Commerce Secretary Wilbur Ross Discusses the White House Workforce Initiative and Trade…

Yesterday U.S. Commerce Secretary Wilbur Ross sat down for a discussion about the White House workforce development program that aims to bridge the skills gap for American workers.  Secretary Ross discusses the initiative and also shares insight to President Trump’s trade agenda.

The important and interesting trade discussion begins at 04:15 and Secretary Ross outlines his initial sense of contact with Mexican President-elect AMLO on NAFTA:

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On the “trade-war” meme, I have to laugh at the anonymous interest [07:25] who worries the Wall Street equity markets could lose value at a rate of 23%.  Why laugh?  Here’s my reference point – Yes “equity markets”, ie. “investment markets” will drop while the U.S. economy expands….  Yes. It will happen. Here’s why: Main Street -vs- Wall Street.

Initiative/Executive Order – Expanded HERE

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This entry was posted in Donald Trump, Economy, Election 2018, European Union, media bias, NAFTA, President Trump, Trade Deal, Uncategorized, US dept of agriculture, US Treasury, USA. Bookmark the permalink.

84 Responses to Commerce Secretary Wilbur Ross Discusses the White House Workforce Initiative and Trade…

  1. vikingmom says:

    Wall Street, The Chamber of Commerce, and the paid whores in DC (of BOTH parties), along with their lobbyist bosses, have bled this country dry for long enough! Time to return the power to Main Street, where it benefits vast portions of honest, hard-working Americans and actually raises the standard of living across the board!

    Liked by 11 people

    • 4sure says:

      Too much wealth is being put in the hands of too few people. This has happened in the past decade. Jeff Bezos net worth is 143 billion. Forbes found a record 2,208 billionaires, collectively worth $9.1 trillion.

      Liked by 4 people

      • USTerminator says:

        There is nothing wrong with people making good money. My only grudge with them is they make money by using the foreign workers instead of American workers. It is US government job is to promote companies to stay in US, hire American workers, create the American wealth and prosperity. Instead of, in the last 3 decades, the US government encouraged the companies to go off shore for cheap labors, give incentive, tax break and lower barrier for import and create government dependency to Americans. It is just mind-boggling for me that US government did that. Then here come President Donald Trump to the rescue.

        Liked by 10 people

      • New technologies often produce large concentrations of ‘wealth’ in those the hold the patents for those technologies. This is true whether you are talking about the telegraph or Twitter.

        However, the ‘wealth’ disparity between a very small percentage of economic agents in a given economy is very often the result of ‘gaming’ the system to produce disparities in market power.

        As Sundance has detailed, the current disparity is the consequence of overt tampering with employee/employers power relations in the US market through the implementation of multinational trade arrangements.

        VSGPDJT’s policies are designed to realign these power asymmetries that are the result of US-based labor being put into competition with foreign labor both outside the US (outsourcing) and inside the US (mass immigration both legal illegal).

        The difference between a Democrat/RINOcrat approach to this issue and VSGPDJT’s approach is that that VSGPDJT’s approach is essentially capitalist versus Progressive.

        The Progressive approach is to throw more government and tax dollars at the problem.

        VSGPDJT’s capitalist approach is to focus on private sector investment both by business and the workforce.

        Capital is not money. Capital is the result of investment of resources in activities designed to produce profit.

        The resources that can be invested can be anything that can be used to engage in activities that produce profit.

        Thus, if a worker invests time and effort into adding skills with the expectation of profiting from this investment, they are capitalizing their time and effort.

        The key to understanding this capitalization process is to recognize that all investment decisions are the result of cost/benefit (risk/reward) analysis.

        As a result of the adverse effects of multilateral trade agreements, the risk of loss resulting from investment in any economic activity that overlapped with China (particularly) was very high.

        This high risk environment dramatically reduces investment in capital everywhere in the US.

        Entrepreneurs did not start new businesses that would compete with China.

        Existing businesses did not expand or shifted all possible production to China.

        Workers didn’t educate themselves for jobs that were going to disappear to China.

        As a result, for almost 30 years, the only growth in the US economy was for activities where the production of the product or execution of the service could not be shifted to China: Healthcare and direct service jobs (wait staff).

        The key to understanding all of VSGPDJT’s ‘trade’ policies is their orientation toward protecting investment in US domestic economic activity.

        Liked by 4 people

  2. WSB says:

    So, I am hoping that the projection of a 23% equity market value loss doesn’t affect domestic small caps…

    Like

    • 4sure says:

      A 23% equity market value loss will not get Trump or any other Pub. elected anytime soon.

