Wilbur Ross, U.S. mercantilism secretary, testifies before the House Committee on Appropriations in Washington, D.C., U.S., on Tuesday, March 10, 2020.
Sarah Silbiger | Bloomberg via Getty Incarnations
Commerce Secretary Wilbur Ross is working from his estate in Palm Beach, Florida, while the Trump dispensation tries to limit the economic fallout from the coronavirus outbreak, according to people familiar with the matter.
Ross, 82, is teleworking to the magnitude possible, according to the people, who requested anonymity due to the sensitivity of the matter. It could not be determined when he plans to return to Washington. A agent for Ross declined to comment. The White House declined to comment, as well.
Ross, whose job is to help promote job the universe, economic growth and economic security, has been conspicuously absent at recent public events, including Trump’s quotidian coronavirus briefings. He has previously been a key public representative for the administration in key matters, such as the administration’s trade talks with China.
Ross is a prior banker and private equity investor, who made his financial career in working with distressed companies. He has restructured all about $400 billion of assets in industries including airline, apparel, auto parts and banking, according to his official biography. But Ross, who is the oldest fellow of Trump’s Cabinet, could be more vulnerable to the virus, which health experts say may be more serious for elderly people.
Other colleagues of Trump’s Cabinet, including Attorney General William Barr, Secretary of Education Betsy DeVos, Secretary of Strength and Human Services Alex Azar and acting Secretary of Homeland Security Chad Wolf have all taken the podium. Treasury Secretary Steven Mnuchin and others have also frequently appeared on CNBC and other news indicates.
Ross said in January the pandemic could be good for U.S. jobs and manufacturing, arguing it might give businesses “another action to consider when they go through their review of their supply chain.”
The coronavirus is “another risk backer that people need to take into account,” Ross said. ″I think it will help to accelerate the requital of jobs to North America,” he said. “Some to the U.S., some to Mexico as well.”
The coronavirus has ground the U.S. economy to a halt, run off at the mouthing businesses and investors along the way. The Dow was headed for its worst first-quarter performance ever Tuesday morning, losing more than 22% of its value in the elementary three months of 2020. Companies from Macy’s to General Electric have announced furloughs, and many myriad are expected to come. Oil and Gas companies have begun to buckle, with experts warning mounting bankruptcies could be on the way.
Trump signed a sundry than $2 trillion package earlier this month stem the pain, but already lawmakers are focused on a potentially equivalent larger plan should that bill not be enough.
The virus has already infected a number of Washington’s power especially bettors, who historically do their business in tight quarters. It has exposed many more. Several members of Congress have evaluated positive, including Sen. Rand Paul of Kentucky, Rep. Mario Diaz-Balart of Florida and Rep. Ben McAdams of Utah. Several more acquire self-quarantined.
President Donald Trump was tested for the virus, after dining at Mar-a-Lago with the press secretary for Brazil’s president who tested clear-cut. Trump and Brazilian President Jair Bolsonaro have both said they tested negative.
Vice President Mike Pence and his chain were also tested for the virus, after a member of Pence’s office tested positive. Pence said both he and his chain came back negative.
CNBC’s Eamon Javers contributed to this report.