Former Commerce Secretary on 2024 election, Trump's tariff strategy

Published: Sep 09, 2024 Duration: 00:04:43 Category: News & Politics

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>>> WE'RE -- OUR NEXT GUEST GIVES US AN INSIDE VIEW OF THE PRESI PRESIDENT RACE WE HAVE WILBUR ROSS. HIS NEW BOOK IS OUT TODAY. "RISKS AND RETURNS." THANKS FOR JOINING US, WILBUR. LOOKING QUICKLY. I'VE KNOWN YOU FOR SO LONG AND YOU HAVE BEEN COMING ON "SQUAWK BOX" AND ON WALL STREET FOR 55 YEARS. >> I THINK I WAS ON YOUR FIRST SHOW. >> 35 YEARS? 30 YEARS 1995 ABOUT 30 YEARS WE'VE WATCHED YOU COME IN AND GET CALLED IN EMERGENCY SITUATIONS AND CORPORATE BANKRUPTCY SITUATIONS. I THINK WHAT FORMULATED YOUR CAREER WHEN MIKE MILKEN INVESTED HIGH YIELD FINANCING, IT CHANGED IN A POSITIVE WAY. >> IT DID. STRANGELY, THAT'S REALLY WHAT STARTED MY CAREER AND THEN LATER, I REPRESENTED THE UNSECURED CREDITORS IN THE DREXEL BANKRUPTCY. DREXEL WAS THE MOST PROFITABLE WALL STREET FIRM, $500 MILLION TO TAXES, TO BUST IN TWO YEARS, WHEN THE JUNK BOND MARKET COLLAPSED. >> AND I'VE LOOKED BACK AND TRIED TO FIGURE THAT OUT WAS IT THE GOVERNMENT'S FAULT THAT DREXEL COLLAPSED OR DID THEY BRING IT ON THEMSELVES? >> IT WAS A NUMBER OF THINGS BAD ECONOMIC ENVIRONMENT AND RATES GONE UP AND DREXEL HAD BEEN LOSING MARKET SHARE IN THE EARLY DAYS, THEY HAD A 70 PLUS MARKET SHARE AND DOWN TO 40% LATER ON THAT'S STILL PRETTY DARN GOOD, 40%, BUT IT MEANS YOU'RE DOWN ALMOST HALF FROM WHERE YOU WERE. >> I DO REMEMBER, I'VE ALWAYS THOUGHT THAT PARK -- COMPARED TO WHAT IVAN WAS INVOLVED WITH AND THE STUFF THAT MIKE DID. HE WAS PARKING STOCK AND DOING A COUPLE OF THINGS IT LOOKED LIKE THE GOVERNMENT WANTED TO GET DREXEL AND THEY FINALLY DID. >> SURE. >> TALK ABOUT, BECAUSE WE LOVE TO HAVE YOU ON HERE AND WE COULD DO AN EPISODIC INTERVIEW WE HAVE COMPETING ECONOMIC VISIONS. YOU WILL STILL, I GUESS, OFFER AN ARDENT DEFENSE OF THE TRUMP ECONOMIC PLAN THAT HE HAD IN 2016 AND THE RESULTS AS WELL >> OH, SABSOLUTELY IT WAS INTERESTING TOWARD THE END OF OUR ADMINISTRATION, WHEN BUSINESS LEADERS WOULD COME IN TO SEE ME, THEY WERE MORE GRATEFUL FOR REGULATORY RELIEF THAN THEY WERE EVEN FOR THE TAX RELIEF BECAUSE WHEN YOU HAVE REGULATORY RELIEF, YOU CAN PLAN AND YOU CAN MAKE CAPITAL EXPENDITURES BUSINESSES CAN DEAL WITH DISCUSS AND DEAL WITH FAILURE. UNCERTAINTY IS VERY, VERY DIFFICULT FOR IT TO DEAL WITH. >> I WATCHED YOU LAST NIGHT ON, YOU KNOW, FOR ME, ANYWAY, THE SHOW OF RECORD DURING THE DAY. BRET BAIER THE SHOW DID NOT MENTION JAMES EARL JONES DOING VOICEOVER FOR THE OTHER NETWORK. HE GAVE AN ANSWER FOR NOT VARNISHED FOR TARIFFS, BUT IN CERTAIN CASES, YOU CAN SAY IT IS THE LAST RESORT AND IT CANNOT FLOW DIRECTLY INTO A TAX ON U.S. CONSUMERS? >> NO, IT'S NOT FOR SEVERAL REASONS. NUMBER ONE, THE GOVERNMENT THAT HAS BEEN SENDING US THE JUNK MATERIAL, THE GOVERNMENT PICKS UP THE EXTRA TARIFF WE PUT IN. >> THE OTHER GOVERNMENT? >> YEAH. THE OTHER GOVERNMENT THEY EAT PART OF IT. >> THEY EAT PART OF IT. >> SECOND, LET'S SAY IT'S A TARIFF ON CHINA AND 20% ON CHINESE GOODS. THAT DOESN'T MEAN PRICES WILL GO UP 20% WHAT WILL HAPPEN, SUPPLY WILL COME FROM THE NEXT CHEAPEST SUPPLIER -- >> IN A DIFFERENT PART OF THE

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