39 a barrel. five do

. >> i know that secretary mnuchin talked about august as a target date. as you point out, these are big things. there's a lot of groups that will want a ton of input because of the very nature. it's been 30 years. but i think part of this is dependent on whether or not -- the degree to which we can come to consensus on a lot of big issues. >> neil: easier said than done. that's sean spicer talking about getting the tax cut done by august, the goal. the fact of the matter is, what mnuchin was talking about then and what sean spicer is talking about now are worlds are apart. ever since the healthcare debacle saying this might not be such a sure thing. there's been differences. what happened to healthcare could very well happen to tax cuts. here's why. they're not all in agreement on this stuff. even with the run-up in the dow since the election, the fact of the matter is when it comes to tax cuts, they're already bickering over whether they should be paid for, up front, whether certain deductions will fly and others will not. then there's the issue of wheth

you and secretary mnuchin will be meeting in germany this weekend. what do you expect to find there? do you think the group assessment is that the world economies are doing better or do you think there will be worries about risk? and would one of those that the fed might raise rates too quickly? chair yellen: we change views on the economic outlooks and developments in our countries and it will be my objective to explain u.s. monetary policy and make the same points to them that i made here already today about what the outlook is for monetary policy in the united states. i think it's fair to say that the global economy is doing better than it was the last time. i got together with my counterparts in the g-20 that butrisks look more balanced there are significant risks medium-term facing the global economy and i'm sure that will e discussed as well. >> "los angeles times." you said and your colleagues aren't making decisions about fiscal policies, but many are. home builders' sentiment was at its highest level. are you concerned about the fects such a

so, secretary mnuchin says, it is easier to reform health care than the tax code? >> yeah, that's-- that's what he said. and, you know, there's an argument that he made which was along the lines of, look, taxes are something republicans are on the same page on. everybody is going to want lower taxes. it's a visceral thing for republicans. i think the challenge here is that the health care debacle has reminded everybody that the details do matter. because republicans for years took vote after vote on repealing obamacare. it was something everybody said they wanted to do, just the same as all republicans say we want to lower fangsz we want to lower the corporate tax rate, to make investment and u.s. businesses more competitive. the problem is going to be the same. the details matter. and we don't have a lot of details yet from the administration. so, you know, the ball is kind of on the tee for them here to swing away and propose something, but we don't yet really know exactly what they want. and once you put those details out there, you give people, you know, a targ

that's mnuchin and that's what cohen do as far as comparison. trump just does the 30,000 foot picture of what it's going to look like. and he did a great job laying it out last night. 258-point rally out of the dow, that tells me the report card is two thumbs up. >> anthony, he clearly delivered what investors wanted to hear last night by virtue of a 250-point rally in the dow. >> no question. he's a very symbolic person. so i just want to go to honoring the navy s.e.a.l. that passed and honoring the widow of the navy s.e.a.l. because that was a convergent speech into the states man we're going to see from the president over the next four years. >> you're sort of as well versed as anybody on the convergence of politics and markets. markets have moved because of the optimism over the president's coming agenda. >> yeah. >> at what point do you think we need to see actual specifics on things and things really borne out so the rally can -- >> you've bot wilbur ross, steven mnuchin, gary cohen, working well together as team. once they start to roll o

treasury secretary steven mnuchin to face a government ethics violation investigation after mnuchin told parents to "send d all your kids to "lego batman," a film that was financed by one of mnuchin's companies. in a letter to office of government ethics director walter shaub, senator wyden called the comments troubling and wrote -- "i am concerned that sec mnuchin's comments may be seen to have a predictable effect on the financial interests of the entity. i request that you review sec mnuchin's comments and report any findings to me and the treasury department." in a hisistoric moment in britain's history, primime minister theresa may has officially begun the processss f written n leaving the european union known as brexit. this morning, british diplomat handed the letter to donald tusk, the president of the european council. the letter known as article 50 will now trigger two years of negotiations about the terms of britain's departure from the european union. the first minister of scotland is now seeking to hold a referendum on whether scotland should declare independence from britai

mnuchin. steve steve: we're one of the largest markets in the world, one of the largest trading partners in the world it. trade has been good for us and other people. having said that, we want to re-examine certain agreements. francine: let's bring in our tragedy and f f.x. joined by steve kean in a second. always a pleasure. what will drive currency, will it be binear elections outcome, free trade against free trade or will the market be a lot more physical sticted. >> a number of factors is playing out. f.x. will be an important one. no surprise the french election in april or may. the central banks remain very important. i think what we are seg now is a bit of a overreaction to the fed last week. maybe we can discuss that. regarding the g-20, certainly not the happiest moment in the history of the g-20. i'm more worried about the step back of our climate than about trade. on trade, listen, there's no real surprise and knew that administration is not happy with international trade and the im

president trump meeting with steve mnuchin to walk through options.ign promises was that he would cut capital gains dividends. joining us from the white house is the chief washington .orrespondent, kevin cirilli steve mnuchin and donald trump what shouldind on be done. can they gather troops in the house? kevin: steve mnuchin meeting with president trump at the white house. he will be the point person on getting across comprehensive tax reform. that is a bold goal. he wants to get it accomplished by passing it through congress ahead of the august recess. that is a tall order because the committee process on this issue has not started. republicans are divided on issues, including which rate on the corporate tax to lower the corporate tax rate to, but also the border adjustment tax, the $1 trillion revenue that will allow for more tax reductions in other areas. any republicans, not only in the house freedom caucus, are very opposed. nejra: on the border adjusted tax, it is unclear where trump stands. the administration is divided. one of the officials o

