Conflicts of Interest: Wilbur Ross

Part 5 of SPI’s Trump Financial Ethics Watch Series

By Haley Cassedy

President Donald Trump’s administration’s conflicts of interests have plagued the administration since this presidency began. Wilbur Ross, the Secretary of Commerce, who wondered why furloughed federal workers don’t get loans, is no exception. Ross over reported his assets’ worth and invested in companies associated with the Chinese and Russian governments (“Lies, China, and Putin”). The Secretary of Commerce is responsible for supervising the United States economic relations with China and Russia, yet he has personal entanglements with these nations. Wilbur Ross and his family’s investments have created a conflict of interest as he serves in President Trump’s cabinet.

The U.S. Department of Commerce

The Department of Commerce’s objective is to create more jobs and spur economic growth in the United States (“Learn About Commerce”). To accomplish economic growth, the Department promotes American leadership, reinforces economic and national security, satisfies Constitutional requirements, and emphasizes service for customers (“About Commerce”). It also produces and conducts programs and resources for businesses to utilize. These include the Decennial Census, National Weather Service, NOAA Fisheries, and Foreign Commercial Service (“About Commerce”). It is the Department’s duty to implement laws to facilitate equal opportunities for all American entrepreneurs and businesses (“About Commerce”).

The Role of the Secretary of Commerce

Wilbur Ross is the 39th Secretary of Commerce and has served for approximately 23 months. The Secretary is responsible for heading the department as the administration’s advisor of business (“Secretary Wilbur Ross”). He manages and implements appropriate resources in order to increase economic activity and job availability (“Secretary Wilbur Ross”). Secretary Ross introduced his term by addressing the department (“Addresses Department”). He emphasized his intentions of establishing an America-first economic strategy by focusing on American workers and reevaluating trade agreements (“Addresses Department”). This follows the Department of Commerce’s mission of creating jobs and growth in the United States. It also tracks President Trump’s agenda of America-centric policy. 

Secretary Ross and China

Secretary Ross declared in March of 2017 that China’s Zhonxing Telecommunications Equipment Corporation and ZTE Kangxun Telecommunications Ltd., which are known together as ZTE, have settled on a $1.19 billion penalty for not adhering to regulations in place (“Announces $1.19 Billion Penalty”). Technology, such as routers, microprocessors, and servers, were illegally being sent to Iran and North Korea (“Announces $1.19 Billion Penalty”). ZTE used precautionary methods to prevent the United States from discovering its illegal practices (“Announces $1.19 Billion Penalty”). The conflict continued in April 2018 when ZTE provided the United States government false information during the company’s original consequential punishment (“Activation of ZTE”). As a result of the false reports, ZTE is required to pay over a billion dollars, have a team of special compliance, and replace its board of directors and senior leadership positions (“$1.4 Billion ZTE Settlement”). 

Antidumping and countervailing duty investigations have been conducted on China’s aluminum foil, hardwood plywood, and chemical companies (“Department of Commerce Finalizes Antidumping”). Ross has also met with Chinese officials and participated in the negotiations to formulate the U.S.-China 100-Day Action Plan, which included the agreement to allow the United States to ship its beef to China (“U.S., China Finalize Details”). In November 2017, Chinese entities and American private businesses bolstered job growth for Americans by signing deals worth several trillion dollars (“Announces Hundreds of Billions in Deals”). The countries continue to work toward balanced trade relations.

Secretary Ross and Mexican Sugar 

In March 2017, Wilbur Ross and Mexico’s Secretary of Economy Ildefonso Guajardo Villarreal discussed plausible methods to improve sugar relations by addressing Mexican sugar exports (“Secretary Ildefonso Guajardo Villarreal”). Secretary Ross represented the views of U.S. sugar stakeholders to protect their industry and related industries (“U.S. and Mexico Strike Deal”). In June 2017, the secretaries settled the sugar dispute and eliminated the “antidumping and countervailing duties against Mexican sugar imports into the United States” (“U.S. and Mexico Strike Deal”). The price of sugar produced in Mexico was altered to prevent the U.S. sugar industry from being affected by Mexico’s exported sugar to the United States (“U.S. and Mexico Strike Deal”). Raw sugar is projected to be more available to U.S. sugar refiners as the percentage of refined sugar imports was reduced (“U.S. and Mexico Strike Deal”). The purity of raw sugar was minimized to include a popular Mexican sugar that will be affected by the revised percentage of refined sugar imports, thus allowing for U.S. refiners to have less competition (“U.S. and Mexico Strike Deal”). Additional consequences have been agreed upon if Mexico does not follow the established terms (“U.S. and Mexico Strike Deal”). Mexico recognized these terms with the ability to deny the United States any additional needs that is beyond the predicted portion set at the beginning of the year (“Statement from Secretary of Commerce”).

