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Holly LaFon
Holly LaFon
Articles (8374) 

Commerce Secretary Wilbur Ross Downplays Effects of Tariffs

'All this hysteria is a lot to do with nothing,' the former investor said

March 02, 2018 | About:

Commerce Secretary Wilbur Ross (Trades, Portfolio) blasted critics of President Donald Trump’s proposed aluminum and steel tariffs Friday morning on CNBC, calling them “scare tactics.”

“All this hysteria is a lot to do with nothing,” the former investor said.

Ross defended implementing broad changes to curb transshipping products through other countries to avoid tariffs. He also said that the impact on consumer goods would be limited due to the miniscule amount of the materials used in packaging, holding up a soup can as a prop.

Trump reiterated his favorable views on tariffs in a series of Tweets Friday morning.

“When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win,” he tweeted.

Trump’s tweets came as the stock market continued its slide, losing 3.67% from Monday’s open through Friday morning.

Ross had more to say about trade tariffs in the video below:

Commerce Secretary Wilbur Ross: Trump tariffs will have a 'broad' but 'trivial' impact on prices from CNBC.

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