Treasury secretary warns on tax cut

US Treasury secretary Steven Mnuchin said the stock market will probably see its gains wiped out if politicians fail to deliver planned tax cuts that will benefit corporate America.

“To the extent we get the tax deal done, the stock market will go up higher,” Mr Mnuchin said in an interview on the Politico Money podcast

“But there is no question in my mind if we don’t get it done you are going to see a reversal of a significant amount of these gains.”