steve mnuchin used the time to push back on protectionist trade policies. the summit culminated admitting a trade deal. >> we do have a new administration and we do have a different view on trade but, again, i want to emphasize that view is making sure that trade works for the american workers and works for our counter parties, that it's a good deal for both. >> so what impact could this have on the free trade versus protectionism debate that is heating up these days? let's bring in jimmy petlakukis and alan tonnelson from reality check. good to see you guys. secretary mnuchin said he wants something that benefits american workers but something that also benefits our trade partners. i mean, how does that differ necessarily from the trade policy we've had in the past? >> it doesn't necessarily differ, but here's where i think that secretary mnuchin could have done a much better job of drawing attention to a big threat not only through the world trade system but to the entire world economy that the g-20 and various other international fora keep on kicking dow

what is likely to come out of the g-20 and what is the difficulty level for steven mnuchin over there? kevin: i think this present was able to ride that populace, nationalistic weibel way to the white house. populace, nationalistic wave all the way to the white house. there's no question that they feel that they have the political capital, so to speak, in order to send those to girls worldwide that they want to renegotiate several of these worldwide thats they want to renegotiate several's of these deals. -- several of those deals. i think when you see the reaction and the response to how they responded to immigration is so juxtaposed with trade, and it is at the heart of the populist movement. that key difference is also on display. so we will try to emerge from this with some new development and some new type of agreement, or just a framework for a new agreement. he believes he has the political capital to do that, but i cannot stress this enough -- just the fact that he invited those ceos ahead of this meeting is clearly designed to showcase a political olive branch of sorts as the

your init are view with mnuchin, date certain, likely august. and the markets go up.ave to do this, that the other things. markets trade back down. that is what stock traders are doing. markets are indication about people's bets about the future. that is what they're doing. they're trying to figure out all the headlines. for the average viewer, watch this -- i'm not saying sell all your stocks. if we endon't get fiscal stimulus. it will be an issue for the markets. there will be some pullback. neil: sounds like all your buddies you dine with, all about money, money, money? >> you know, it is. they are greedy sobs, that's what i love about them. neil: they are you. >> they're a rao flexion of both of us, speak for yourself, young man. charlie gasparino. we're monitoring this very closely. we're monitoring speaker ryan. you don't have to do this at home. we're monitoring his address via perot type charts, remember those days, ross perot, it is bad, it will get worse. he is outlining or walking out in a huff, i have no idea, saying we're open to tweaks in the health care

b, can we expect that in the near term as secretary mnuchin requests? so that we can put that matter nfidce in our fiscal posture as a nion. and i yield to my friend. mr. mccarthy: i think we both agree that responsible fiscal policy is important to our country's ability to succeed. that includes honoring the full faith and credit of the united states. we expect to continue working closely with secretary mnuchin to ensure that america's on the right path to a strong fiscal future. we know the amount of debt that has been added in the last eight years has been tremendous. and i know that the gentleman, when he looks to what we do next week, to be able to lower premiums, save more than $300 billion to the deficit, and let people have more choice, that is also a first step. i do not have any immediate action to announce, but we will relay any information to the members as we move forward. and i thank the gentleman. is that going to be your last question? mr. hoyer: it will probably be my last question. i have an additional observation. mr. mccarthy: before

ahead of that meeting, a meeting with steve mnuchin in berlin.ery i think europeans are dependent on having good international relationships and trade goods and services. it is how the european union has evolved. coals founded as a cold -- and steel unit but has expanded. trade benefits both sides, and will be the message of an inward looking policy, particularly from the largest trading partner of many countries, the united states, will rock that balance and the international community is looking to signals from the indicated they have they want to renegotiate some of these trade agreements, there reements andag benefit both the united states and the rest of the world. matt: what message does steve mnuchin bring to g-20? axel: they will basically look for a package. there are concerns the u.s. administration has in putting policy priorities on reregulation of the financial industry. many things you hear is we've done enough, we have done a lot already. the system is more stable. let's do an impact study on what happened with financial reregulati

treasury secretary steve mnuchin last week sat down for an interview with journalist mike allen.sident'sed the trade agenda, overhauling the tax code and health care bill. the interview was from before house speaker paul ryan

urging the treasury, steven mnuchin, use extraordinary measures to avoid hitting it.if you hit it going through it, you're not paying your business and it's a problem. federal revenues typically go up in the spring because it is tax season. but that would be april. so we can't, it's a real problem. it's a real issue. you can bet as we watch these markets, wall street is watching these markets. we just happen to it have the author of the brand new book, "why wall street matters." william cohen, a 17-year wall street veteran and brilliant author now. congratulations on the book. >> thank you, liz. liz: you were watching the news when we saw the debt ceiling. what was your first thought. >> i was thanking liz for actually talking about it. we're 10 days away, fewer than 10 days away no one is talking about this we're so preoccupied with all this gibberish going on in the twitterverse for instance instead of focusing on something that really matters, which we may not be able to pay our debt as they come due. liz: steven mnuchin, former goldman sachs guy, former wall stree

absolutely'' not the mnuchin rule but it isn't calculated to the decimal. [laughter] >> mr. secretary the world economy. >> and one good thing is that there never good at predicting so i think we're in the environment now where we are set for additional growth in the united states. and you can see by the rise in u.s. doc market relative to europe and the rest of the world the one thing would be the risk of terrorism or something else that is part of the reasons why the president is so focused on proper vetting on terrorism. i attended this week the secretary of state posted and besides for the economy. >> in what is that attributed to correct. >> his policies and with the industry shouldn't without once to grow this economy to speak to business mrs. small and medium-sized and big sized and entrepreneur to constantly have people in the white house to give them ideas our job is to grow the economy. >> we do hear that from the ceos that it is less talking points met people are actually open for. >> we have had working sessions constantly people called him and he picks up the ph