Steven Mnuchin unveiled President Trump's blueprint, which aims to cut the business tax rate from 35% to 15%.

Economists say the policy would add trillions of dollars to the deficit over the next decade.

But Mr Mnuchin said the tax plan would pay for itself "through growth, through deductions and closing loopholes".

Secretary Mnuchin, joined White House chief economic adviser Gary Cohn on Wednesday to announce the tax proposal, which he billed as "the biggest tax cut" in history, but it is unclear whether that will really prove to be the case.