      Liked by 1 person

      • WSB says:

        It will depend upon which segment is affected a pnd how that affects the S&P and institutional retirement acccount stock picks.

        If plans are dispersed and only a fraction of holdings are affected, then the overal drop will not be as severe. And also notwithstanding other increases in wages, salaries, lower food prices, etc.

        Liked by 1 person

      • gerkenstein says:

        As long as the paychecks are getting fatter. Most people won’t care.

        Like

      • USTerminator says:

        That is why PDJT talks extensively about tariffs, trade war but literally minimum implementation of tariff yet. He gave the corporations of America time to adjust their business plans and investment priority before the tariffs and trade war hit. Any corporate boardroom in America that do not dust up, study, plan, or implement the plan B (Make in America) by now should be sue for malpractice. Also PDJT creates the uncertainty of tariffs would slow down, change, reverse any foreign investments, purchases or manufacture that is in the pipeline or cancel-able.

        Liked by 2 people

      • You’re assuming that the value loss with be distributed evenly across equities when likely they will not be.

        Some people — maybe even the majority — may not even notice any overall loss in their portfolios.

        It all depends upon how much exposure the portfolio has to the equities experiencing losses versus expose to the equities that are likely to gain.

        Like

    • Sentient says:

      We can’t forever forestall action needed to make trade fairer for fear of temporary perturbations. No pain no gain.

      Liked by 6 people

      • 4sure says:

        Are we willing to give up the House, Senate, WH in 20? A 23%loss in equity market value would wipe out the entire gain in the stock market since Trump was elected. Many middle class people are invested in the stock mkt. through 401k and retirement systems being invested in stocks. There has to be a way to bring back main street w.o bankrupting Wall street.

        Liked by 1 person

        • A 23% drop in stocks wouldn’t cause much angst for middle class workers so long as their salaries continue going up, and their taxes continue down.

          Also, the most reliable voting block, retirees, don’t have their retirement plans in volatile stocks unless their broker is incompetent. Maybe they have some in BP, Chevron etc, where they are getting a dividend, and will continue to do so.

          Liked by 2 people

        • MAGADJT says:

          So you want Trump to forego MAGA-nomics and implement Global-nomics, then?

          Liked by 2 people

        • cthulhu says:

          People are overinvested in stocks and underinvested in bonds according to historical norms, as well as being overinvested in “paper assets” in general over “tangible assets”. This has been the result of an artificial imposition of very low interest rates for bonds (as well as a bizarre disregard for credit risk). People have cheered the surge in their 401K’s as they have been laid-off due to offshoring.

          There will be significant disruption while such malinvestment is reallocated. That’s inevitable. But when American workers are #Winning, this disruption will be largely overlooked.

          Liked by 1 person

        • GB Bari says:

          There has to be a way to bring back main street w.o bankrupting Wall street.

          Please call Secretary Ross and immediately advise him of your better idea. I’m sure he and President Trumps team, in the year+ that they worked on this strategy, completely overlooked the impact on equity markets and that they would lose the entire Congress if they attempted to correct the abuse and inadequacy of our nations trade policies.

          Liked by 2 people

        • MAJA says:

          What is the percentage of the population that is invested in the market? 401k and IRA contributions are down from pre-crash days. I think the algos ran off the daytraders and institutional investors are the biggest players. If things get dicey with trade around the elections, will main street be less concerned about wall street and willing to ride it out if they’re employed and improving their lives in meaningful ways? I don’t think I’m the only one who remembers who received bonuses with tax payer TARP money.

          https://www.fool.com/retirement/2017/06/19/does-the-average-american-have-a-401k.aspx

          Liked by 1 person

        • murray smith says:

          then invest your money in companies that make things in America and therefore have real value earned from employing Americans, divest yourselves from companies that have no real value and earn because they are the subject of Hedge fund gambling activities eg Tesla, or companies who attempt to make money from politics, anything to do with NAFTA or climate change

          Liked by 1 person

        • NvMtnOldMan says:

          4sur- and your plan to keep the Senate etc etc is to let Wall St keep sticking it to us Main Street folks??

          Like

      • WSB says:

        My point is that there should be domestic small capital and/or domestic stock investments which will start to thrive, as investors grab on to the success in the USA. In other words, once again people will take risk in investing in a good thing. Not trying to gamble specific good or bad outcomes.

        The multi-narional global brands might be the sector that is completely affected by a projected 23% drop.

