Trump to sign two financial executive orders on Friday

Mnuchin said one point of concern is the impact of the border-tax plan on the dollar DXY, +0.00%. Without that revenue, or something in its place, it may be hard for the plan to achieve crucial revenue neutrality.

Trump has said a big tax cut will boost economic growth, help companies invest, and lead to more job creation. "On the campaign, they didn't mention revenue neutrality, so maybe they don't care". PENCE IN AUSTRALIA Pence is expected to discuss trade and regional security when he meets Australian Prime Minister Malcolm Turnbull on Saturday, Australian and US officials say. "Deficits are certainly part of the discussion".

The administration could try to pass a bill through reconciliation, which requires 50 votes to pass in the Senate.

The move was backed by Democrats in Congress and academics as a responsible step to prevent corporations from exiting the USA tax system.

South Korea plans to raise the issue of US restrictions on steel imports at World Trade Organization committee meetings next week, its trade ministry says.

Since then, no legislation or formal tax plan has been presented by Trump.

The secretary outlined tax reform's three central goals: simplify the personal tax code, enact middle-income tax cuts and make the business tax code more competitive. Both sides broadly agree on rate cuts for individuals and businesses.

Asked for details, the administration official, who asked not to be identified, said, "We will outline our broad principles and priorities" on Wednesday.

One of the most sweeping tax regulations imposed in 2016 was written by the Obama administration's Treasury Department and it made it much harder for companies to use a process known as "inversion" to incorporate overseas in places like Ireland so that they could avoid paying USA taxes.

"But the majority of it will be made up by what we believe is fundamentally growth and dynamic scoring", he added.

And Mnuchin said the orders don't give him any authority he doesn't already have. The question though is how big that effect would be.

Mnuchin said taxpayers won't be left on the hook. In contrast, Mnuchin's comments suggest the administration is looking for a 50 cents-plus payback.

Mnuchin has worked on the tax plan for months, but details have remained fluid, with White House officials considering a range of options in how they restructure the tax code.

The White House is working on hashing out its own proposal, while the tax-writing House Ways and Means Committee is working on getting support for the tax blueprint it released in June. Additionally, legislation to repeal and replace the Affordable Care Act - which includes nearly $1 trillion in potential tax cuts of its own - remains an uncertain prospect at best.

Mnuchin told Financial Times on Monday that passing a tax reform bill before the Congress' recess in August was "not realistic".