TRUMP TREASURY SECRETARY: 'There were a lot of people in California and New York who wanted to stop being friends'

(AP/Evan Vucci)
Steven Mnuchin, President-elect Donald Trump's nominee Treasury Secretary, said the top priority of the new Trump administration would be to cut taxes.

"Our first priority is to cut taxes," said Mnuchin in an interview with CNBC's Squawk Box. "We want to cut the corporate taxes, which will bring back growth."

Mnuchin said that their plan is to cut the corporate tax rate to 15% from its current 35% level during the interview, which also included Trump's Commerce Secretary pick Wilbur Ross.

On personal taxes, Mnuchin said the planned tax cut from the Trump administration would not favor the upper class because any cut for the wealthy would be offset by "closing various exceptions" in the tax code. He did not specify what these would be.

Mnuchin said that the changes in the tax codes would be the largest changes since former President Ronald Reagan in the 1980s.

Trump's Treasury pick said that these tax changes would be able to bring the US economy to "sustained 3 to 4% GDP growth." Trump said multiple times on the campaign trail that 4% GDP growth was attainable.

Mnuchin, a long-time Goldman Sachs employee and Hollywood producer, said that his support of Donald Trump cost him a few friends along the way.

"There were a lot of people in California and New York who wanted to stop being friends," said Mnuchin. Both states were won by Trump's Democratic rival Hillary Clinton.

When asked about Trump's deal with United Technologies to keep the production of some Carrier air conditioning units and nearly 1,000 jobs in the US, Mnuchin said that the start of the deal came from Trump himself.

"This started because Trump called up the CEO of United Technologies and told him its important to keep jobs in this country," said Mnuchin to CNBC.

Ross called Trump's ability to keep the Carrier jobs in the country "a trade victory before we even come into office."

On trade, both Mnuchin and Ross said they do not want to be in regional trade deals such as the Trans-Pacific Partnership or the North American Free Trade Agreement because it is too easy to give up a large number of concessions during negotiations.

On China, Mnuchin said that they would evaluate any possible trade enforcement action against the country when they get into office. Trump has repeatedly gone after China for devaluing their currency against the US dollar to make their exports more competitive.

"If we determine we need to label them a currency manipulator, we will do so," said Mnuchin.

Additionally, Mnuchin said that he expects interest rates to stay low for a the foreseeable future.

"I think that interest rates are going to stay relatively low for the next couple of years," said Mnuchin.

Both Mnuchin and Trump's Commerce Secretary pick Wilbur Ross said that they were "fans" of Federal Reserve Chair Janet Yellen, but would not comment on whether she would serve out her term or be re-appointed by Trump.

Asked about a possible repeal of the Dodd-Frank Act that has regulated banks since the financial crisis, Mnuchin only said that the issue with the law is that is is "way too complicated," but he would not say what parts of the law the new administration would modify. Trump has also said he would totally repeal the law, but recently backed off those statements.

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