President-elect Donald Trump with investor Wilbur Ross at the clubhouse of Trump International Golf Club in Bedminster Township, N.J., on Sunday.
President-elect Donald Trump is expected to select billionaire investor Wilbur Ross as his Commerce Secretary.Mr Ross was a close adviser to Mr Trump during his campaign and helped develop the president-elect’s policies for corporate tax cuts, increased infrastructure spending and international trade.
Mr. Ross, 78 years old, is chairman and chief strategist of private-equity firm W.L. Ross & Co.,He served in an advisory capacity to President Bill Clinton on US-Russia trade. He advised NYC Mayor Rudy Giuliani on privatization. Ross was an early backer of Trump and seems to have had a hand in developing most of his economic policies:
This is not totally unexpected. Ross has told confidants that he would take a position in the Trump administration:
In addition to Mr. Ross, a generous contributor to his campaign, Mr. Trump is likely to choose Todd Ricketts, a Republican megadonor who is an owner of the Chicago Cubs to be the deputy commerce secretary,
Mr Ross is an economic adviser to Mr. Trump’s campaign,he is aligned with Trump on trade. He says the United States must free itself from the “bondage” of “bad trade agreements,” and he has advocated threats of tariffs on Chinese goods.
Mr. Ross, the chairman of the private equity firm WL Ross & Company, has also pressed for cutting the corporate tax rate to 15 percent, from 35 percent, and reducing taxes and regulations on energy companies.
Ross, chairman of WL Ross & Co., has made a career of resurrecting dying companies. Fittingly, some of Ross’s biggest hits have been in the same demoralized industries that Trump wants to revive: steel and coal.
Ross, a New Jersey native, has amassed a fortune that Forbes estimates is worth nearly $3 billion. He’s used some of that money to build up an impressive art collection worth a reported $150 million.