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U.S. trade envoy Ross says up to EU whether there is escalation on tariffs: Le Figaro

May 31, 2018 at 02:19 am EDT

PARIS (Reuters) - Washington does not want a trade war with the European Union, but whether there is an escalation or not will depend on the EU, U.S. Commerce Secretary Wilbur Ross said in an interview published by daily Le Figaro on Thursday.

A U.S. decision on import tariffs on EU steel and aluminum will be announced on Thursday either before markets open or after markets close, he said.

"We don't want a trade war," Ross was quoted as saying.

"(It's) up to the European Union to decide if it wants to take retaliatory measures. The next question would be: how will the (U.S President Donald) Trump react? You saw his reaction when China decided to retaliate.

"If there is an escalation it will be because the EU would have decided to retaliate," he added.

(Reporting by Ingrid Melander; editing by John Stonestreet)

Stocks mentioned in the article

	Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
	DEERE & COMPANY	397.3 USD	-0.57%	+0.12%	111B
	LME ALUMINIUM CASH	1,687	+0.06%	-1.03%	-

Wilbur Ross

Wilbur L. Ross, Jr. (November 28, 1937) is an American investor known for restructuring failed companies in industries such as steel, coal, telecommunications, foreign investment and textiles. He specializes in leveraged buyouts and distressed businesses. As of August 2014, Forbes magazine lists Ross as one of the world's billionaires with a net worth of $2.9 billion. he has been bottom-fishing in mortgages and mortgage companies. He apparently commands far greater sums than his net worth would suggest.

Early life
Ross was born in Weehawken, New Jersey He drove two hours a day from New Jersey to attend the elite Catholic college preparatory Xavier High School in Manhattan. He ran track and was captain of the rifle team. He earned a B.A. from Yale College, which was also his father's alma mater. At Yale, Ross edited one of the literary magazines and worked at the radio station. Initially, he wanted to be a writer, but after his experience in a fiction class requiring 500 words daily, he concluded that he had "run out of material." His faculty adviser at Yale helped him get his first summer job on Wall Street. He earned his M.B.A. at Harvard Business School. Ross owns 25 Magrittes including some of the artist's most valuable paintings such as The Pilgrim. WL Ross & Co. was acquired by Amvescap (now Invesco) in 2006.

International Steel Group
Wilbur Ross at first had support of the local Steelworkers Union, negotiating a deal with them to "save" Pennsylvania's steel industry.

International Textile Group (ITG)
Ross combined Burlington Industries and Cone Mills in 2004 to form [[Internation

Source @ Wikipedia

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