        Liked by 3 people

    • That is a garbage number. If the market really believed that, they would have started pricing it in by now. The only question is “where” to move the money.

      Liked by 1 person

    • Kaiser Derden says:

      if Wall Street really believed that (and they don’t) the companies effected would take steps to mitigate … i.e. bring back production to the US … some are already … in the end the tariffs are there to change behavior … that 23% drop is modeled on static behavior … nothing is static … as Ross said we have been in a Trade War with much of the world since WWII … a one sided trade war … we are finally fighting back …

      Liked by 2 people

    • The dividends on stock holdings have been going up more than down in past 18 months.

      Liked by 1 person

      • WSB says:

        Yes, but SD is alluding to the fact that there will be a correction at some point.

        While that may be true, certain sectors may experience more of a downturn than others. Dividends depend on profit, so they may be hampered if a company is affected by a correction.

        Liked by 1 person

  3. Sentient says:

    Love Wilbur Ross!

    Liked by 8 people

  4. fleporeblog says:

    I absolutely LOVE our Wilburine! These MORONS don’t realize that our President has the backing of the American people. They want their country back. They saw this incredible EO and what it means for ALL current Americans and future Americans.

    They don’t mind having to pay a little more today in order to get our manufacturing to come back and produce in our country again. Our President knows that the way he is fighting for us is a winning ticket in November. If China, Mexico, Canada, CoC, RINOs, MSM, European Union etc. think our President will back down because of the Midterm Election, they are in for a big surprise!

    China is getting punched in the mouth with their tariffs on soybeans! Brazil doesn’t have more to produce and the Chinese people aren’t going to change their crops for soybeans. Your still taking our soybeans with your dumb ass tariffs that were imposed.

    WINNING!

    Liked by 8 people

    • motreehouse says:

      concur

      Liked by 1 person

    • Minnie says:

      🎼 Hold on baby just a little bit tighter

      Hold on a-just a little bit tighter now baby 🎵

      Nothing worth having ever comes easy 🇺🇸

      Liked by 2 people

    • fleporeblog says:

      Does this announcement sound like a man that is afraid or is bluffing:

      The Blonde Bimbo is most likely getting screamed at in her ear as Stephen Moore raves about our Economy and our President.

      The FAKE POLLS are losing their minds as our President’s approval numbers continue to climb!

      Liked by 6 people

      • gerkenstein says:

        And they’ve got to be wondering…. What the fawk is wrong with crazy Whoopie?

        Liked by 1 person

      • #WalkAway now moving to JOG MODE!

        Liked by 6 people

      • Jeff hansen says:

        Bravo! Very few people inside the media and neo-liberal bubble understand that Trump’s economic policies are a second industrial revolution. When they finally announce plans for the long-term Wall project, hopefully the public will realize that one man created a platform for a new generation of skilled tradesmen, constructional professionals, transportation logistics professional etc. Couple that with infrastructure improvements and US manufacturing and it’s a new world.

        They pay off will be adding 25-30% new faces to the tax roles. Bye -bye deficit and hello balanced budget. Hello to an old-school economy with modern values and norms.

        That’s winning.

        Liked by 2 people

    • Here we go – looking for President Trump to initiate a government acquisition of ALL our unsold soy beans EARLY in the process to “protect our farmers”.

      THEN his KILLER NEGOTIATORS cut an all-or-none deal with China at a 30% premium, which goes back 50% to participating farmers and 50% to protect against any losses on the next round of agriculture tariffs!

      Liked by 3 people

    • The BEST part of this will be the EXPLOSION in small and mid-cap business activity.
      • They’re reacting by expanding capacity and output like a house afire.
      • They’ll reap YUGE gains in revenue and market share before globalists start returning.
      • These businesses will become highly aggressive and productive ENGINES of GROWTH.
      • It’ll be a 21st-Century Trump version of the boom in innovation, growth and productivity from AT&T breakup – driven by our capitalist economy rather than government control.

      Globalists will delay their return to producing in America with resulting losses of the American Market:
      • First, they’ll waste time and resources trying to thwart Trump.
      • Then they’ll preoccupy themselves with successive half-measures to limit the PR damage.
      • Ultimately they’ll be forced to reduce foreign operations – at big expense – while they invest in “too much” American capacity for the reductions in market share they incurred.

