In a CNBC interview this morning, Commerce Sec. Wilbur Ross reaffirmed Trump’s border tax plan, saying that something like that was needed to balance the budget. Moreover, he was somewhat combative over the idea that the market would figure things out via forex market exchange rates — rendering any border tax uselessness because the peso would simply fall to make up the difference.
“We need to do something to balance the budget,” he said, while conceding he is “skeptical” of some of the arguments put forth by advocates of the tax who say that currency appreciation would offset the cost increases that would come with the levy.
“I’m a little skeptical about the theory that there’s a totally free lunch and that the markets will absorb everything, but we do need something to fill that hole,” he said.
Ross reaffirmed his commitment to protecting American jobs — saying that he’d be tough on trade, first focusing on NAFTA.
“We’ll be aggressive on trade because we know that deals that have been made historically have resulted in the great loss of manufacturing jobs, a great amount of closed manufacturing businesses,” he said. “We don’t want that to continue.”
“The first on our agenda is Nafta because we think it makes sense to solidify your own neighborhood first,” he said.
Making sure other countries follow the terms of trade deals also will be a major task for him as the 79-year-old businessman gets further into the job.
Lastly, he’all be working on ways to enforce trade deals.
“In the next week or so you’re going to start to see a lot more out of us on enforcement,” Ross said. “I think it’s ridiculous to go to all the trouble to bring a trade case, win it and not enforce it against the other party. We will be a very strong enforcer of it.”
“Many of these were put in by executive orders and agency rules and those wouldn’t require acts of Congress” to repeal, he said. “So we are up to our eyeballs to try to make sure we identify all of the problems.”
Clips below
Commerce Sec. Ross: Peso will rebound "quite a lot" if a "sensible" new deal is struck with the Mexicans pic.twitter.com/vN18065ZTV
— CNBC Now (@CNBCnow) March 3, 2017
Commerce Secretary Wilbur Ross to CNBC: We'll be 'aggressive' on trade and fix bad deals https://t.co/H3Jyosjydg pic.twitter.com/5mkeSNYD2m
— CNBC Now (@CNBCnow) March 3, 2017
Commerce Secretary Wilbur Ross to CNBC: We'll be 'aggressive' on trade and fix bad deals https://t.co/H3Jyosjydg pic.twitter.com/5mkeSNYD2m
— CNBC Now (@CNBCnow) March 3, 2017
As a result, the peso is skyrocketing v the dollar, up more than 1.5%. My best guess is the market is viewing the remarks by Ross as pragmatic, less Trump styled fire and brimstone, more ‘let’s get a trade deal done that makes sense.’
Angry old white men, smdh.
Angry? Billionaires don’t get angry.
Wilbur aka the Monopoly Man seems like an okay guy. Don’t think he’s gonna fuck with NOAA too hard
In other news…….
Tell me how the following supports the value of SNAP shares sold yesterday during the IPO?
While there is great excitement over the potential of Snapchat becoming the next tech darling and following in the footsteps of Facebook and Twitter, there are several factors that could limit the upside. The company recorded losses of more than $500 million last year, even as revenues climbed by almost %700. User growth also slowed in the fourth quarter.
Quote is from Stock Callers interwebs drivel…
“That being said, Snapchat has a dedicated army of millennials and other young users, a demographic that advertisers are willing to pay handsomely to reach. With around 158 million daily users, 86% of those being between the ages of 13 and 34, we could see Snap continue to grow moving forward.”
The above mentioned demographic has no money….. Are they going to drive sales from the basement of their parents home?
Take this for what it’s worth. I have three teenagers (2 girls, one boy). They no longer use Facebook or Instagram, rarely use Twitter. They are, however, always on snapchat.
In other news, buy more CLF, TECK and UEC, ignore tech companies with gay CEOs or difficult businesses to understand. The point is to invest with your political beliefs.
These millennials don’t have money now, but they will (if they don’t already). They will be the biggest inheritor generation of all time, especially with Trump’s angle on the estate tax, and obviously the best positioned for future business employment, tech-friendly, socially progressive, etc. Culture and values apparently matter these days (see Uber).
Secondly, if it turns out wrong, isn’t this a great short? Isn’t this a marvelous market opportunity?? Misdirected rage.
There goes all of your UEC gains
It’s oversold, cuck
It’s a penny stock. By definition it is oversold.