3/9/2018

COMMERCE/TARIFFS/TRADE DEALS/TRUMP PEOPLE/WILBUR ROSS: “Commerce Secretary Wilbur Ross says tariffs will be good for the American steel industry—just as they were for Mr. Ross himself during his business career.
Profiting from such protectionist measures was a trademark of some of the biggest deals in Mr. Ross’s rise as an investor specializing in reviving and flipping bankrupt or distressed companies, from steel mills to textile factories…
Mr. Ross has supported tariffs throughout his career, a former business associate said. That is driven by Mr. Ross’s preference for investing in commodities like steel and basic industrial businesses that benefit from such measures, the associate said… Mr. Ross, 80 years old, has been on something of a victory lap after what had been a rocky first year in the administration, according to the former associate and people familiar with Mr. Ross’s position in the administration.
But that followed months in which Mr. Trump had grown frustrated with Mr. Ross, angered that the commerce secretary was gaining notoriety from press reports that he had overstated his personal wealth and other incidents, including a propensity to nod off in meetings. Mr. Ross has also at times been an idiosyncratic spokesman for the president.”

-Ted Mann, Bob Tita, Maureen Farrell, “Wilbur Ross’s Star Rises as Trump Imposes Tariffs,” The Wall Street Journal online, Mar. 9, 2018 08:50am