Billionaire investor Wilbur Ross has been named commerce secretary. Ross, 78, heads the private equity firm W.L. Ross & Co., which is known for buying up failed companies. REUTERS/Lucas Jackson
WASHINGTON (Reuters) - When billionaire investor Wilbur Ross salvaged two North Carolina textile mills from bankruptcy in 2003 and 2004, one of the first things he did was head to Washington to immerse himself in trade law and policy.
China's accession to the World Trade Organization had unleashed a flood of textile imports across U.S. borders, and Ross - now President-elect Donald Trump's pick for commerce secretary - took an unusual hands-on approach, advocating for "safeguard" tariffs to help the ravaged domestic industry.
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