Tensions between the U.S. and its major trading partners were weighing on stocks Monday, but don’t look to President Donald Trump to change his tune on trade, his commerce secretary says.
Appearing on CNBC on Monday, Wilbur Ross said Trump is attempting to fix “long-term problems that should have been fixed a long time ago,” and had this to say about stocks and Trump’s trade approach:
‘There’s no bright line level of the stock market that’s going to change policy.’ Commerce Secretary Wilbur RossU.S. stocks DJIA, -0.44% fell in Monday trading, opening the third quarter of 2018 on a negative note, as trade tensions showed signs of escalating.
Read: Stocks start the third quarter on a sour note as trade concerns fester.
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The U.S. has imposed or threatened tariffs on products from countries including China, Canada and Mexico, as well as the European Union. Canadian retaliatory tariffs took effect on Sunday, and the Financial Times reported the EU has threatened $300 billion in fresh tariffs against American products if Trump follows through on levies targeting European auto makers.
Also read: How Trump’s European auto tariff proposal could backfire.
Ross said it was “premature” to say if those threatened tariffs would be put in place.
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