Mnuchin: Trump wants to put money into economy for hardworking Americans
Mnuchin: Trump wants to put money into economy
Treasury Secretary Steven Mnuchin says President Trump is very interested in the payroll tax cut because it is a giant stimulus.
Treasury Secretary Steven Mnuchin addressed market concerns Friday morning, telling reporters that "people should be less concerned" about market ups and downs.
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U.S. equity markets rebounded sharply Friday, a day after an avalanche of selling plunged stocks into their steepest single-day decline since the Black Monday crash of 1987.
"The U.S. is the best place to invest in the world," Mnuchin said, later adding: "The president wants to put money in the economy for hardworking Americans."
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On supply chains impacted by the new coronavirus, Mnuchin said: "There are areas of the economy that have been hurt very hard immediately," and there are also parts of the economy that are doing very well. Supplies, food and medical "have almost offset" a significant decrease in travel spending "in the short-term."
Mnuchin also said the administration will work with Congress on helping the U.S. airline industry, which has been negatively impacted by the outbreak of the virus.
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"[Airlines] want to make sure they can continue to provide domestic travel and keep as many workers employed as they can," he said. "The airline industry is obviously very important … this is a big impact. The U.S. airline industry is very strong."
The Treasury secretary added that he would be "perfectly comfortable" getting on a commercial jet this weekend.
Lower oil prices, he added, will also benefit the average American and U.S. airlines.
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On Monday, West Texas Intermediate crude oil plunged 24.6 percent after Saudi Arabia slashed its price by $6 to $8 a barrel when Russia declined to join OPEC in cutting supply. The selloff contributed to a more than 2,000-point drop for the Dow Jones Industrial Average, the sharpest since the 2008 financial crisis.
FOX Business' Jonathan Garber contributed to this report
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