Trump expected to tap billionaire investor Wilbur Ross for commerce secretary
Last edited Thu Nov 24, 2016, 07:38 PM - Edit history (1)
Source: The Washington Post
By Ylan Q. Mui and Robert Costa November 24 at 2:06 PM
Wilbur Ross, the billionaire investor considered the king of bankruptcy for buying beaten-down companies with the potential to deliver profits, is expected to be President-elect Donald Trumps choice for commerce secretary, two officials with knowledge of the decision said.
Ross helped shape the Trump campaigns economic agenda, particularly its hard-line stance on the need to renegotiate or even withdraw from free trade agreements. That position resonated with the working class voters who were instrumental in delivering Trumps upset victory. Elevating Ross to a position in his Cabinet could suggest that Trump intends to nurture the nationalist streak that was one of the hallmarks of his campaign.
In a video released this week, Trump said he is focused on creating jobs and reiterated his pledge to withdraw from the sprawling Asian trade deal known as the Trans-Pacific Partnership that became a flash point during the election. Whether its producing steel or building cars or curing disease, I want the next generation of production and innovation to happen right here on our great homeland, America, Trump said.
In Ross, Trump has tapped a like-minded businessman who understands the prospects for both profit and peril in restoring American manufacturing. Ross built his fortune buying the distressed companies that were once at the heart of American industry steel mills, coal mines and textile factories, to name a few and then selling them in short order, making billions of dollars along the way.
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Read more: https://www.washingtonpost.com/news/powerpost/wp/2016/11/24/trump-expected-to-tap-billionaire-investor-wilbur-ross-for-commerce-secretary/
Trump taps billionaire investor Ross for commerce secretary
JOSH BOAK, ASSOCIATED PRESS
WASHINGTON (AP) — Wilbur Ross, the billionaire investor considered the “king of bankruptcy” for buying beaten-down companies with the potential to deliver profits, is President-elect Donald Trump’s choice for commerce secretary, a senior transition official said. The official isn’t authorized to publicly discuss the matter and requested anonymity.
Reputed by Forbes to be worth nearly $3 billion, Ross would represent the interests of U.S. businesses domestically and abroad as the head at Commerce. His department would be among those tasked with carrying out the Trump administration’s stated goal of protecting U.S. workers and challenging decades of globalization that largely benefited multinational corporations.
With a Florida home down the road from Trump’s Mar-a-Lago retreat, the 78-year-old Ross played a role in crafting and selling the president-elect’s tax-cut and infrastructure plans. Ross has suggested that much of America is disgruntled because the economy has left middle-class workers behind and says Trump represents a shift to a “less politically correct direction.”
“Part of the reason why I’m supporting Trump is that I think we need a more radical, new approach to government — at least in the U.S. — from what we’ve had before,” Ross told CNBC in June, referring to Trump’s blunt tone and sweeping promises to reinvigorate economic growth.
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http://www.salon.com/2016/11/24/trump-taps-billionaire-investor-ross-for-commerce-secretary/
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