Davos WEF
Davos WEF

Mnuchin says we'll see 'massive investment' back into US because of game-changing tax cut

Key Points
  • The tax cut "has been a game-changer for U.S. businesses," Mnuchin tells CNBC.
  • He says global CEOs told Trump on Thursday night "they're moving operations to the U.S."
Mnuchin: Tax reform has been a game changer for US businesses

Treasury Secretary Steven Mnuchin told CNBC on Friday that lower corporate taxes will lead to more investment in the United States.

"Fundamentally, this has been a game changer for U.S. businesses," Mnuchin said in a "Squawk Box" interview from the World Economic Forum in Davos, Switzerland. "You're going to see massive investment coming back to the U.S."

"As the president said, we were with many CEOs last night that said as soon as the tax plan was changed, they're moving operations to the U.S.," Mnuchin said.

President Donald Trump signed a bill last month that slashed the corporate tax rate to 21 percent from 35 percent. Wall Street cheered the move, pushing stocks further into record territory. Several major companies, meanwhile, have announced one-time bonuses and wage increases for employees following the bill's signing.

Mnuchin added he thinks that, "for the foreseeable future, we're going to have a strong economy."

Earlier on Friday, he told CNBC his recent remarks on the U.S. dollar were misunderstood.