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Wilbur Ross On US-China Trade War And Retaliation

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Commerce Secretary Wilbur Ross joins 'Squawk Box' to discuss the U.S.-China's trade tariffs. » Subscribe to CNBC: http://cnb.cx/SubscribeCNBC About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: http://cnb.cx/LikeCNBC Follow CNBC News on Twitter: http://cnb.cx/FollowCNBC Follow CNBC News on Google+: http://cnb.cx/PlusCNBC Follow CNBC News on Instagram: http://cnb.cx/InstagramCNBC #CNBC Wilbur Ross On US-China Trade War, Retaliation And WTO | CNBC
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Text Comments (280)
Cowworshiper PissDrinkingHindus (1 month ago)
Lol I don't think this old dude is okay.🤣🤧
avida3890 (2 months ago)
Prices will go up on thousands of products but- in the long run our country's economy and intellectual property will benefit. Tariffs are TEMPORARY so it pays to be long sigh ted.
Stephen Grange (2 months ago)
Wow, this is a mess.
JVS 3 (2 months ago)
Mueller should be looking into Wilbur Ross this guy might just be a Russian mole. He has large investments with Russian oligarchs, I suspect he’s dirty and bought off. The tax cuts ($1.7 trillion) and the new tax cuts the gop snuck in while everyone was watching the kavanuagh hearing. Are aimed at stealing our treasury as was done under Bush W. And leave the deficit on the backs of the average working American. And it’s all a scam to rob our treasury and cut out our public services (social security, Medicare, education, environment, etc). 2020 will be 2008 “again”
Greg Mann (2 months ago)
Good job Mr. President! Keep up the good work. Make America GREAT again,
neun malelf (2 months ago)
He said he already did ?
angelscoach (2 months ago)
Wilbuuuurrr!!! Anyone remember Mr. Ed? Also nice burp.
Inter Vest Com (2 months ago)
China is a shithole, folks. That shithole will sink even lower under our great President Trump.
Inter Vest Com (2 months ago)
Just slam China into the dirt if they continue being evil.
luci78 Cozma (2 months ago)
You guys don’t see under the table things. Example : USA has 47 billions surplus in services with china. Look how come out some tools in hand for Chinese. Nobody talk about this things what the Chinese have in hand except bonds ( because they are not stupid them to sale it and to lose some money on it ). Hahhaa you guys should look at the big picture of a trade dispute
Mulligan Free (2 months ago)
Huh?? Who to ask in the admin? Morons from cnbc!
Stephen Hauck (2 months ago)
Why does CNBC allow its anchor on TV without a jacket?
PATRIOTIC RED MAN (2 months ago)
Wilbur Larry Trump MAGA
alainmcin (2 months ago)
The same Wilbur Ross that stole 100 millions from investors
James California (2 months ago)
~ China is doomed ...
Bank West (2 months ago)
I THINK ITS REAL FAKE NEWS CNBC
Bank West (2 months ago)
FAKE NEWS CNBC
Enrique Flores (2 months ago)
You will loose american, the world is waking up, About time.
SEAN PAN (2 months ago)
Second round of 25% tariff on soybean...... who say it's not allowed?
SEAN PAN (2 months ago)
When the American brand names annoyed Chinese consumers.......
SEAN PAN (2 months ago)
Trump is getting very bad advice.
Eazy Street (2 months ago)
He looks like like something from the UNDERWORLD. Boy Trump can pick them. In stead of draining the swamp Trump has made it TOXIC!
astro ayumi (2 months ago)
looked , american dog are barking again hahaha!!!
Ivan Davis (2 months ago)
Sounds to me like they're shooting in the dark and the American people is going to be stuck with a 10 to 25% tax on Goods from China with American product to choose from. Smart!
Frank Lord (2 months ago)
These rich guys have been exploring 90 % of Americans in accumulation their immoral wealth for so long. Now we are expecting and rely on them to fight for we ordinary Americans?
avida3890 (2 months ago)
how was the economy working under the past administrations? Obama never saw a problem that he solved without throwing trillions at it.
