US Commerce Sec. Ross: Dollar is not too strong, other currencies are too weak
|In a recent interview, via Reuters, U.S. Commerce Secretary Wilbur Ross said that the Trump administration's 3 percent growth goal this year was not achievable.
Key quotes (via Reuters):
- 3 pct economic growth "certainly not achievable this year"
- Achieving 3 pct growth will require President Trump's tax, regulatory, trade and energy reforms to be in place for several months
- Dollar is not too strong, other currencies are too weak
- Stronger trade enforcement actions are major tool for fixing trade deficits
- Commerce Department is already working on some "self-initated" anti-dumping and anti-subsidy cases on behalf of U.S. industry
- Trump administration's plans to renegotiate NAFTA have hurt Mexican peso, exacerbating u.s. trade deficit amid congressional delays in starting talks
- United States wants to fix WTO rules that allow widely divergent tariffs among members, says WTO dispute resolution system too slow
- Trade deficits are "not the disease" but a symptom of a lack of good U.S. manufacturing jobs
- Even with fair trading system, United States could still see some "blameless" trade deficits due to oil import needs
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