Everyone needs to take a deep breath and wait to see whatTrump's actual play is on tariffs. His cabinet is made up of abunch of very smart businessmen who surely all know that trade warsare not a good thing. We also know that Trump's style ofnegotiations is always to start the discussion with some extremeposition and then back off from there. Typical New York developerstyle.

There is no question the US has done some really dumb tradedeals over the decades, and is in an undesirable situation oncertain products. The Japanese and Chinese have erected non-tariffbarriers of all sorts of regulations and other requirements whichmake it nearly impossible for some US products to compete.Countries levy VAT on many products coming in from the US which canadd up to 20% in some cases to the cost of American products. TheChinese demand access to the technology, or other businessinformation to let in a US company which keeps out some UScompanies. All of these things are worse than tariffs in that it isnot just a matter of pricing, but these are outright bars togetting anything into the country in some cases. Or look at techcompanies like Google and Facebook which are now being subject toall sorts of regulations and fines in the EU, like Apple is inIreland. These are clearly meant to create a non competitive costto American tech giants because there are no similar competitors inthe EU.

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Joel Ross

Joel Ross began his career in Wall St as an investment banker in 1965, handling corporate advisory matters for a variety of clients. During the seventies he was CEO of North American operations for a UK based conglomerate, and sat on the parent company board. In 1981, he began his own firm handling leveraged buyouts, investment banking and real estate financing. In 1984 Ross began providing investment banking services and arranging financing for real estate transactions with his own firm, Ross Properties, Inc. In 1993 Ross and a partner, Lexington Mortgage, created the first Wall St hotel CMBS program in conjunction with Nomura. They went on to develop a similar CMBS program for another major Wall St investment bank and for five leading hotel companies. Lexington, in partnership with Mr. Ross established a hotel mortgage bank table funded by an investment bank, and making all CMBS hotel loans on their behalf. In 1999 he formed Citadel Realty Advisors as a successor to Ross Properties Corp., focusing on real estate investment banking in the US, UK and Paris. He has closed over $3.0 billion of financings for office, hotel, retail, land and multifamily projects. Ross is also a founder of Market Street Investors, a brownfield land development company, and has been involved in the acquisition of notes on defaulted loans and various REO assets in conjunction with several major investors. Ross was an adjunct professor in the graduate program at the NYU Hotel School. He is a member of Urban Land Institute and was a member of the leadership of his ULI council. In 1999, he conceived and co-authored with PricewaterhouseCoopers, the Hotel Mortgage Performance Report, a major study of hotel mortgage default rates.