News

Economy & Business

Wilbur Ross: Stock-Market Downturn Won’t Deter Trump on Trade

Commerce Secretary Wilbur Ross attends a meeting of the National Space Council in the East Room of the White House, June 18, 2018. (Leah Millis/Reuters)

Commerce Secretary Wilbur Ross said definitively Monday that the Trump administration will not alter its protectionist trade agenda in response to a downturn, however drastic, in the stock market.

“There’s no bright-line level of the stock market that’s going to change policy,” Ross said on CNBC’s Squawk Box. “The president is trying to fix long-term problems that should have been fixed a long time ago.”

Widespread concern about the administration’s expanding trade war with both European allies and China is slowing the bull market that Trump has enjoyed since taking office. Ross, however, cast the downturn as the inevitable cost of high-level trade negotiations in his comments Monday.

“There is obviously going to be some pulling and tugging as we try to deal with very serious problems,” he said. “There will be some hiccups along the way.”

The comments come after Axios reported Sunday that the White House has drafted a bill that would withdraw the U.S. from the World Trade Organization (WTO) and grant Trump autonomy to unilaterally raise tariffs against any country to a rate of his choosing.

Ross downplayed the reports, calling any talk of a U.S. withdrawal from the WTO “premature.”

The European Union, Canada, and Mexico have responded to the American steel and aluminum tariffs implemented in May with retaliatory tariffs of their own. China has vowed further retaliation for the separate China-specific tariffs that went into effect Friday. And, in a letter sent to the Commerce Department Friday, the E.U. threatened massive retaliatory tariffs on some $300 billion in U.S. auto exports if the administration moves to tax European auto imports.

NOW WATCH: ‘Trump’s Trade Demands Confuse China’

Most Popular

Elections

Lying Liz

Ever since she began explaining how her Medicare for all plan would be funded, and how she would pass it, Elizabeth Warren has been sinking. Ahead of last week’s debate, her camp leaked a story that her friend Bernie Sanders met with her in 2018 to discuss plans for 2020, and that at this meeting, Sanders had ... Read More
Elections

Lying Liz

Ever since she began explaining how her Medicare for all plan would be funded, and how she would pass it, Elizabeth Warren has been sinking. Ahead of last week’s debate, her camp leaked a story that her friend Bernie Sanders met with her in 2018 to discuss plans for 2020, and that at this meeting, Sanders had ... Read More
Politics & Policy

The Botched Democratic Case for Witnesses

The fate of the republic, we are now supposed to believe, hinges on whether there are witnesses at a Senate impeachment trial. Upon the long-anticipated transmittal of the articles of impeachment to the Senate, House Judiciary Chairman Jerry Nadler said if the upper chamber doesn’t obtain the witnesses and ... Read More
Politics & Policy

The Botched Democratic Case for Witnesses

The fate of the republic, we are now supposed to believe, hinges on whether there are witnesses at a Senate impeachment trial. Upon the long-anticipated transmittal of the articles of impeachment to the Senate, House Judiciary Chairman Jerry Nadler said if the upper chamber doesn’t obtain the witnesses and ... Read More
White House

The GAO’s Report

The Government Accountability Office issued a short report yesterday concluding that the administration had broken the law in freezing aid to Ukraine last summer. A common response from the president’s defenders has been that the GAO has found such violations of the law on many occasions, and the press did not ... Read More
White House

The GAO’s Report

The Government Accountability Office issued a short report yesterday concluding that the administration had broken the law in freezing aid to Ukraine last summer. A common response from the president’s defenders has been that the GAO has found such violations of the law on many occasions, and the press did not ... Read More