Trump Eyeing 'King of Bankruptcy' for Commerce

Wilbur Ross got his nickname buying failing companies
By Rob Quinn,  Newser Staff
Posted Nov 25, 2016 1:19 AM CST
Updated Nov 25, 2016 5:00 AM CST
Trump Eyeing 'King of Bankruptcy' for Commerce
President-elect Donald Trump, left, stands with investor Wilbur Ross after meeting at the Trump National Golf Club Bedminster clubhouse, Sunday, Nov. 20, 2016, in Bedminster, NJ..   (AP Photo/Carolyn Kaster)

Donald Trump wants the "king of bankruptcy" to be his chief of commerce, insiders say. Wilbur Ross—who got his nickname for his success buying, rebuilding, and selling off steelmakers and other distressed companies—was an economic adviser and a generous donor to the Trump campaign, the New York Times reports. The Washington Post describes the 78-year-old billionaire as a "like-minded businessman who understands the prospects for both profit and peril in restoring American manufacturing." Ross, like Trump, has said America needs to get out of bad trade agreements and has suggested slapping heavy tariffs on goods from China.

"Part of the reason why I'm supporting Trump is that I think we need a more radical, new approach to government—at least in the US— from what we've had before," he said earlier this year, per the AP, which notes that Ross would be in charge of promoting American business interests around the world—as well as implementing the Trump administration's plan to roll back decades of globalization. The Times reports that Trump is expected to choose Chicago Cubs owner Todd Ricketts, son of TD Ameritrade founder J. Joseph Rickets, as deputy commerce secretary. (Earlier this week, Trump named his secretary of education.)

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