Bloomberg Talks Former United States Commerce Secretary Wilbur Ross Talks Tarrifs and Trade
Jul 10, 2025
Wilbur Ross, former U.S. Secretary of Commerce and author of 'Risk and Returns', dives into the complexities of tariffs and trade with Bloomberg's Katie Greifeld and Sonali Basak. He discusses the postponed tariff deadline and its global repercussions. Ross highlights the critical link between tariff decisions and investor confidence, stressing the need for clear trade negotiations. He also reveals how tariffs serve as diplomatic tools. Finally, he explores the evolving cryptocurrency landscape and how institutional interest is reshaping the market.
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Tariffs and Negotiations Dynamics
- Almost every major country has submitted proposals to avoid tariffs, but decision rests with Trump.
- Trump is prepared to proceed with tariffs if no acceptable deal is reached.
Economic Impact of Tariffs
- $100 billion in tariffs collected so far hasn't hurt the U.S. economy significantly.
- Estimated $300 billion by year-end is around 1% of the economy, with costs shared by various parties.
Uncertainty vs Confidence in Markets
- Markets and businesses adapt better to clarity than uncertainty.
- Resolution or clarity around August 1 will help restore investor confidence.