Secretary Ross and North America

Secretary Ross deemed economic relations with Canada to be unfair under two circumstances (“Statement from Secretary of Commerce”). Firstly, Canada sought to halt dairy goods being exported from the United States in April 2017 (“Statement from Secretary of Commerce”). Secondly, the Department of Commerce decided that countervailing duties of approximately $1 billion on Canadian softwood lumber sent to the United States were appropriate (“Statement from Secretary of Commerce”). Secretary Ross has supported President Trump’s goal to reestablish United States’ trade relations through initiating free and balanced trade. In May 2017, Ross announced his intentions to refocus NAFTA to be beneficial to the United States (“Statement from Secretary of Commerce”). He cited the losses in the manufacturing industry, factories, and jobs since drafting NAFTA (“Statement from Secretary of Commerce”). Additionally, American companies are losing influence and profit as their intermediary goods are being used less in the imports from Mexico and Canada than in the 1990s (“Trade In Value Added”). With President Trump’s and Secretary Ross’s America-centric ideology, it was inevitable NAFTA be altered to benefit American entities.

Steel Tariffs

Steel imports were analyzed under the Trade Expansion Act of 1962 and found to be a threat to national security by the Department of Commerce (“Section 232 Reports”). These reports resulted in six important findings (“Section 232 Reports”). First, the Commerce Department concluded the United States is the biggest importer of steel (“Section 232 Reports”). Second, employment has fallen by 35 percent since 1998 because oxygen and electric furnaces have been removed from the United States (“Section 232 Reports”). Basic oxygen furnaces transform pig iron to steel (Belhadj et al.). Electric Furnaces recycle scrap steel back to steel (“BOF and EAF Steels”). Technology efficiently produces steel without the need of the industry’s employees (Ben-Achour). Productivity has increased and as a result, employment has decreased (Ben-Achour). Third, the demand for steel is rising slower than the production capability rate, which has grown by 127 percent in the past 18 years (“Section 232 Reports”). Fourth, China produces and exports the greatest amount of steel and has the most excess steel capacity (“Section 232 Reports”). Of the 700 million tons of global excess steel capacity, the United States consumes about 14 percent annually (“Section 232 Reports”). Fifth, on average, China is able to yield the same amount of steel in a month that the United States produces in a year (“Section 232 Reports”). Sixth, the United States had 169 antidumping and countervailing duty orders on steel ongoing in February 2018, with 29 of the 169 on China (“Section 232 Reports”). China has a large stake in steel production while the United States has a substantial influence on the demand for steel. 

Secretary Ross submitted three plausible solutions to President Trump (“Section 232 Reports”). The first recommendation proposed a global tariff of a minimum of 24 percent on all steel imports from every country (“Section 232 Reports”). The following solution suggested there be a tariff of at least 53 percent solely on steel imports from Brazil, China, Costa Rica, Egypt, India, Malaysia, Republic of Korea, Russia, South Africa, Thailand, Turkey, and Vietnam (“Section 232 Reports”). The other steel exporters are subject to a quota by product on steel imports to sum up to 100 percent (“Section 232 Reports”). The final proposition was to institute a quota on every steel product from “all countries equal to 63 percent of each country’s 2017 exports to the United States” (“Section 232 Reports”). These recommendations were intended to support United States’ steel production growth from its 73 percent operating rate to 80 percent (“Section 232 Reports”). The tariffs and quotas are initiatives in tune with President Trump’s and Secretary Ross’s commitment to protecting the U.S. economy.

Aluminum Tariffs

Aluminum was similarly examined. The investigation produced four discoveries (“Section 232 Reports”). Firstly, aluminum imports have increased by 24 percent of total demand for primary aluminum since 2012 (“Section 232 Reports”). Secondly, demand has risen but employment has fallen; five smelters are operating, and two smelters are producing at capacity (“Section 232 Reports”). Thirdly, the military is unable to fund the aluminum industry because of spending cuts (“Section 232 Reports”). The final discovery is that the United States has introduced “two antidumping and countervailing duty orders on aluminum” as of February 2018 and four active investigations against China (“Section 232 Reports”). 

