Commerce Secretary Wilbur Ross on Monday said President Trump will not change course on his trade policies even if the U.S. stock market collapses.
The Trump administration has already imposed billions in tariffs on close allies and trading partners in the past few months, and those economic partners have hit back with retaliatory tariffs on U.S. goods that could cause job losses and throw a wrench into the bustling U.S. economy.
“There’s no bright line level of the stock market that’s going to change policy,” Ross said on CNBC’s “Squawk Box.”
“The president is trying to fix long-term problems that should have been fixed a long time ago,” he said.
Ross refused to say what level the stock market would have to drop to before the Trump administration would adjust trade policies.
“That’s not how you make policy,” he said. “You have to make policy based on what’s fundamentally good for the economy, what’s fundamentally good for the long-term,” he said. “You can’t deal just with day-to-day stock market fluctuation.”
Ross dismissed growing concerns that Trump’s tariffs would cause harm to the U.S. economy.
“So I think all these claims about the sky is falling are at best premature and probably quite inaccurate,” Ross said.
— CNBC (@CNBC) July 2, 2018