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Trump: ‘massive tax cut’ to be revealed next week; dollar jumps

Published 04/21/2017, 02:22 PM
Updated 04/21/2017, 02:25 PM
© Reuters.  Trump's tax reform plan expected to unveiled next week

© Reuters. Trump's tax reform plan expected to unveiled next week

Investing.com – U.S. President Donald Trump said Friday, he will unveil a tax plan next week that includes a “massive tax cut” for individuals and businesses.

In an interview with The Associated Press, President Trump stopped short of providing a detailed outlined of the plan but insisted that the tax cuts will be “bigger I believe than any tax cut ever” and said the tax reform packaged will be released on “Wednesday [April 26] or shortly thereafter”.

President Trump’s comments came a day after Secretary Steven Mnuchin said the Trump administration is ‘close’ to bringing forward tax reform.

Risk assets moved higher, following President Trump's comments while gold edged lower.

The U.S. dollar index surged higher to trade at 99.94, up 0.23%.

Gold futures edged lower to $1,285.50 while Treasury yields moved higher but remain in negative territory with the U.S. 10-Year at 2.232, down 0.48%.

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