Secretary Ross made three recommendations to President Trump to correct the growth in aluminum imports (“Section 232 Reports”). The first suggestion is to establish a minimum tariff of 7.7 percent on all aluminum imports (“Section 232 Reports”). The next solution is to have a tariff of 23.6 percent solely on exports from China, Hong Kong, Russia, Venezuela, and Vietnam (“Section 232 Reports”). The remaining countries would comply with a quota equivalent to 100 percent of each country’s exports to the United States in 2017 (“Section 232 Reports”). The final resolution is to have all exports and countries obey a quota that equals at most 86.7 percent of each country’s exports to the United States (“Section 232 Reports”). The aluminum industry needs to change to be successful and competitive in the future. 

Wilbur Ross’ Beginnings

Secretary Ross started his career at New York’s Rothschild Inc., which is an American branch of the European bank (“Wilbur Ross”). He served as the primary bankruptcy adviser for two decades and helped reorganize dwindling businesses (“Wilbur Ross”). These failing businesses became profitable once Ross invested in them (“Wilbur Ross”). This led to Ross formulating a $200 million fund dedicated to investing in troubled businesses at Rothschild Inc.(“Wilbur Ross”). The economic conditions of the early 2000s allowed Ross to thrive off of the distressed businesses (“Wilbur Ross”). 

On April 1, 2000, Ross opened his New York private equity firm, W.L. Ross and Co. (“Wilbur Ross”). He had $450 million to invest (“Wilbur Ross”). Ross turned his attention to revamping the American steel and textile industries (“Wilbur Ross”). In 2002, he redirected his focus internationally and created and chaired the International Steel Group (“Wilbur Ross”). The International Steel Group dealt with 20 percent of American-produced steel (“Wilbur Ross”). Ross established the International Textile Group the following year and collected companies that produced clothing, denim, and carpeting (“Wilbur Ross”). In addition to the steel and textile industries, Ross invested in the coal mining and optical networking trades (“Wilbur Ross”). Moving further into the international realm, Ross capitalized on economic struggles in Asia, specifically in Japan and South Korea (“Wilbur Ross”). Ross remained involved in his company’s endeavors. He contributed to all major transactions within companies and personally met with clients (“Wilbur Ross”). The Secretary of Commerce did the research on industries and companies to determine if they were experiencing imminent bankruptcies (“Wilbur Ross”). 

Wilbur Ross’ Net Worth

Wilbur Ross had been featured on the Forbes 400 list since 2004 (“Talking biz news”). His net worth was reportedly combined with his investors’ money (“Talking biz news”). Ross did not necessarily desire to be on the notorious list, but he did not want to diminish his success (“Talking biz news”). Forbes attributed Ross with a billion dollars in 2004 (“Talking biz news”). Realistically, Ross had 25 percent of his reported net worth, and his employees knew it (“Talking biz news”). The error was not corrected, and Ross’s reputation was built on a myth (“Talking biz news”). In 2016, Ross’s net worth was reported to be $2.9 billion by Forbes, despite Ross insisting that it was closer to $3.7 billion (Alexander). When nominated by President Trump, Ross had to file financial-disclosure forms (Alexander). These revealed that Ross had $700 million in assets (Alexander). Ross cited that the other $2 billion was placed in family trusts, which was not required to be recorded in the forms (Alexander). Forbes is convinced that the $2 billion does not exist (Alexander).

Wilbur Ross’s Personal Finances as Secretary

The Senate easily confirmed Wilbur Ross to be Secretary of Commerce when he assured them that he would divest his holdings (“Lies, China, and Putin”). Republicans and Democrats respected Ross’s decision to sacrifice his personal finances (“‘Forbes’: Wilbur Ross Confirms”). Ross reported that he had fulfilled his promise to the Office of Government Ethics in November 2017 (“Lies, China And Putin”). However, Ross had maintained investments in China, Russia, and a bank related to the Robert Mueller investigation (“Lies, China And Putin”). Meanwhile, he had misinformed the Office of Government of Ethics in November 2017 because he still held stock in his former employer Invesco and briefly worked in a bank (“Lies, China And Putin”). He disposed himself of the Invesco stock and removed himself from the bank (“Lies, China And Putin”). Some of his stakes were sold to Goldman Sachs and some were put into family trust funds (“Lies, China And Putin”). Dispersing assets into a trust fund does not legally mean Ross divested (“‘Forbes’: Wilbur Ross Confirms”).

