Commerce Secretary Wilbur Ross testified before a Senate committee about Trump’s incredibly short-sighted tariff scheme, which threatens to launch a trade war that hurts virtually everyone. During that testimony he said something that has left everyone, including economists, scratching their heads.
Throughout Ross’s testimony Wednesday, committee members criticized Trump’s tariffs.
Democratic Sen. Michael Bennett challenged Ross to say whether the U.S. has a trade deficit with Canada on steel.
“We don’t have a trade deficit of note (on steel),” Ross replied. “We have a surplus in dollars; we do not have a surplus in physical value.”
Um. Okay. And how does one measure “physical value” other than in dollars? I can only surmise that “physical value” means how Trump feels about it physically. In his “gut” he “feels” like we have a trade deficit with Canada and, thus, we do have a trade deficit with Canada. Ipso facto, abracadabra, badda boom badda bing, if you know what I mean. Seriously, WTF?