Wilbur Ross, Former Commerce Secretary, Believes Likelihood of ‘Big Trade War’ is Minimal
Ross discusses trade policy, Trump’s first term, and future plans with The Epoch Times.
Prior to his presidency, Donald Trump initiated a trade policy shake-up, sparking concerns of a potential trade war with the U.S. against other nations.
Beginning with imposing tariffs on imports from Canada, Mexico, and China, Trump aimed to address issues related to immigration and drug trafficking.
“The risk of a large-scale trade war is minimal,” according to former Commerce Secretary Wilbur Ross in an interview with The Epoch Times.
Having led the Commerce Department during Trump’s first term, Ross played a key role in shaping the administration’s trade agenda, including negotiating the USMCA to replace NAFTA.
Despite Trump’s bold measures, Ross expects the incoming administration to refine these policies, akin to the adjustments made in the previous term.
During 2018, Trump imposed tariffs on various imports which were later modified to include exemptions for certain countries such as Australia, Canada, and South Korea.
Anticipating a more cautious approach to trade talks from the new administration, Ross foresees ongoing adjustments to trade policies.
With differing views on tariffs and trade negotiations, the incoming administration is poised to undergo refinements in its stance towards international trade.
Ross suggests that the core message from the new administration is the intention to impose tariffs on products from other nations, particularly China, aiming to establish fair trade practices.
