Investor Wilbur Ross (Trades, Portfolio), U.S. secretary of commerce, joined CNBC Friday to elaborate on changes in trade policies under the Trump administration.
“We are in a trade war. We have been for decades. The only difference is that our troops are finally coming to the rampart. We didn’t end up with a trade deficit accidentally,” Ross said.
The secretary went on to argue that the deficiencies are the result of bad trade deals and other countries seeking surpluses, and warned of the ramifications of failing to take action.
“Our trade deficit overall is about $500 billion a year,” Ross said. “Quite miraculously, that also equals the net trade surplus with the rest of the world.”