Shift in U.S. trade approach has short-term costs, but long-term gains: Ross

This post was originally published on this site

WASHINGTON (Reuters) – U.S. Commerce Secretary Wilbur Ross on Tuesday said there were some short-term costs associated with the Trump administration’s get-tough shift in trade policy, but said those would be offset by longer-term gains for the U.S. economy.

He said U.S. tariffs on Chinese imports had brought Beijing to the negotiating table, and helped facilitate a trade agreement reached in principle with China last Friday. U.S. tariffs were also accelerating moves by many companies to shift their production facilities out of China, he said.

“The Trump administration is focusing more intently on trade than any other prior administration. There are some short-term costs associated with this shift, but there are much greater, long-term, potential and probable gains,” he told an event hosted by the Federalist Society.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.