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Trump blames Mnoutchine for recent market volatility and the Federal Reserve's decisions to raise interest rates, the Wall Street Journal said.
The Fed has been gradually raising rates for the past three years – a move to restore levels after the financial crisis. However, Trump strongly opposed the Fed's increases and called the central bank "the biggest threat". People close to the White House told the paper that Trump had chosen Jerome Powell to run the Fed, partly on the recommendation of Mnuchin.
According to the Wall Street Journal report, Trump fears that rising interest rates will dampen economic progress ahead of the 2020 election.
The paper also reported that Trump had blamed Mnuchin for the latest market turbulence.
"If it's so good, why is it happening?" a person familiar with the subject told the Journal.
Trump, apparently responding to the report, publicly voiced his support for Mnuchin on Twitter on Friday night.
"I am extremely happy and proud of the work done by the @USTreasury @ StevenMnuchin commission secretary.1 FAKE NEWS likes to write stories that say the opposite, citing fake sources or jealous people, but they are not true. Never like to ask me for a quote b / c it would kill their story, " Trump wrote.
The report comes as Trump has considered mixing his cabinet. CNN reported earlier this month that several sources inside and outside the Trump administration have said that an almost certain shake-up is underway at the White House. In particular, the chief of staff, John Kelly, and the secretary of the Department of Homeland Security, Kirstjen Nielsen, could be replaced in the near future.
Trump acknowledged the possible changes earlier this month.
"Administrations are making changes, usually at the mid-point, and we'll probably be right in this category as well," Trump said at the time. "I think it's very usual."
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