Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stef W. Kight / Axios

Treasury Secretary Steve Mnuchin joined Axios' Mike Allen this morning at the debut of his News Shapers event series to talk about his new role in the Trump Administration.

On AI supplanting human jobs: "it's not even on our radar screen.... 50-100 more years" away. "I'm not worried at all" about robots displacing humans in the near future, he said, adding: "In fact I'm optimistic."

Other big ticket items:

Trump:

  • Trump's stamina: "He's got perfect genes. He has incredible energy and he's unbelievably healthy."
  • Trump's diet: Mnuchin claimed Trump no longer eats KFC or McDonald's, as the White House food is "great."
  • The dollar bill: "I think we should look at putting President Trump on the thousand dollar bill."
  • Trump's views evolving: "He's the negotiator-in-chief... he wants big deals."
  • Trump's leadership style: "He has an open door. People are coming and going, and he thinks about something and calls somebody on the phone... this is not a formal, scheduled president."

Tax reform:

  • "Much simpler" than health care reform, saying the Trump administration will do it comprehensively. Not going to break it up into more passable pieces.
  • Corporate tax rate: Mnuchin declined to reiterate Trump's goal of a 15% corporate tax rate, vs. Ryan's 20% plan.
  • Carried interest loophole: Mnuchin said the loophole will be closed in our tax plan. But that's for hedge funds. No commitment on real estate, etc.
  • Border adjustment tax: It has certain aspects that are VAT-like, which much of the rest of the world uses.
  • The focus of tax cuts: Mnuchin said the Trump administration's focus is on tax cuts for the middle class, not upper.

The global economy:

  • Renegotiating trade deals: "So long as we can renegotiate [trade] deals that are good for us, we won't be protectionist. Otherwise we will."
  • The one bad thing: We don't know how to predict the next bad thing.
  • Trump's big objective: Keep people safe, per Mnuchin.
  • Does Mnuchin worry about who is calling Trump? "No. Do you?"

On Silicon Valley, tech and jobs:

  • Valuations: "I don't understand these valuations."

Infrastructure:

  • Infrastructure finance: "It's clear he wants to do something very significant," Mnuchin said, referenced Trump's wish list. He added it wouldn't be deficit-financed.
  • The big problem: Regulations, not the money.

Go deeper

Juneteenth forces U.S. to confront lasting impact of slavery economy

Photo illustration: Sarah Grillo/Axios. Photo: Corbis, Brittany Murray/MediaNews Group/Long Beach Press-Telegram via Getty Images

Juneteenth, a once-obscure commemoration of emancipation of enslaved people in Texas, has transformed into an annual reminder about how slavery robbed Black Americans of generational wealth.

Why it matters: That lack of generational wealth still denies Black families the economic security that many white families take for granted.

Biden to meet with U.S. financial regulators on Monday

Photo: Drew Angerer via Getty Images

President Biden will meet with financial regulators on Monday.

Driving the news: "The meeting will cover regulatory priorities including climate-related financial risk and agency actions to promote financial inclusion and to responsibly increase access to credit," said press secretary Jen Psaki, according to a press pool report.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!