Apolinario Katabay (2 months ago)
Live this long without experiencing a world war, I hope my luck continue but I am not hopeful. Trade war always end with a shooting war.
白雲藍天 (2 months ago)
China will not and cannot accept the imposed trade negotiations. Otherwise, later on the other global problems occurs, the Americans know that China will always bow as long as it is under pressure. It will last a long time until a fair and reasonable negotiation opportunity arises.
liaoshengyang (2 months ago)
Ross has no expressions on his face, a mask face, he has Parkinson's disease and dementia.
Phil 54 (2 months ago)
i m waiting for trump to blink first
Doug Turner (2 months ago)
75% of Canada's oil and 50% of Canada's natural gas guaranteed to the US under chap 6 of NAFTA stops if the rug is pulled. Incentive enough to use that document as tp.
George Schieck (2 months ago)
Wrong. There is nothing "abusive" about how China has been conducting its trade exports/imports. First, China is a state-centric capitalist system, and therefore what they're doing (e.g. "subsidies") is entirely normal; just because USA is a market-centric capitalist system does not mean that everyone else must also adopt the same system. Secondly, the capitalists in USA were the ones who agreed to share their technology with Chinese firms for purposes of gaining access to Chinese markets - China didn't "steal" anything. Moreover, that sort of thing is routinely done by all developing economies around the world, including USA in the 19th century. Third, what the Administration is trying to do now via this Trade War would have been much better achieved via the TPP rather than a gross tonnage tit-for-tat with the biggest nation on the planet. What Wilbur Ross is saying here is largely if not entirely disingenuous and even false. Not to mention that Trump is completely out to lunch - remember he was the "dumbest student" that his "B" School professor ever met. This trade war with China is a complete waste of time and effort, plus it is counter-productive; China will not soon forget what USA is trying to do here. Trump is just being a barnyard bully, and he's not going to win in a long term gross tonnage fight with China. Pure idiocy.
Luu Th (2 months ago)
Growth some balls folks. Don’t just blame it on Trump. Blame it on China for their lies, cheats, and steals their way to wealth. Trump is trying to fix that problems which all previous Presidents don’t have the balls to do. No pains, no gains.
TomEnduro (2 months ago)
I honestly don't know if I should be delighted that the US puts such an old man in charge or appalled.. I don't know if he was talking slowly and being monosyllabic because that's all he could manage or if he is normally talking to children and carried over the habit??
Dejan Husic (2 months ago)
Tarrifs have NEVER worked in history and they will NEVER work in future. VERY SAD.
tuco james (2 months ago)
Laughing at all the libtard replies :D
dazeight qfourhundred (2 months ago)
US continue your trade tariffs to China. China is not fear on Trade. China is bully now but economic collapse is coming.
wong Ikming (2 months ago)
Quite a number of Taiwanese and its politician are excited when they see China been bully. Make a long list and deal with them asap. Soft approach is useless.
wong Ikming (2 months ago)
How to make America Great Again when you always blaming others for self incompetent? When the sore loser can't compete in trade with China, only thing you cab do is moan and groan all day long..
wong Ikming (2 months ago)
Bad behaviour? Wow, since when US cares about attitude? US surely got the knowledge and skills, but attitude? Not quite sure about this.
TobyPlayz (2 months ago)
Lol, he thinks EU and Japan are joining with US against China? What a joke
Audio (2 months ago)
Keep up the tariffs on China. Go Trump!!
Pokerman (2 months ago)
I can follow sleep during his speech. Boring sound
iTelephone 8 (2 months ago)
Wilbur (Grifter) Ross, pal and sec. of com. to Trump.
maplestory (2 months ago)
Well. I guess we have to understand what China actually is. It is a dictatorship, like Nazi. So we need to be very careful in the trade war. Also China never delivered its promises which it made for opening market and economic reforming when entering WTO in 2001.
Mike Reiley (2 months ago)
Great point Ross China doesn’t allow us to import many products into their country so they are out of Bullets and our President is going to continue raising tariffs, yes.