      Liked by 3 people

  5. 335blues says:

    You know what I love?
    They keep testing Wilber with questions that they should know the answers to.
    But they haven’t bother to find the answers themselves. Instead, they run scared.
    But Wilber has all of the answers, because he knows what he is doing.
    “communist china has tried to replace our soybeans with beans from Brazil. But it would require Brazil to increase their soybean output by 60%. If they could do that, they would have done it by now!”. WOW.
    Turns out it was a dumb question with a simple answer that Wilber had in his pocket the whole time.
    When is the dumb media going to start believing Trump’s wizards????

    Liked by 8 people

    • 4sure says:

      Fake news people are the dumbest people walking.

      Liked by 2 people

      • Dutchman says:

        4sure; I don’t know, there seem to be a # of people and groups vyeing for that title, better to say they are ‘in contention’, and certainly NEAR the top!

        Like

    • Minnie says:

      ❤️ our Wilburune, a true Patriot 🇺🇸

      Liked by 5 people

    • cthulhu says:

      Wait until it gets to the part where Brazil ships China their entire crop of soybeans at a premium because they can import their entire domestic needs from the US cheaper.

      You cannot put punitive tariffs on things you really need to punish the supplier. China can put punitive tariffs on Harley-Davidson motorcycles because they can get Kawasakis from Japan or go without. China cannot put punitive tariffs on US soybeans because soybeans are soybeans — and they need them to feed people.

      Liked by 4 people

      • Time for Wilburine to cut that KILLER DEAL with Brazil
        … taking a page from China’s TRANS-SHIPMENT book!

        “RECIPROCITY”

        America and Brazil form a “soy bean consortium” [hat-tip, OPEC].

        We cut a Bilateral Deal with China: ALL at a 30% Mark-up (splitting it) or NONE.

        😎😆😎😆😎

        Liked by 1 person

  6. motreehouse says:

    They should be required to address him as Mr. Wilburine Ross

    Liked by 4 people

  7. 4sure says:

    Joe Kernan is a dyed in the wool lib.

    Liked by 1 person

  8. True Treeper says:

    Take a look at WSJ headlines. They’re losing it. CNBC is MSNBC with a stock ticker running on the bottom of the screen….

    Liked by 3 people

  9. J Gottfred says:

    I am glad to see this type of initiative being done (??? I fear that it is it really going to happen?). My understanding of NAFTA and all the other myriad of free trade agreements made in the past is that there was to be a training program be established to fund and train new workers and workers displaced by these very type disruptive trade programs. That was never done and the funds appropriated from what I can tell has never been done.

    But one could easily get a college loan for that very purpose! My kids are in the process of paying off their college loans for their education that these very programs should have subsidized. I am not looking for a hand out for my kids, but if a foreign worker is going to be favored over a domestic worker then one can argue from a conservative (or liberal) standpoint that this type of training is absolute necessary. Who do we care about and protect anyway?

    Trump has changed the whole argument and free trade calculus. He recognizes that the American worker, and particularly those in manufacturing, can effectively compete against anyone if the playing field is level. My kids (Yes them!) and myself support him all the way to the goal line!

    Liked by 5 people

    • gerkenstein says:

      ” Who do we care about and protect anyway?”
      Democrats care about anyone who isn’t white… and the more they hate or the farther away they live from America, the better.

      Liked by 1 person

    • MAJA says:

      I wonder if the student loan debacle is somewhere on PDJT’s list. I never understood why 0bama took private lenders out of it, except i knew there had to be some kind of con attached.

      Liked by 2 people

      • J Gottfred says:

        Perhaps because one effective way to control someone is to make them indebted to the controlling party. I too hope the student loan debacle is on PDJT’s list

        Liked by 1 person

    • TwoLaine says:

      SADLY, there is a training/retraining program, but like many other FAILED GUBT programs, it hasn’t worked, but yet we are STILL PAYING FOR IT NOT TO WORK. It will make you sick when you see the $$$ being throw away, year after year after year.

      Disregard the dates. It gets approved over and over again because Congress, as usual, could care less. The just roll it into something new, and give it a new date. Kicking the can down the road repeatedly…

      https://www.dol.gov/general/topic/training/tradeact

      ANY agreement that includes programs for job loss training should SCREAM RED FLAG! BAD DEAL!!!!!!!!!! BAD DEAL!!!!!!!!!! BAD DEAL!!!!!!!!!! BAD DEAL!!!!!!!!!! BAD DEAL!!!!!!!!!! BAD DEAL!!!!!!!!!! BAD DEAL!!!!!!!!!! BAD DEAL!!!!!!!!!! BAD DEAL!!!!!!!!!! BAD DEAL!!!!!!!!!! BAD DEAL!!!!!!!!!! BAD DEAL!!!!!!!!!! BAD DEAL!!!!!!!!!! BAD DEAL!!!!!!!!!! BAD DEAL!!!!!!!!!! BAD DEAL!!!!!!!!!! BAD DEAL!!!!!!!!!! BAD DEAL!!!!!!!!!! BAD DEAL!!!!!!!!!! BAD DEAL!!!!!!!!!! BAD DEAL!!!!!!!!!! BAD DEAL!!!!!!!!!! BAD DEAL!!!!!!!!!! BAD DEAL!!!!!!!!!!

