👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

UPDATE 1-Trump won't trade U.S. jobs for China's help on North Korea -Ross

Published 2017-05-01, 12:09 p/m
© Reuters.  UPDATE 1-Trump won't trade U.S. jobs for China's help on North Korea -Ross

(Adds comments on NAFTA, Navarro policy role)

By David Lawder

WASHINGTON, May 1 (Reuters) - President Donald Trump does not intend to trade away U.S. jobs for China's help on North Korea, U.S. Commerce Secretary Wilbur Ross said on Monday, adding that there were "constructive" talks with Beijing underway on trade issues.

In an interview with CNBC, Ross rowed back from Trump's comments in a CBS interview on Saturday that China's help on North Korea "trumps trade." if the need for China's help to contain threats from North Korea had made it more difficult to be tough with Beijing on trade issues, Ross said he did not think so.

"We've been having some very constructive discussions on trade with the Chinese in parallel" to discussions on North Korea, Ross told CNBC.

"I think what the president was trying to say is that we're trying to have an overall constructive relationship with China on a variety of topics, the most pressing of which, because it directly involves human lives, is the North Korea situation. I don't think he meant to indicate at all that he intends to trade away American jobs just for help on North Korea," Ross said.

Ross also reaffirmed that the administration intended to renegotiate the North American Free Trade Agreement, not withdraw from it.

He called NAFTA "an ancient treaty" that does nothing to address the digital economy, very little to address services, and has many "obsolete" provisions, such as those on rules of origin, allowing in too many components and products from outside the United States, Canada and Mexico.

He said, however, Mexico's July 2018 national elections could become an obstacle if negotiations were not completed well before then.

"The closer we get to the election, the more difficult it will be to get anything through," Ross said.

Asked about White House National Trade Council Director Peter Navarro's role in trade policy, Ross said he was "not a trade negotiator," but was working with the U.S. Trade Representative, and the Commerce Department as "a kind of triumvirate" on trade. Ross added that Navarro was spending a lot of time on "Buy American, Hire American" initiatives as part of his focus on U.S. trade deficits.

Trump created the role for Navarro after he served as the principal economic advisor to his 2016 election campaign.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.