Mike Reiley (2 months ago)
China is a communist country and Americans should not be trading with these people. China has been stealing technology for a long time.
Lucas Ethan (2 months ago)
Gollum exists in real life.
abdeenn3 (2 months ago)
The US just wants to Stop the Yuan and the Rising of China. Everything else is an Excuse.
abdeenn3 (2 months ago)
Who will pay the Additional taxes/Tariffs of 10-25%. The answer is American Middle Class and Lower Class, not Trump, not this man and his group. Because they are all multi millionaires, and you think they care. They get the additional income to the US Treasury on the sweat and tears of the Middle Class and poor. You all should be in jail for deceiving the average American people.
abdeenn3 (2 months ago)
The real purpose is to tax the middle class and lower class American to death, while you millionaires are getting and richer with giant tax break.
Nick L (2 months ago)
Brilliant plan is it not?
A Lau (2 months ago)
Ross has absolutely no clue what he is talking about China. Yak yak yak duckling talk of garbage.
Raymond Payette (2 months ago)
The real US purpose is not a level playing field, but total US domination. Wilbur Ross is speaking with a forked tongue, like a snake.
Kwet Hew (2 months ago)
Don't worry China had secrets tactic to strike you back in the last minute
William Cunningham (2 months ago)
The unfair chinese market has destroyed this countries manufacturing base! Wars are difficult and require sacrafice. Glad we have a President who refuses to pass the buck cause it is politically hard to do. Walmart and other major US retailers should be pressuring their chinese and american suppliers not the US govt
T2 (2 months ago)
Ross is just too old for this modern civilization. He needs to go home and takes care about his grandchildren.
Willis Denix (2 months ago)
1:30
morisale (2 months ago)
President Trump, the smartest president in half a century, smarter than all the fake news and their oligarchy masters put together plus demo puppets.
James Bainton (2 months ago)
How about the US remove farm subsidies!
沈紹光 (2 months ago)
who gonna pay more when tariff goes up, rich american or most ordinary american
parkerbohnn (2 months ago)
Trump's trade war means babies have to wear pooped diapers longer thanks to the price of diapers going up.
Xilun Jiang (2 months ago)
Even 100% tariff won't destroy China, China has the biggest internal market and 1 billion population, it can survive with just its inner-trading
ba sook (2 months ago)
China does have many tools to combat US tariffs.
Alex Huh (2 months ago)
tariff? or GST?
chun he (2 months ago)
https://www.euractiv.com/section/economy-jobs/news/eu-proposes-to-sanction-countries-breaching-wto-rules/
chun he (2 months ago)
Does the Trump Administration have a plan on how to spend the tariff money they are collecting?
illiam Christian (2 months ago)
Ross is a lost cause. He could not persuade anyone of anything to change their global trading habits, especially China who has a larger world view for their trading goal. China does not need more imports from the US, and can raise tariffs dollars for dollars and not by percentage. If its 10% on $200 billion equals to $20 billion. China will collect $20 billion tax on any following imports from the United States regardless of its specific commodity. Whatever the United States collects from China, they will be billed the same dollar amount to the goods imported to China. That way they will collect the same amount as money going out.
Lynda Mitton (2 months ago)
How do we monitor YOUR behaviour Wilber? You have not been truthful with disposing of your business concerns. No, you are still going along making millions..or billions...will we ever know just how crooked you are? Trump crooked!
Bobby Westner (2 months ago)
ŽZZZZZZZZZZZZZZZZZZZzzzzzzzzzzzzzzzzzzz......* snores *…………( lifts leg high and lets out a lethal puke inducing fart)
Huhugua303 (2 months ago)
Man this guy is extremely low energy.
Wayne T (2 months ago)
China will just shift the trade to other countries. In the meantime, Americans will be taxed more for voting for Trump.
jpmvidal (2 months ago)
Trump is being moderate. If he chooses so, he could raise the import tariff to 100%, default on the Treasury bonds held by china, seize all bank accounts and properties owned by chinese, deport all chinese from the United States, and then carpet bomb china with freshly made cobalt-60.
