US Commerce Sec. Ross: Dollar is not too strong, other currencies are too weak

Eren Sengezer FXStreet

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

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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