Mnuchin says Trump’s top priorities will include tax cuts, tariffs

President-elect Donald Trump will likely return to the pillars of his previous economic platform, such as tariffs, lower taxes and sanctions, when he takes office in January, his former Treasury secretary said Thursday.

Steven Mnuchin, who served in the role during Trump’s first term from 2017 to 2021, told CNBC that he considers those elements critical to the Republican’s agenda.

The tax cuts are “a signature part of their program,” Mnuchin said in an interview on “Squawk Box.” “I think it should be easy to pass in Congress, especially if Republicans also control the House, which it looks like they will.”

Also on the agenda would be tariffs, which Trump implemented on multiple items during his first term and promised to do so again.

“I think it’s necessary to use tariffs to bring the counterparties back to the table, especially China, which is not honoring all the agreements they made,” Mnuchin said.

Finally, he indicated that nations like Iran and Russia can expect to see sanctions again. The Trump administration imposed measures against oil producers in Iran in 2019 because they were owned by the Revolutionary Guard.

“The sanctions on Iran and Russia had a huge impact. In the case of Iran, they are now selling millions of barrels of oil, which needs to stop,” Mnuchin said.

Aside from those issues, Mnuchin, who said he probably would not take an official role in the Trump administration but would “be happy to serve from the outside,” expects Trump to address other issues, such as high deficit spending.

“I think it is now in a position, particularly with this overwhelming result, to address difficult issues, and I think that has to be part of government spending,” he said.

Mnuchin is the founder of Liberty Strategic Capital.