NvrMindWhtEvr!? (2 months ago)
Only a matter of time Muller's follow the money Trail will catch up 2 old Wilbur all his money laundering ties Offshore Banking Paradise papers Ireland the whole Trump crime family the Don his Sneaky daughter handicap Eric and crazy Don Jr not yet sure about the old lady whatever?
HEIL TWITLER (2 months ago)
#TREASON
Tramaine Terrance (2 months ago)
Hello, Humans. I play golf with Satan, on Sunday mornings. Wash my face with acid on Monday and step in front of a truck, on a Tuesday evening. Nothing can hurt you, if you laugh at pain. TERRANCE OUT
T Z (2 months ago)
If that's plan of typical gang-up against China, just like they did 150 years ago. Chinese is no longer the same and what they don't know is that they will lose the potential biggest market in the world. Really shot their own feet.
支那湾倭好好贱 (2 months ago)
How much China can retaliate is one thing. Will China give in is another thing. Or are they the same? China will give in when it reach 150bn? What are you waiting for?
支那湾倭好好贱 (2 months ago)
It will be fairer if both RMB and USD are used, instead of USD only. Bullying is bullying, no matter what disguise it is in.
SEAN PAN (2 months ago)
Heads should roll on the oval office floor.
6packter (2 months ago)
the corrupted parkinsonised living cadaver. Wilbur, looks so evil. plesae die of a herat tatack this week.
Doublescoop BS (2 months ago)
Modify China's behavior? US need to first look into the mirror and do a overhaul. Ross speak as though he is the boss of the Mafia.
John Pongi (2 months ago)
America you are no longer the strongest country in the world wake up
Man Yau Edwin Law (2 months ago)
Wibur Ross makes money from Russian Putin easily and readily. He is too old to understand the basic principles of business and economics.
Beeg Dawg (2 months ago)
On China and trade war.. Following is a list of China's top ten imports from the USA. Note, that most are food or raw materials which China needs to make stuff and raise its own pigs, ducks and chickens. If China replaces these raw materials from another nation, the market will adjust and force former buyers of those materials to buy more from other suppliers like the USA. Fungible products like oil, coal and copper will simply rearrange buyers and sellers in a way which ends up equallying NO CHANGE. And, as far as food products are concerned, if China stops importing soybeans or corn, its pigs and chicken will die. And, as an overall impact on the US economy, $60b on a $18 Trillion US economy is less than 1/2% Also, this top ten list adds up to only $43 billion. And, it will take China a very long time to find new suppliers for things which must be grown like Soybeans, Corn and Cotton and things which must be mined like coal, copper and aluminum. It is not possible to pick up the phone and call say Brazil to get an extra $15 billion worth of soy beans overnight. In this negotiation, the US really does hold the strong hand. 1. Soybeans: $15 billion 2. Civilian aircraft: $8.4 billion 3. Cotton: $3.4 billion 4. Copper materials: $3 billion 5. Passenger vehicles (small engines): $3 billion 6. Aluminum materials: $2.4 billion 7. Passenger vehicles (large engines): $2.2 billion 8. Electronic integrated circuits: $1.7 billion 9. Corn: $1.3 billion 10. Coal: $1.2 billion
James Bainton (2 months ago)
No, what happens is China buys All the soybeans in Brazil at normal prices. Brazil then buys their soybeans from the US at a 25% discount (due to the decrease in global market prices). China gets their beans at the normal cost, Brazil gets a 25% discount and the US gets 25% less. Yep, America is winning this one!
Bob Patel (2 months ago)
We hope history not reappear here again !! The Great Depression- it started in 1929 and last until 1941 it was the longest and most widespread depression of 19th century during those days smoot-Hawley tariff act implemented end-result last big trade war began during the early stage of the Great Depression in 1930 as countries sought to protect their own industries and workers instead, the opposite happened. Sales fell, countless companies went out of business and millions of workers lost their jobs well let’s pray to the God this will not happen again !!!
