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.

Republican tax negotiators are targeting a US corporate tax rate of 20%, much higher than President Donald Trump wants — setting up a key decision for the president on a top legislative priority.

Four thousand of the wealthiest, most influential leaders in the world descend on Beverly Hills, California, this week for the annual Milken Institute Global Conference, in what amounts to a peer review of President Donald Trump’s first 100 days in office.

The White House made its opening bid for what officials called the “biggest tax cut” in US history — with cuts that would benefit businesses, the middle class and certain high-earning individuals — but left unanswered questions about whether the plan would be paid for, or how.

New York would release the state tax returns for Donald Trump and other New Yorkers holding high office under state legislation crafted by Democrats.

President Donald Trump's tax plan will amount to "the biggest tax cut" and the "largest tax reform" in US history, according to Treasury Secretary Steve Mnuchin.

The world's top economic powers have dropped a pledge to oppose trade protectionism amid pressure from the US.