Donald Trump’s secretary of commerce, Wilbur Ross, writes today for the Financial Times that “Donald Trump will make trade fair again,” though he won’t say just how yet.
Notably, Ross, who has in the past echoed Trump’s protectionist rhetoric, emphasizes the complexity of trade issues, and notes that policy will be based on an evaluation of data.
He goes on to enumerate the many factors contributing to the huge bilateral trade deficits between the US and trading partners, ranging from non-tariff trade barriers and intellectual property theft, to state subsidies and dumping.
But Ross also highlights that some trade deficits are structural and that the administration will take measured and rational action to correct problems.
As the world continues to watch and wait for the Trump trade policy to take shape, the measured words coming from his administration are sure to allay some fears.