Mark C (2 months ago)
Modify China behaviour said Ross. He must be too old to realise you cant threaten a sovereign country to change its economic policy which had lifted at least 500 millions of its citizens out of poverty. No wonder the Orange guy need a compliant Commerce Secy.
bobo lee (2 months ago)
China doesn't have to pay any tariffs trump places. tariffs are a buyers tax, which means Americans pay for it. Trump and his low IQ supporters think China pays for it. Very humiliating. TRump was the greatest gift to China. NO longer can whites rule over colored people. CHina is the saviour
James Bainton (2 months ago)
+Liana Gwantina meh, the US exports are only about 3% of the Chinese economy.
bobo lee (2 months ago)
+Liana Gwantina the trade deficit just went up. Tariffs are too low and americans will continue to increase the purchases of chinese goods even if the prices iust went up. I know how tariffs work. Do I have to show you real data to prove that the deficit went up? Americans are taxed. Since Americans depend on China so much, china has the production leverage. China will have the worlds largest economy by 2030, and americans can apologize for being wrong. Ivy league are dominated by chinese students because of their high iq.
Liana Gwantina (2 months ago)
bobo lee that’s not how tariffs work xD China’s goods will not be bought as often so their income from international trade will lower tremendously
LIBERTY for humanity (2 months ago)
Chinese government is hoping that trump will be killed so they can continue with domination of everything till they are the only game in town🙏😈👹👎👎👎👎👎👎😱😥😰😭
LIBERTY for humanity (2 months ago)
Transfer 100% everything from China to USA and USA friendly countries
LIBERTY for humanity (2 months ago)
Chinese intentions are EVIL and is about time to prepare for the future if China rule the whole world, this is going to be the biggest threat to humanity they are EVIL VERY VERY EVIL
LIBERTY for humanity (2 months ago)
The planet don't have enough dumps to continue putting Chinese products TRASH
LIBERTY for humanity (2 months ago)
Buying Chinese products is critical for the whole world only trash
LIBERTY for humanity (2 months ago)
USA should voicoting Chinese products and stop any trade with China immediately Chinese government is the biggest threat to humanity, China is bulling the whole world specialty USA and USA is doing nothing,let's all over the world voicot 100%Chinese products immediately and for eternity👹
DARK ENERGY (2 months ago)
This old bald man looks an alien.
ks lee (2 months ago)
Dark Energy, he is more look like a return of the living dead zombie!
Tian Kevin (2 months ago)
I am glad that US has such a old guy as commerce official . He seems dying.
KINGKONG THE MONSTER (2 months ago)
Tian Kevin + trump love old peoples in white house .
Hot Chen (2 months ago)
Good job,keep on and you will lose China market,Japanese and Germans are happy.
Cowworshiper PissDrinkingHindus (1 month ago)
+Inter Vest Com Lol what makes you think your clown president is gonna save our farmers from the government handouts year after year moron?!
Inter Vest Com (2 months ago)
China is a shithole and it will sink even lower under our great President Trump.
Hot Chen (2 months ago)
Seems Americans are ready to pay more for everything they are buying daily.
Thyalwaysseek (2 months ago)
Wilbur Ross is just another rich corrupted elitist who sees the average American as nothing more than a useless eater.
ks lee (2 months ago)
His pocket is so full of corrupted monies, he wants more then he can bring along the monies in his coffin very soon!
Steven Zheng (2 months ago)
Well-explained.......
Harry Hightower (2 months ago)
an we need this trade war why again ?.
cb350f (2 months ago)
Because they're stealing our IP and technology? And they have non-tariff trade barriers as well.
Steve Ast (2 months ago)
They steal our technology, knock off our products, don’t buy substantial products from US and many complain that we are finally standing up for ourselves...go figure. Thanks t o EU, Japan and other nations to try to develop a level playing field. These tariffs might help pay down our national debt.
A Artisan (2 months ago)
dont look now but US deficits are actually getting worse. You can blame the taxcuts and omnibus spending bill.
vslathip (2 months ago)
He won’t notice because he barely breathing now.