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Former Commerce Secretary Wilbur Ross: Trump is 'deadly serious' about higher tariffs
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Stronger tariffs on China and other countries could be key tactics in a second Trump presidency, according to one of the architects of his previous one.
"He is deadly serious," former US Commerce Secretary Wilbur L. Ross Jr. told me about potential new tariffs on Yahoo Finance's Opening Bid podcast on Friday (watch video above; listen below).
Ross served as the 39th US Commerce Secretary from 2017 to 2021 and is the author of the new book " Risks and Returns, Creating Success in Business and Life ."
The Trump administration slapped 25% tariffs on Chinese washing machines, solar panels, steel, aluminum, and other goods in 2018. The maneuvers reflected Trump's long-held assertion that China was ripping off American businesses via artificially low prices.
The Biden administration has kept the Trump tariffs on China in place, for the most part.
What are tariffs, and how do they affect you?
In mid-May, the White House unveiled an array of new tariffs on around $18 billion worth of Chinese imports. The tariffs touched sectors such as steel and semiconductors. Electric vehicle tariffs quadrupled to 100% from 25%.
Should he win reelection, Trump is promising a heavy hand on the tariff front.
The former president has consistently floated imposing a 10% tariff on every good coming into the US, as well as a tariff north of 60% on all Chinese imports.
Such moves could have unintended consequences for the US economy.
A 10% tariff on all imports would result in average estimated costs per US household of $1,700 to $2,350 annually, the American Action Forum (AAF) said.
The 60% tariff on China would increase household costs by $1,950 annually, the AAF estimated.
China and other countries are taking advantage of the US on trade, Ross said.
He contended a second Trump presidency would be less tumultuous as the former president has a better team already in place. Unlike former Vice President Mike Pence, Ross said he still supports another Trump presidency.
"Yes, I am supporting him," Ross said.
Brian Sozzi fields insight-filled conversations and chats with the biggest names in business and markets on Opening Bid . You can find more episodes on our video hub or watch on your preferred streaming service .
Brian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on X @BrianSozzi and on LinkedIn