The US is thinking of pursuing tougher enforcement of all the trade rules that exist with China specifically and also all the other nations. This statement was said by Commerce Secretary Wilbur Ross before the addressing by President Donald Trump to the congress this Tuesday night.
In an interview, Wilbur Ross said that there is no point in making trade deals if the parties don’t end up enforcing them and enforcement would be applied to everyone.
Wilbur Ross was sworn as the Commerce Secretary earlier Tuesday only. He said during the confirmation hearing held for him that he would prioritize renegotiation of the NAFTA (North American Free Trade Agreement) with Canada and Mexico. He also said that he would be leveling the field of play with countries like China. He called China as the most protectionist of the major nations.
Wilbur Ross also said that he had specific measures to be taken against China. These specific measures are supposedly going to be announced as soon as they have prepared a case that is proper for them. He also said that the Trump Administration would fix NAFTA (North American Free Trade Agreement) and make it not just a deal of free trade but a fair deal.
Wilbur Ross also said that the administration run by President Donald Trump is also planning to implement deregulation programs. These deregulation programs are planned to not only cover the financial sector, but others too. They also have planned to include rules that cover environmental protection and also the labor market in these deregulation programs. He also added that the United States of America has many different rules. These rules are unimaginable and these rules are definitely blocking the straight growth of American businesses.
When Wilbur Ross was asked if there could be an economic growth of three percent or more than three percent in the year after 2017 for the United States of America, he said that according to his hypothesis, the year 2018 is going to be an excellent year for the economy of the United States of America.
Wilbur Ross, who is also a billionaire and a businessman, is going to be the most important and seasoned leaders in the business sector to be part of the economic team administered by President Donald Trump. Ross has been an equity investor for a long time now. He has been able to restructure a lot of companies and across a wide variety of industries. These industries include textiles, banking, and steel to name a few. According to Bloomberg, the fortune of Wilbur Ross is valued at an amount of at least 3 billion dollars.