Fmr. Commerce Sec. Wilbur Ross explains Trump’s BLS suspicions

00:00 Speaker A

So what’s next on the trade agreement front? Welcome to the opening offer again for a long time. Mr. Ross served as the US Trade Secretary in the first period of President Trump and has had a close relationship with the President for decades. Mr. Secretary, it is always nice to spend some time with you. I’m grateful for coming here. UM, before entering the trade issue, you saw what is going on, the UH rejects or expels the Bls Commissioner. You know, you’ve been an investor for a long time. Do you still believe that there are economic data from the government?

01:35 Wilbur Ross

I think what was a little suspicious of the latest BLS data appeared shortly after the FED FOMC meeting, which Trump hoped to reduce rates. And clearly, if two major revisions emerged before the meeting, it would be more likely that the FOMC would reduce rates. And that such suspicious behaviors took place for the second time. Just before the Presidential elections, two months were very good, UH, labor force results and made a great correction in both months after the election. Again, if he had gone out before the election, he would help Trump. Thus, I can at least understand why the basic data is right or not. II wouldn’t really know. However, if it were more timely, it is a bit frightening to have the last two events, including large numbers, big changes, UH, which could help Trump.

04:24 Speaker A

UH, Mr. Secretary, UH, before entering the trade, like the President, after the numbers, I noted on Friday, not only the job data, but also the other data provided by the government is fraudulent?

04:57 Wilbur Ross

I think it’s just speculation. UM, I certainly did not try to influence the data from the Economic Analysis Bureau, which is a part of the Ministry of Commerce. We did not have such a problem during the period. But at the same time, we did not have the kind of events that I explained to you, which makes you a little suspicious.

06:15 Speaker A

Mr Secretary, on the trade front, UM, since the last time we talked about tariffs for many countries remained in place. I talked about 15%of Japan and 39%of Switzerland now. Are tariffs new normal, president, uh, according to your opinion during the second period? Or is there the opportunity to get these 15% tariff rates that Japan now pays and negotiated more?

07:21 Wilbur Ross

I think the President, if there is more discount by other countries, said he would take this into account. So, the target really improves our trade balance. This is one of his main goals. And this can be done either by holding the trade of foreign countries through tariffs or bringing them together. Therefore, I think that the management of trade policy will continue to be a center, but that does not mean that everything will increase.

08:59 Speaker A

What is an agreement with China over the finish line?

09:11 Wilbur Ross

As you know, China will take the big party congresses in a very, very short time. And as you know, I felt that it wasn’t likely to make a radical change in politics before the Party Congress for a while. Normally they don’t do that. And I think the congress this week or next week. So we should soon know if something different will come out. But certainly, the news about critical materials today, UH, is still restricted, this was not very encouraging.

10:53 Speaker A

UH, Mr. Secretary, is the fact that China does not consolidate an agreement with the United States, then the tariff rate is higher than what we see from the European Union and of course the European Union?

11:21 Wilbur Ross

It’s quite high right now. And this, UM, I don’t know if it will go further, but you know, when you reach 30 percent of tariffs, it doesn’t make much difference if you go beyond, because it is very difficult for a country to suck 30 strange percentage. And as a result, 30 percent or so, will you trade with them.