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There is a “fundamental agreement” between the Trump administration and lawmakers on US tax reform, although details will need to be worked out, Steven Mnuchin said on Wednesday.

The comments from the US Treasury secretary who was speaking in Washington come as President Donald Trump prepares to unveil his plans for changes to the country’s tax vast code later in the day.

Among the most closely watched changes among Wall Street investors will be the administration’s promise to reduce the corporate tax rate from 35 per cent, among the highest in the world, down to 15 per cent. That would be seen as a substantial boon to corporate America’s profits and economic growth more broadly.

Finding common ground with lawmakers will be critical for Messrs Trump and Mnuchin after the failure of the newly-minted president to garner enough votes even among members of his own party to pass measures to repeal and replace Obamacare, one of his central campaign promises.

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