Business man – out, politician – in.
U.S. President-elect Donald Trump vowed on Wednesday to step back from running his business empire to avoid conflicts of interest, while turning to Wall Street for nominees for two key economic leadership posts who promised tax reform and a tougher approach to China.
Trump sent out a series of early morning tweets saying he will hold a news conference in New York on Dec. 15 with his children on how he will separate himself "in total" from his worldwide business holdings.
Steve Mnuchin, a private equity investor, hedge fund manager and Hollywood financier, and billionaire Wilbur Ross, who heads a private equity firm, appeared on CNBC and confirmed their nominations to be Treasury secretary and Commerce secretary, respectively. The Trump transition team announced the nominations on Wednesday morning.
Transition sources also said Trump had chosen Chicago Cubs co-owner Todd Ricketts as deputy commerce secretary.
Mnuchin and Ross laid out Trump's economic objectives, including a tax reform plan that would, among other things, cut corporate tax rates to 15 percent. "We think by cutting corporate taxes we’ll create huge economic growth and we’ll have huge personal income," Mnuchin said on CNBC.
Mnuchin and Ross said lower tax rates would be offset by reductions in the number of income tax deductions. They said trade reform would be a top agenda item. Both men criticized regional trade pacts, saying they favor bilateral agreements with trade partners.
"We've been doing a lot of dumb trade," Ross said.
Mnuchin said the Treasury and Commerce departments have trade enforcement capabilities. With regard to China's foreign exchange policy, he said, "If we determine we need to label them as a currency manipulator that's something the Treasury would do."
Trump also is working to fill out his foreign policy team, with a major focus this week on who his secretary of state should be.
He dined with a former rival, 2012 Republican nominee Mitt Romney, at a French restaurant near Central Park on Tuesday night. Romney, held in suspicion by Trump supporters because of his harsh criticism of Trump, made an impassioned statement in support of Trump after their meal.
Trump was to meet on Wednesday with another potential secretary of state pick, retired Marine General John Kelly. He also is considering former New York Mayor Rudy Giuliani, U.S. Senator Bob Corker of Tennessee and former CIA Director David Petraeus for the job.
