By David Lawder

WASHINGTON, Jan 18 (Reuters) – Renegotiation of the North American Free Trade Agreement with Canada and Mexico would be the Trump administration’s first commerce precedence, U.S. Commerce Secretary nominee Wilbur Ross stated on Wednesday at his affirmation listening to.

The 79-year-old billionaire investor additionally instructed the U.S. Senate Commerce, Science and Transportation Committee that China was the “most protectionist” nation amongst giant economies.

He didn’t focus on Trump’s threats to levy punitive tariffs on Chinese items imported into the United States however stated international locations that fail to offer a good buying and selling subject ought to be “severely punished.”

Trump has criticized NAFTA and China’s commerce practices, accusing each of inflicting thousands and thousands of producing job losses within the United States. He has pledged to renegotiate NAFTA to be extra favorable to U.S. producers or depart the 23-year-old commerce pact.

“NAFTA is logically is the first thing for us to deal with,” Ross stated. “We must solidify relationships in the easiest way we are able to in our territory earlier than we go off to different jurisdictions.

“That should be, and hopefully will be if I’m confirmed, a very early topic in this administration.”

The Toronto Globe and Mail newspaper reported on Wednesday that Ross has knowledgeable Canadian officers {that a} formal request for negotiations might be despatched inside days of Trump’s inauguration on Friday, with guidelines of origin a precedence.

Ross stated that, working in live performance with the U.S. Trade Representative and Trump’s new White House International Trade Council, he’ll search to scale back China’s excessive tariff and non-tariff limitations to commerce.

“LEVELIZE THAT PLAYING FIELD”

He added that Chinese officers “talk much more about free trade than they actually practice. We would like levelize that playing field and bring the realities a bit closer to the rhetoric.”

The former metal magnate, who will surrender his board seat on the world’s largest producer, ArcelorMittal, stated China’s extra metal and aluminum capability was a continual downside that contributed to the dumping of products under value within the United States.

“Where we do need very careful attention to more tariff activity is the anti-dumping requirements that we should impose on the steel industry and the aluminum industry as well,” he stated.

Ross stated it was attainable for the U.S. financial system to develop sooner than the Obama administration. It might obtain about 3 % progress by adopting Trump’s proposals to roll again some enterprise laws, develop home power manufacturing, cut back U.S. commerce deficits and rebuild crumbling home infrastructure, he stated.

Ross additionally stated extra wi-fi telecommunications spectrum, gross sales of that are managed by the Commerce Department, was wanted by the personal sector. He pledged to press authorities and army businesses that management it to launch what they don’t want.

“I am not anti-trade. I am pro-trade,” Ross stated. “But I am pro-sensible trade, not trade that is to the disadvantage of the American worker and to the American manufacturing community.”

Ross disclosed on Tuesday that he would promote investments valued at as much as about $300 million, together with his stake in his personal fairness agency, as a way to keep away from conflicts of curiosity as commerce secretary, a place with duties starting from commerce enforcement and financial information publication to telecommunications auctions and climate forecasting. {nL1N1F720V] (Reporting by David Lawder; Editing by Clive McKeef and Bill Trott)