In Mnuchin’s first interview to the media, since taking office Mr Mnuchin stated that his primary aim was to promote growth.

Mr Mnuchin stated that tax reductions as well as deregulation will stimulate economic development to 3% by the close of next year.

He stated that his panel was still reviewing the topic of a border modification tax that would put a tax on various imports.

President Trump has vowed to reveal an extraordinary proposal to improve the US tax system by the beginning of next month.

Mr Mnunchin stated that they are dedicated to authorize tax reform to be concentrated on middle income tax reductions, simplification and formulating the business tax that will be in line with other parts of the world.

He was established as Treasury Secretary, the most high-ranking economic position in the US administration, last week.

His guarantee to improve development to 3% does not meet President Trump's election campaign undertakings to accomplish growth rates of 4%.

However, investors, who envisage corporate revenues to be lifted by the new procedures, have generally accepted undertakings from the new administration to improve tax and cut law.

Stock markets have leaped since last year’s presidential vote in what has been nicknamed the "Trump rally".

“Mr Mnuchin, also stated that the notion of an extra tariff on imports was still being evaluated,” said Henry Holt at Kaiser Hoffman Capital.

Mnunchin stated that they are seriously considering but that there are aspects that they both approve of and some that they disapprove of.