Nominee for Secretary of Commerce owns 8 automotive plants in Mexico
Wilbur Ross, Donald Trump’s choice for Secretary of Commerce, became a billionaire by acquiring and restructuring troubled companies on textile, steel and automotive sectors.
One of Ross’ companies, International Automotive Components Group (IAC), owns a network of eight plants located at Sonora (1), Coahuila (3), Nuevo Leon (1), Puebla (1), Queretaro (1) and State of Mexico (1).
The company manufactures instrument panels, door panels, headliners and flooring.
Ross recently sold International Textile Group (ITG) to an equity fund. ITG owns production facilities in Morelos and Coahuila states, which manufactures fabrics and cushion for airbags to automotive safety groups, such as Autoliv, TRW and Delphi.
During a recent interview on CNBC, Ross advocated for a new round of trade negotiations, but he added that punitive tariffs on Mexico or China would be a last resort.
“Everybody talks about tariffs as the first thing,” Ross said. “Tariffs are the last thing. Tariffs are part of the negotiation. The real trick is going to be to get rid of some of the barriers to American exports.”