Tag: Mnuchin, Steven T

White House Threatens Turkey With Crippling Sanctions

WASHINGTON — The Trump administration on Friday belatedly threatened new sanctions against Turkey that officials said could cripple Turkey’s economy in response to its military offensive against Kurds in northern Syria. President Trump will sign an executive order giving the Treasury Department new powers to punish Turkish government officials if Turkey targets ethnic and religious […]

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Treasury Officials Pressured I.R.S. on Trump Tax Audit, Whistle-Blower Alleges

WASHINGTON — An Internal Revenue Service whistle-blower filed a complaint alleging that senior Treasury officials tried to exert influence over the mandatory audit of President Trump’s tax returns, according to a person familiar with the matter. The whistle-blower came forward to Congress in July with the complaint, which accuses political appointees in the Treasury Department […]

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Treasury Considers 50-Year Bonds as Deficit Tops $1 Trillion

WASHINGTON — The Trump administration may begin issuing 50-year “ultralong” bonds next year as the government seeks new ways to finance ballooning deficits and tries to take advantage of low interest rates. Treasury Secretary Steven Mnuchin said on Thursday that he had been studying whether there was sufficient market demand for a 50-year bond, which […]

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U.S.-China Trade Talks to Resume, but New Tariffs Could Complicate Them

BEIJING — The United States and China will hold trade talks in Washington early next month, Chinese state media said on Thursday, but new tariffs will make it difficult to find a way to end their economic clash. Liu He, a top Chinese economic official and Beijing’s top trade negotiator, will travel to Washington for […]

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U.S. Imposes Sanctions on Iranian Shipping Network

WASHINGTON — The Trump administration on Wednesday imposed sanctions on an elaborate shipping network that Iran uses to sell oil, and unveiled a $15 million reward to anyone with information that disrupts the scheme, stepping up its effort to exert pressure on the Iranian economy. The sanctions were the latest in a flurry of actions […]

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Trump Can Battle China or Expand the Economy. He Can’t Do Both.

LONDON — As President Trump intermittently escalates and moderates his trade war with China, his conflicting signals reflect a reality that limits his actions: He can try to sever the deeply intertwined American commercial relationship with China, or he can prod economic growth to assuage the fears of investors around the planet. But he cannot […]

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Trump and the Art of the Flail

The “very stable genius” in the Oval Office is, in fact, extremely unstable, in word and deed. That’s not a psychological diagnosis, although you can make that case too. It’s just a straightforward description of his behavior. And his instability is starting to have serious economic consequences. To see what I mean about Trump’s behavior, […]

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Business Groups Warn of Consequences as Trump’s Trade War Spirals

The latest whipsawing escalations in the United States’ trade war with China prompted a wide array of business organizations to warn over the weekend that American consumers and workers would soon be caught in the crossfire. It is now looking increasingly likely that few large American companies will be able to sidestep the toll exacted […]

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Trump Administration Imposes Sanctions on Iran’s Top Diplomat

WASHINGTON — The Trump administration took the unusual step on Wednesday of placing sanctions on Iran’s foreign minister, Mohammad Javad Zarif, an American-educated diplomat who negotiated the 2015 nuclear agreement with the Obama administration. The move essentially cuts off the clearest avenue for the administration to open talks with Iran, which it has argued was […]

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Divided House Passes 2-Year Budget Deal to Raise Spending

WASHINGTON — A divided House on Thursday passed a two-year budget deal that would raise spending by hundreds of billions of dollars over existing caps and allow the government to keep borrowing to cover its debts, amid grumbling from fiscal conservatives over the measure’s effect on the federal deficit. Only 65 Republicans joined the Democratic […]

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Tentative Federal Budget Would Raise Spending by $320 Billion

WASHINGTON — White House officials and congressional lawmakers are nearing a deal that would boost government spending levels over the next two years and raise the federal borrowing limit. If passed by Congress and signed by President Trump, it would avert a default crisis this fall and avoid automatic spending cuts next year. The agreement […]

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Trump’s Aides, Not Eager to Defend His Tweets, Also Don’t Condemn Them

WASHINGTON — When President Trump defended neo-Nazi protesters in Charlottesville, Va., in 2017, one of his top aides took the rare step of publicly condemning what he said. Gary D. Cohn, who served as his top economic adviser at the time, said in an interview with The Financial Times that “this administration can and must […]

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Government Could Breach Debt Ceiling in September, Mnuchin Warns

WASHINGTON — Treasury Secretary Steven Mnuchin informed congressional leaders on Friday that the government could run out of money in early September, pleading with lawmakers to reach a deal to raise the government’s borrowing limit before their August recess or risk a potentially catastrophic default. Mr. Mnuchin, in a letter to leadership, said that while […]

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As Nations Look to Tax Tech Firms, U.S. Scrambles to Broker a Deal

WASHINGTON — For most of the 21st century, wealthy nations have engaged in a race to the bottom on corporate taxes, cutting rates in an effort to poach business activity across borders. Very quickly, that script has flipped. Developed countries are now moving to impose new taxes on technology companies, like Facebook and Google, that […]

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France Moves Toward Digital Tax, Stoking Fight With White House

PARIS — President Emmanuel Macron’s government waded into a potentially messy fight with the White House on Thursday as French lawmakers voted to impose a tax on Facebook, Google and other American technology giants despite a blunt warning from the Trump administration. The measure, which the White House said could amount to an unfair trade […]

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In New Turf War, Treasury Dept. Seeks Control of Secret Service

WASHINGTON — Treasury Secretary Steven Mnuchin is seeking to wrest control of the Secret Service from the Department of Homeland Security and has been lobbying President Trump to back such a move, according to administration officials. The discussions between the Treasury Department, the White House and high-ranking Secret Service officials have taken place over the […]

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Justice Dept. Backs Mnuchin’s Refusal to Release Trump’s Tax Returns

WASHINGTON — The Justice Department on Friday backed a decision by Treasury Secretary Steven Mnuchin to defy a request from Congress for President Trump’s tax returns on the basis that it lacked “legitimate legislative purpose.” The department issued a 33-page memo, dated Thursday, that came as House Democrats were preparing a lawsuit as the next […]

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Trump Says Mexico Tariffs Worked, Emboldening Trade Fight With China

WASHINGTON — President Trump has concluded his tariff threat worked and forced Mexico to stop the flow of migrants. On Monday, he pivoted back to his trade fight with China and vowed to hit Beijing with more tariffs if it did not accede to America’s trade demands. “The China deal’s going to work out,” Mr. […]

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World Economic Leaders Warn of Fallout From Trade War Between U.S. and China

FUKUOKA, Japan — Global finance leaders meeting in Japan this weekend said they were increasingly worried that the trade dispute between the United States and China, which shows no signs of abating, could propel the world economy into a crisis. The sense of gloom at the gathering of the Group of 20 major economies came […]

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