Trump’s commerce pick assures lawmakers he is not anti-trade
WASHINGTON — Like the man who picked him to be the next commerce secretary, Wilbur L. Ross is a billionaire with extensive financial interests and an ardent critic of America’s trade policies — both of which came under scrutiny at his confirmation hearing Wednesday morning.
President-elect Donald Trump’s rise on a tide of anti-globalization and populist attacks on trade has raised concerns among businesses that the new administration will take aggressive protectionist actions and worsen the climate for trade.
But Ross assured the Senate Committee on Commerce, Science and Transportation on Wednesday that he is not anti-trade.
“I am pro-trade,” Ross said in his opening statement.
At the same time, the financier, investor and turnaround specialist said, “We should not put up with malicious trading activities, state-owned enterprises or subsidized production.”
The head of the Commerce Department traditionally hasn’t been a powerful or high-profile Cabinet member. But that could change, as Trump’s transition team has indicated that Ross will spearhead the new administration’s initiatives on trade, an issue that was central to Trump’s campaign and figures to be a dominant part of his economic growth strategy.
Ross was a top economic adviser to Trump’s campaign, and the two men, who have known each other for more than 20 years, share a disdain for trade deals that the U.S. has cut, especially the North American Free Trade Agreement with Mexico and Canada.
The confirmation hearing was delayed nearly a week to give Ross more time to work out his financial disclosure requirements and ethics agreement, and some members of the Senate committee expressed satisfaction that Ross had agreed to divest the vast majority of his financial holdings and resign from multiple positions in companies and organizations.
“It’s the right thing to do,” said Bill Nelson, D-Fla., the committee’s ranking Democrat, adding that he hoped Trump would follow suit.
Sen. John Thune, R-S.D., the committee chairman, welcomed Ross’ selection, especially given his extensive business know-how, a view shared by Sen. Marco Rubio, R-Fla., also a committee member. But Thune also said he wanted to know about Ross’ trade positions on NAFTA and relations with other major trading partners such as China.
“China is the most protectionist country,” Ross told the committee. “They talk much more about free trade than they practice. We would like to levelize the playing field.”
Ross, in a white paper on Trump’s economic plan co-written with business professor Peter Navarro, railed against what they described as China’s mercantilist practices, including currency manipulation.
At the hearing, Ross highlighted his experience in international commerce, saying his companies have operated in 23 countries. “I think I’ve probably had more direct experience than any prior Cabinet nominee has had with unfair trade in the steel business, in the textile business, in the auto parts business and other sectors.”
Ross, in a response to the Senate committee’s questionnaire ahead of the hearing, said that he believed one of the top challenges facing the agency is expanding U.S. exports and reducing the nation’s trade deficit.
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 U.S. turning inward.