Tags: Russia | Trump Administration | wilbur ross | world trade | surplus | commerce secretary

Wilbur Ross: US Absorbing World's Trade Surplus Is Unfair


By    |   Monday, 06 November 2017 01:51 PM

Wilbur Ross, the U.S. Secretary of Commerce, said it is unfair for the U.S. to take on the world's trade surplus in its deficit.

"We don't think it's inherent in a global trading system that one country, namely the U.S., absorbs in its deficit the cumulative trade surplus of the entire rest of the world," Ross said in an interview aired Monday on CNBC.

The European Union, China, and Japan talk free trade, but practice protectionism, Ross said.

"Let me give you an example: Automotive is the largest product category of our trade deficit; our tariff on autos is 2.5 percent; the EU's is 10 percent, and China is 25 percent and in some cases a bit more," said Ross told CNBC. "That's not a level playing field, and it's not a necessary playing field.

"It's the kind of thing we feel needs to be rethought," Ross said.

"We think that even our friendly nations should live by the rules, and if they don't, we will intend to enforce things against them," he added.

A Ross spokesman said Sunday the secretary recused himself from any acts involving "transoceanic shipping vessels," after a report he holds a stake in a shipping company that works with a Russian gas company.

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It is unfair for the U.S. to take on the world's trade surplus in its deficit, U.S. Secretary of Commerce Wilbur Ross said.
wilbur ross, world trade, surplus, commerce secretary
Monday, 06 November 2017 01:51 PM
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