Wilbur Ross: Not all trade deficits are the same

Commerce Secretary speaking in Washington

The Commerce Secretary, Wilbur Ross is speaking in Washington about trade.

He says:

  • not all trade deficits are the same
  • trade deficits and surpluses do matter
  • artificial trade deficits are blamed for and shameful
  • China hasn’t abided by the rules since joining the WTO
  • China has stolen intellectual property and forced tech transfers
  • US locked into trade system with rules from different era
  • China and Europe are highly protectionist
  • China’s agricultural tariffs will come at a cost to China
  • (Off topic a bit) US Commerce Department issued 10 million patent in June
  • Gap remains wide between US and China demands on trade. 
  • He hopes strong Trump/Xi tiess to lead to trade deal.
  • China tariffs would have small effect on US economy
  • Inflation effects of China tariffs would be more muted
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