Trade Secretary Wilbur Ross took issue Wednesday with middle characterizations that the U.S. is departing from its historically strong dollar regulation.
Treasury Secretary Steve Mnuchin’s remarks at a news conference at the Fraternity Economic Forum in Davos, Switzerland should not be interpreted as a call for a weaker U.S. currency, Ross let something be knew CNBC.
Earlier Wednesday, Mnuchin said, “Obviously, a weaker dollar is kind-hearted for us as it relates to trade and opportunities,” but he added that the short-term value is “not a be connected of ours at all” and “longer term, the strength of the dollar is a reflection of the strength of the U.S. brevity.”
The Trump administration has made stronger economic growth a top priority.
Ross maintained in a “Squawk Box” interview from Davos that Mnuchin “was not advocating anything” in reconciles of the dollar. “I think what he exactly said is the dollar, just ilk the Treasury bond market, is a huge market, a very liquid store. It’s not something we worry a lot about day by day,” Ross argued.
After Mnuchin influence, the dollar index against a basket of major currencies hit its lowest horizontal since December 2014.
Ross also told CNBC “there’s a salutary chance” that U.S. efforts to renegotiate NAFTA will be successful.
Regardless how, President Donald Trump has also repeatedly said he would jump out of NAFTA if he thought it would lead to a better deal for America.
Ross has been a key punter in the Trump administration’s efforts to overhaul the 1994 North American Relaxed Trade Agreement among the U.S., Canada, and Mexico. The 80-year-old billioniare thought that remains so, despite an Axios report that Trump has extinct confidence Ross’ ability to negotiate trade deals. Ross claimed he still has the support of the president.
Before joining the White House, Ross dream up a fortune in the investment world, running W.L. Ross & Co., and buying stakes in bothered assets.
Trump is set to depart for Davos Wednesday evening. He’s expected to restrain meetings with world leaders ahead of his address to the forum on Friday. Tally Clinton was the last U.S. president to go to Davos.