– This is the script of CNBC's news report for China's CCTV on April 18, Tuesday.
Welcome to CNBC Business Daily, I'm Qian Chen.
The U.S. Treasury secretary has conceded that the administration's timetable for ambitious tax reforms is set to slip following setbacks in negotiations with Congress over healthcare.
Steven Mnuchin said the target to get tax reforms through Congress and on President Donald Trump's desk before August was "highly aggressive to not realistic at this point".
"It started as [an] aggressive timeline," the former Goldman Sachs banker said in an interview with the Financial Times. "It is fair to say it is probably delayed a bit because of the healthcare."
Mnuchin insisted he still expected the tax system to be reformed in 2017.
[Michael Gayed, Chief Investment Strategist,Pension Partners] "The real repricing is not gonna come from the bottomline of various companies, the real repricing comes from the unraveling of the narrative that Trump is gonna get all these pro-business policies through. I think that's far more important in terms of trying to determine how to allocate now, than anything, you know, companies on the earnings front."
U.S. stocks rose after three straight sessions of losses as investors shifted their focus to earnings and the greenback steadied after Mnuchin said dollar strength is good over long periods of time.
Mnuchin, in comments to the Financial Times, also said U.S. President Donald Trump's recent remarks that the dollar is getting too strong were about the short term.
The dollar, which had hit a five-month low against the safe-haven yen, rose to a session high of 109.05 after the FT report. Stocks added to gains in late trading.
Analysts told CNBC that optimism towards the earning season also help the boost the market overnight.
[WAYNE WICKER, ICMA-RC CIO] "I think that this quarter has lining up to be a pretty strong quarter. I think the street is looking at about a little more than 9% for earnings growth. It would be easy to probably accomplish that given how poor earnings growth was last year this time. So I think for the next couple of quarters, we will see positive earnings growth then you are really gonna focus on whether or not they can sustain that in the second half of this year."
CNBC's Qian Chen, reporting from Singapore.