Not even a plummeting stock market would change Trump's trade policies, says Wilbur Ross
President Trump plans to stick to his guns, stock market be damned.
Commerce Secretary Wilbur Ross on Monday told CNBC that the Trump administration won't back down from its trade policies and import tariffs, even if U.S. markets took a serious stumble.
"There's no bright line level of the stock market that's going to change policy," said Ross. "The president is trying to fix long-term problems that should have been fixed a long time ago."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Trump and his administration have been imposing billions of dollars of tariffs and criticizing trade deals that the president views as unfair to the U.S., leading to retaliatory tariffs from some nations and uncertainty as investors wonder what will be hit next.
Ross insisted that short-term fluctuations are a necessary side effect when it comes to changing America's trade relationships with the rest of the world. "There is obviously going to be some pulling and tugging as we try to deal with very serious problems," he said.
CNBC reports that while the stock market is largely stable, forthcoming tariffs and Trump's attacks on the World Trade Organization could have an effect. Even so, Ross said that he hasn't even considered at what point he might lessen up, saying he fully anticipates some "hiccups along the way." Read more at CNBC.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Summer Meza has worked at The Week since 2018, serving as a staff writer, a news writer and currently the deputy editor. As a proud news generalist, she edits everything from political punditry and science news to personal finance advice and film reviews. Summer has previously written for Newsweek and the Seattle Post-Intelligencer, covering national politics, transportation and the cannabis industry.
-
The best homes of the year
Feature Featuring a grand turret entrance in New York and built-in glass elevator in Arizona
By The Week Staff Published
-
Nordstrom family, investor to take retail chain private
Speed Read The business will be acquired by members of the family and El Puerto de Liverpool, a Mexican real estate company
By Peter Weber, The Week US Published
-
Biden commutes most federal death sentences
Speed Read The president downgraded the punishment of 37 of 40 prisoners on death row to life in prison without parole
By Peter Weber, The Week US Published
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US Published
-
Rupert Murdoch loses 'Succession' court battle
Speed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
By Peter Weber, The Week US Published
-
Bitcoin surges above $100k in post-election rally
Speed Read Investors are betting that the incoming Trump administration will embrace crypto
By Peter Weber, The Week US Published
-
Enron mystery: 'sick joke' or serious revival?
Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
By Peter Weber, The Week US Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published