U.S. commerce chief nominee warns nations with unfair trade
Jan 19, 2017, 00:20
In addition to hired help, Ross spoke on the issues of trade and tariffs during the hearing. "That should be, and hopefully will be if I'm confirmed, a very early topic in this administration".
"Together, we will take on the special interests and stand up for American jobs", Trump noted in a news release tapping Ross for Commerce. Instead, Ross demonstrated detailed knowledge of the Chinese economy and policies meant to give it a leg up, such as unprofitable "state-owned enterprises" that flood global markets with underpriced products such as steel and aluminum, undercutting USA and European producers.
Ross will also say he was struck in recent meetings with technology executives by how similar their trade problems were to those faced by the more traditional industries in which he has worked. Ross believes that boosting USA exports-without resorting to tariffs-is the best way to reduce the United States trade deficit and create more U.S. manufacturing jobs.
As Commerce secretary, Ross will be tasked, as Penny Pritzker was before him, with helping to "create the conditions for growth and opportunity", and would be the "voice of American business" inside the president's cabinet. CNN's KFile reported this week about a 2007 speech from Ross, in which he expressed worry about the rise of a "protectionist monster" in the West and "mindless China bashing".
Although Trump's tough stance on trade has populist support and is shared by many Democrats, Ross and the new administration are expected to face resistance from leaders in their own Republican Party and others who favor free trade and worry about the USA turning inward. Several Republican Senators told Ross they were concerned that punitive tariffs and confrontations with trading partners could damage the economy. Richard Blumenthal (D-Conn.) asked. China and Mexico, please come to America. Ross also pointed out that many USA tech companies get shut out of China because of objections to the uncensored content they publish.
Ross explained he will keep these assets "solely as a passive investor".
It has been reported that almost 3,000 jobs have left the United States as a result of Ross' industry moves, to Mexico and other nations.
Ross's background is largely a financial advisor, specializing in bankruptcy.
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