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" The problem with regional trade agreements is you get picked apart by the first country. Then you negotiate with the second country. You get picked apart. And you go with the third one. You get picked apart again. "

Wilbur Ross

Trade

You

Country

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" I believe in the two-party system. "

" Many of the smaller banks have had to get to the point where they now have more compliance people than they have lending offices. That's crazy. "

Wilbur Ross

Crazy

Compliance

" The United States is the least protectionist country in the world but has the largest trade deficit, while other countries are highly protectionist and have huge trade surpluses. This cannot continue. "

" To me, the most terrifying form of warfare would be if there was some simultaneous cyber attack on our grid, on the banking system, and on our transportation system. That would be quite a devastating thing, and yet in theory, absent some real protective measures, that could happen. "

Wilbur Ross

Cyber

Transportation

" The E.U. is one of our largest trading partners, and any negotiations legally must be conducted at the E.U. level and not with individual nations. "

" Believe it or not, Mexico has better treaties with the rest of the world than the Unites States does. "

" We'll be aggressive on trade because we know that deals that have been made historically have resulted in the great loss of manufacturing jobs, a great amount of closed manufacturing businesses. We don't want that to continue. "

" In many critical things, such as the very high purity of the aluminium we need in aerospace, we only have one producer. That's not a good formula. "

" The fact that you're successful doesn't mean that you can't relate to working people. "

" I believe if we and the Mexicans make a very sensible trade agreement, the Mexican peso will recover quite a lot. "

" Shipping has a great oversupply of vessels that came from over-ordering a few years back. We think 2014 may be when it turns around. "

" There's trade, there's sensible trade, and there's dumb trade. "

" The rules of origin in NAFTA need some tightening. Rules of origin are what let material outside of NAFTA to come in and benefit from all the taxes and tariff reductions within NAFTA. "

" We are the world's biggest importer. We need to treat the other countries as good suppliers. "

" You cannot just keep borrowing more and more and keep spending more and more without eventually having a day of reckoning. "

Wilbur Ross

You

Day

" Everybody talks about tariffs as the first thing. Tariffs are the last thing. Tariffs are part of the negotiation. The real trick is going to be increase American exports. Get rid of some of the tariff and non-tariff barriers to American exports. "

" Washington, D.C., is the new Wall Street. No significant financial transaction of any consequence occurs without it. "

" My wife Hillary sometimes accuses me of trying to reinvent the 19th century. In some ways she's right because I like things that I can understand and that aren't too complicated. "

" If trade deficits are good, why is China so pleased that they run a huge trade surplus? It's perfectly obvious that if China hadn't been such a huge net-exporter, it never would have grown at the rate that it did. "

" The fundamentals are the U.S. is going to end up being a net exporter of natural gas. That's going to be wonderful to help our balance of payments, reduce our dependence on a lot of countries that aren't so crazy about us, and change many, many parts of what goes on here. "

" The reality is if something were to happen that cost China jobs - like, if they upwardly revalued the currency a lot - those jobs aren't going to come back to the U.S. They would go to Vietnam; they would go to Thailand. They would go to whatever country was the lowest cost. "

" The way we'll get more jobs is by creating new industries, new companies, businesses that are higher tech and therefore can compete. "

Wilbur Ross

Creating

Way

" I still like TIPS (Treasury inflation-protected securities), and I think a big opportunity is coming in the municipal bond market. "

Wilbur Ross

Think

Opportunity

" If you add up all the promises any politicians makes, the math doesn't work. "

" I think what we have to do is figure out how to make sure we get the benefits of improved technology and yet cope with the dislocation that it will inevitably produce in certain industries. "

" Regulations don't solve things. Supervision solves things. If we could figure out that the subprime thing was a train wreck that was coming, where were the regulators? "

" We're in a trade war. We've been in a trade war for decades. That's why we have the deficit. "

" Each weekend I play at least one and maybe two sets of tennis a day. My doubles team was in the finals recently at my tennis club in Palm Beach and lost a tiebreaker after a three-hour match. I must confess, by the end of the three hours, I was relieved it was over. "

" I think it's natural for any manager to want to grow his business. The question is at what rate, and in what direction, and in what format? "

" The typical big Japanese company has somewhere between a third and 40 percent of its revenues coming from developing countries, and about a third of Japan's exports are also to the emerging countries, so in a strange way, Japan, which has very little internal growth, its big companies are a good way to play the emerging markets. "