【By Observer Net, Wang Yi】According to a report by Bloomberg in the United States on July 11, Steven Mnuchin, the Treasury Secretary who occasionally comes out to dismantle President Trump's policies, boldly spoke at an exclusive meeting of billionaires on the 9th, stating that Trump has similarities with George Soros, a prominent Democratic donor and his former employer: they are both impatient when dealing with high-risk transactions.

Mnuchin made these comments at the annual summer meeting of Allen & Co. held in Sun Valley, Idaho. The conference invites many wealthy people influential in fields such as technology, media, finance, and public policy every year, and is therefore called "Billionaire Summer Camp."

The meeting was not open to the public or journalists. People present at the scene told Bloomberg that when asked to compare his current and former bosses, Mnuchin admitted that Trump and Soros have many similarities in terms of temperament, requirements, and patience.

According to insiders, Mnuchin praised Trump for having a "unique talent for identifying problems and finding solutions," while also openly stating that the president lacks patience in implementing policies.

On April 24 local time, Trump had lunch with Mnuchin in the White House Cabinet Room. Visual China

Before becoming the chief economic advisor to Trump's campaign in 2024, Mnuchin worked twice for Soros Fund Management and eventually rose to Chief Investment Officer before leaving to start his own hedge fund.

As a former "Soros disciple" who has donated multiple times to the Democrats and appeared publicly at Gore's fundraising events, the New York Times said on the 9th that the market holds Mnuchin in high regard, considering him one of the few "rationalists" in the Trump administration who can moderately balance the president's instinctive impulses on trade issues, and even promote bipartisanship to some extent.

In 2000, Mnuchin (second from left) publicly appeared at the fundraising event of then-US Vice President and Democratic presidential candidate Gore. AP

It is currently unclear how much influence Mnuchin actually has over Trump. However, this week, before Trump informed trade partners that a new round of tariffs would take effect on August 1, Mnuchin changed his original idea.

The Wall Street Journal reported on the 8th that Trump once wanted to abandon negotiations and immediately implement the tariffs, but after Mnuchin told him that agreements with some countries were about to be reached and just needed more time, Trump decided to delay the implementation of the tariffs. The newspaper pointed out that Mnuchin is an important assistant to Trump, and he previously successfully persuaded Trump to delay the implementation of the "reciprocal tariffs" that caused global market turmoil for 90 days.

Mnuchin not only played a role in helping Trump formulate trade policies, but he is also the chief representative for tariff negotiations between the US and countries like China and Japan. Bloomberg pointed out that this is very rare for a Treasury Secretary. It is reported that Mnuchin will visit Japan next week, although the Treasury claims that this trip "will not involve trade issues," and he will soon meet with Chinese officials and Indonesia's Minister of Economic Coordination.

When answering questions from the audience at the Sun Valley summit, Mnuchin downplayed the impact of tariffs on inflation and hinted that the Federal Reserve will cut interest rates twice this year, with long-term borrowing costs expected to return to pre-pandemic levels.

Mnuchin has repeatedly echoed Trump's complaints about the Federal Reserve, publicly criticizing its slow pace of rate cuts and accusing its officials of misunderstanding the impact of tariffs on prices. The New York Times reported that Trump is already selecting the next Federal Reserve Chair, and although Mnuchin is leading the selection process, he is also one of several candidates. The paper stated that Mnuchin has said he likes the position of Treasury Secretary and is willing to do any job that Trump wants, but in recent weeks, Mnuchin has hinted that if he leads the Fed, he will push for rate cuts as Trump requested. In principle, the Treasury Secretary and the Federal Reserve Chair are not held by the same person, but some members of the Trump team have discussed the possibility of Mnuchin holding both positions. Although Mnuchin opposed this idea, he said he knows that Henry Morgenthau Jr., the Treasury Secretary in Roosevelt's government in the 1930s, also served as the Federal Reserve Chair.

In the "Billionaire Summer Camp," Mnuchin also joked about another American billionaire, his former colleague Musk. When asked about Musk's creation of a political party, Mnuchin asked, "What party?" Then he sarcastically commented on Musk's plan to send people to Mars through SpaceX, suggesting that Musk might receive votes from Mars.

This article is an exclusive piece by Observer Net. Unauthorized reproduction is prohibited.

Original: https://www.toutiao.com/article/7525638456820400659/

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