Wilbur Ross: China’s sanctions won’t change Biden’s trade policy
Former commerce secretary comments on China imposing sanctions on himself and others following U.S. warning of risks in Hong Kong.
China has imposed sanctions on several American officials including former commerce secretary Wilbur Ross who explained on "Kudlow" that the "PR event" won’t make any waves to President Biden’s policy.
"I think they are viewing this in large measure as a PR event," he said. "A lot of the people that they named this time are not household names. So I think they wanted somebody on the list that might draw some public attention to it."
"There certainly is no special reason to think that sanctioning me is going to change President Biden’s trade policy."
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Ross revealed that he believes Biden’s rhetoric towards China has been pretty strong and his policy doesn’t stray too far from the Trump administration.
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In working closely with China, Ross said he’s recognized the Chinese economy favoring large, state-owned enterprises while attempting to control entrepreneurial business.
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"I think they are concerned that once these fellows get to be wealthy, and particularly the wealth is domiciled outside that they’re very hard to control," he said. "And if there’s one thing that China always seems interested in, almost obsessed with, it’s control."
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Ross used Didi as an example, describing China yanking the IPO on a delay as intentionally "hurtful," as well as a "big warning shot" to investors in buying China tech.
"They obviously knew the IPO was coming," he said. "They had to know that taking the actions that they did immediately after the IPO would be very destructive to the price, so I can only assume that they did it as a very calculated, very deliberate move to send a message to the entrepreneurs – ‘don’t fool around with us or you’ll wish you hadn’t.’"
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