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US Commerce Secretary Wilbur Ross Explains Trade Plans

- By Holly LaFon

Investor Wilbur Ross (Trades, Portfolio), U.S. secretary of commerce, joined CNBC Friday to elaborate on changes in trade policies under the Trump administration. Ross discussed his goals for his tenure, such as obtaining unpaid duties from trading partners, working with the private sector on infrastrure and moving the U.S. from a trade deficit to trade surplus.

Ross is a bankruptcy expert who helmed his own firm, WL Ross & Co., since 2000, and was confirmed as trade secretary by the Senate on Feb. 27. Though he has been involved in many business dealings, his $459 million common stock portfolio was comprised almost in its entirety of stakes in transportation company Navigator Holdings Ltd. (NVGS), Sun Bancorp (SNBC) and Cascade Bancorp (CACB). Navigator holdings has rallied 47.9% year to date but remains around 35% below Ross' average purchase price. The other two positions have declined marginally.

This article first appeared on GuruFocus.