Wilbur Ross’s Relations: China

In 2009, Ross made an initial public offering for Longyuan Power (“Lies, China And Putin”). This IPO came out of Ross’ typical dealings with bankruptcy (“Lies, China And Putin”). An employee of W. L. Ross reported this transaction was to stimulate a relationship with China’s government, specifically the Chinese sovereign wealth fund, the China Investment Corporation (“Lies, China And Putin”). Wilbur Ross then invested in Diamond S Shipping, which owns 45 vessels (“Lies, China And Putin”). The China Investment Corporation also invested in Diamond S Shipping (“‘Forbes’: Wilbur Ross Confirms”). Secretary Ross and the Chinese government are business partners (“Lies, China And Putin”). The relations with China continued in September 2017 (“Lies, China And Putin”). International Automotive Components Group partook in a joint venture that allowed W. L. Ross to have an interest in Shanghai Shenda (“Lies, China And Putin”). Shanghai Shenda is owned by the Chinese state, and Ross had investments in International Automotive Components Group at the time (“Lies, China And Putin”). Shortly after, Chinese officials hosted Ross to discuss trade (“Lies, China And Putin”). In November 2017, the Trump administration and China were encouraging an increase in liquefied natural gas exports from the United States (“ICYMI”). It is estimated that Ross will personally gain from this policy (“ICYMI”). Ross’s family continues to hold interests in Chinese firms (“‘Forbes’: Wilbur Ross Confirms”). 

Wilbur Ross’s Relations: Russia 

Before November 2017, Ross divested his shares in Navigator Holdings (“Lies, China And Putin”). The shipping firm was linked to allies of Vladimir Putin (“Lies, China And Putin”). One of Navigator Holdings’ most significant customers is Sibur, a gas and petrochemicals company in Moscow (Chavkin and Hamilton). Sibur is owned by Putin’s son-in-law and Gennady Timchenko, who was placed under U.S. sanctions (Chavkin and Hamilton). Nine years earlier, Ross was named vice chairman of the Bank of Cyprus, which had bought the ninth-largest Russian bank (“Lies, China And Putin”). Former KGB agent Vladimir Strzhalkovskiy shared the vice chairman position with Ross (“Lies, China And Putin”). Cyprus did not recover from its recession, so the bank likely did not provide Ross with much profit (“Lies, China And Putin”). Viktor Vekselberg had relations with the bank’s largest shareholder (“Lies, China And Putin”). Vekselberg’s firm’s American counterpart is suspected to have given over $500,000 to an entity associated with Michael Cohen, President Trump’s lawyer (“Lies, China And Putin”).

Wilbur Ross’s Conflicts of Interest

While Ross has business ties to China and Russia, his work as Secretary appears to simply promote the United States’s economic goals. However, his decisions may also be advancing his personal gains. Wilbur Ross’s chief of staff, Wendy Teramoto, was also a director for Navigator Holdings (Scheck and Curi). She helped negotiate a deal to allow the U.S. to export natural gas to China (Scheck and Curi). In April 2017, the Department of Energy authorized natural gas to be exported to non-FTA countries, which would include China (Scheck and Curi). Navigator Holdings ships gas products globally, and Teramoto did not resign as director until July 2017 (Scheck and Curi). Teramoto was also director of Diamond S Shipping, but stepped down prior to working under Secretary Ross (Scheck and Curi). Navigator Holdings ships worldwide, so policies Ross makes with countries around the world could impact the money his family makes. The deal to export natural gas to non-FTA countries indicates that Wilbur Ross has a conflict of interest as he maintains stakes in companies that are affected by decisions he makes as Secretary of Commerce. 

Conclusion

Secretary Ross is responsible for promoting innovation and policy that will spur economic growth and generate jobs for the United States. In serving as Commerce Secretary, he is expected to put the nation’s needs before his own personal gains. Ross is supposed to navigate a trade war with China to engineer economic growth for the U.S. Based on his past, it is questionable whether his recommendations to President Trump are purely to benefit the country rather than his own family’s investments in international companies. It is also noteworthy that the country involved in the 2016 presidential investigation has ties to Secretary Ross. As his financial activity has created a conflict of interest, it makes it difficult to be sure he has the interest of the country as his top priority. 

Editor: Eric Witmer

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Photo: Courtesy of Reuters