      Like

  10. MAGADJT says:

    Think about it. Companies look at all kinds of data such as market forecasts, sales trends, and a myriad of other information before making the decision to invest in new plant/equipment, employees, R&D. The fact that there are new plants being built, new factories opening, and employees being hired means that these companies believe the current economic trend is likely to continue for the foreseeable future. If they felt it was temporary, they would not be investing scarce capital in these types of things.

    Liked by 2 people

  11. CNN_sucks says:

    I love all the president’s men and women. They work hard and seriously engage to solve the problems

    Liked by 2 people

  12. Mike diamond says:

    Right on Wilbur!!!!

    Liked by 1 person

  13. Pyrthroes says:

    Given a median inflation rate of ~ 3.50% per annum over fifty (50) years from 1968, in constant dollars today’s billionaire is worth 10^9 / (1+ .035)^50 = $179.0 mm– the price of a small office building, less than going rates for “parked” Manhattan penthouses south of Central Park. Not small change, but quite in line with Carnegie, Rockefeller, Ford et al. in the “brave days of old”.

    As Sears-Roebuck folds, “big box” chains from Woolworth’s and other icons shutter, Bezos, Gates, the Zuck will likely find their sons-and-heirs returned to shirtsleeves by AD 2100 if not well before. Not to worry– the next wave of plutocrats born c. 2040 will be honing their katanas in the wings.

    Like

  14. wodiej says:

    It isn’t just about unskilled labor. Me and many of my friends have tons of experience and are skilled. But we are in an age group where we are no longer considered prime employees. Why I do not know. We work the hardest, we’re dependable and we have the best work ethic. But I am happily self employed and make alot more money than I ever did working for someone else.

    Liked by 2 people

  15. TheWanderingStar says:

    Financial talking heads are accustomed to those they regularly interview, those that like to maintain the “infinitely complex and beyond the intellect of the normal Joe” mystique of financial matters and dealings.

    Then when someone like our President or a member his economic team are interviewed – speaking plainly – it really throws them off their game. They act like they are listening to someone who is revealing the magicians trick and illusion. It’s also interesting to note that the MSM financial talking heads are NOT invested in the markets, so they say.

    Liked by 2 people

  16. hillbilly4 says:

    Although I admit to some prejudice here( I am from Texas), The President would do well to call on the Texas Workforce Commission to learn HOW to setup a partnership between Government and Businesses. The “Workforce Development Boards’ have been highly successful in working with local communities to get new businesses up and going. Hundreds of businesses have been helped, and thousands of people employed.

    Liked by 1 person

  17. NC PATRIOT says:

    POTUS has a close relationship with Abbott, Perry and all things Texas—how do you know he didn’t check with workforce commissions of big successful states?

    Like

  18. J Gottfred says:

    Ross sure is a spry articulate 80 year old!

    Liked by 1 person

  19. Pyrthroes says:

    In March 2000, the “dot,com” bubble burst, followed by a second dump that August which carried the NASDAQ 100 index down 60% from its late-Clinton (meaning lagged Reagan-omic) highs.

    Came that November, Bush II eked out a Florida plurality of 537 votes on some 101-million ballots cast, sufficient to win out over Albert “Green Man” Gore by one (1) Electoral College point. Rats, of course, have gone stark bonkers ever since– but as in 2016, had their blatantly obvious ballot-stuffing and phony machine-counts not skewed results by 8 – 12% (many municipal districts reported Gore-heavy results over twice as many legitimately registered voters), their legitimate tallies would have blasted Gore and MzBill by landslide popular margins.

    On this basis, so what if highly manipulated U.S. equities (“Wall Street”) nosedive after Labor Day if not before? Those who know don’t care, and those who care don’t know– “the markets will fluctuate,” as J.P. Morgan used to say. On any substantive basis, this “new dot.com” phase is ‘way overdue for a correction, but given honest ballots Trump Prosperity will carry all before it.

    Like

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