Wilbur Ross: We'll do tariffs 'without blowing up the world'

Commerce Secretary Wilbur Ross wants Americans to know they'll be just fine if President Trump imposes sweeping tarif...

Posted: Mar 7, 2018 8:51 AM
Updated: Mar 7, 2018 8:51 AM

Commerce Secretary Wilbur Ross wants Americans to know they'll be just fine if President Trump imposes sweeping tariffs on US allies.

Ross said the Trump administration has a lot of problems to solve with trade, such as a trade deal with Canada and Mexico, or China selling too much steel around the world.

"We're going to get them solved without blowing up the world," Ross told CNBC Wednesday morning.

Ross' comments come as Trump plans to impose a 25% tariff on steel and a 10% tariff on aluminum. But it's still unclear which countries will be subject to the tariff.

Ross also spoke the day after Trump's top economic adviser, Gary Cohn, announced he would resign. Cohn was deeply opposed to the tariffs, and Wall Street believed he was a moderating voice on the White House's economic policy team. Global markets went into the red Wednesday on news of Cohn's resignation. A trade war has been investors' simmering fear since Trump took office.

Related: Trump's NAFTA negotiator: 'Time is running very short'

Ross said Wednesday that Trump will take a "surgical approach," on the tariffs but moments later said only Canada and Mexico could possibly be exempt from the tariffs.

The Trump administration has said the exemptions would be contingent on Mexico and Canada agreeing to US terms on NAFTA, the three-nation trade pact that all three sides have been renegotiating since August. Trump is explicitly using the threat of tariffs as a negotiating tactic.

"We are trying to do a surgical approach," Ross said. "If we can work something out with Canada and Mexico, they will be exempted. It's not inconceivable that others could be exempted on a similar basis."

Canada, Mexico and the European Union have all said they will respond to US tariffs in one form or another. After seven months, the NAFTA talks have not borne progress on the most divisive issue, auto manufacturing. Most trade experts say a final agreement won't be reached until 2019, long after Trump's tariffs would be imposed.

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 34622

Reported Deaths: 1215
CountyConfirmedDeaths
Hinds269748
DeSoto181818
Madison138236
Jones117349
Harrison104014
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Lauderdale94281
Forrest93943
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Washington64310
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Lee58621
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Oktibbeha56828
Wayne55416
Warren55320
Yazoo5436
Grenada5357
Lowndes52613
Leflore52256
Lincoln50935
Lamar5027
Pike47020
Sunflower4528
Lafayette4374
Monroe43635
Covington4195
Panola3996
Bolivar38018
Attala37524
Simpson3733
Newton35710
Adams34019
Pontotoc3266
Tate32313
Marion31312
Claiborne29310
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Winston28711
Pearl River27632
Noxubee2758
Marshall2693
Jasper2676
Clay25511
Union23811
Smith23412
Walthall2267
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Clarke21425
Lawrence1992
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Kemper18014
Carroll17311
Tallahatchie1664
Humphreys15910
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Calhoun1475
Tippah14411
Itawamba1418
Hancock13813
Webster12811
Tunica1193
Jefferson1173
Jefferson Davis1164
Prentiss1123
Greene10810
Amite1063
George1023
Wilkinson959
Tishomingo921
Quitman891
Alcorn852
Perry764
Choctaw754
Stone732
Franklin492
Benton420
Sharkey420
Issaquena101
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 49892

Reported Deaths: 1077
CountyConfirmedDeaths
Jefferson6030162
Mobile4418137
Montgomery4339109
Tuscaloosa254448
Madison19078
Marshall186611
Shelby150924
Lee149437
Morgan12205
Baldwin111410
Walker105127
Elmore98919
Dallas9639
Franklin92216
Etowah88214
DeKalb8416
Chambers65727
Russell6570
Autauga65313
Butler64328
Tallapoosa61669
Unassigned58626
Limestone5741
Houston5526
Cullman5395
Lauderdale5376
Lowndes48022
St. Clair4692
Colbert4656
Pike4595
Escambia4528
Calhoun4365
Coffee4074
Covington39911
Jackson3742
Bullock37010
Barbour3672
Dale3621
Talladega3497
Hale33722
Marengo33011
Wilcox2968
Clarke2946
Winston2893
Chilton2872
Sumter28512
Blount2731
Pickens2556
Monroe2492
Marion24514
Randolph2449
Conecuh2277
Perry2091
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Macon2069
Choctaw20212
Greene1928
Henry1433
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