US not abandoning strong dollar policy

Adam Galica | CNBC

Secretary of Commerce, Wilbur Ross, at the 2018 WEF in Davos, Switzerland.

Commerce Secretary Wilbur Ross took issue Wednesday with media characterizations that the U.S. is departing from its historically strong dollar policy.

Treasury Secretary Steve Mnuchin’s remarks at a news conference at the World Economic Forum in Davos, Switzerland should not be interpreted as a call for a weaker U.S. currency, Ross told CNBC.

Earlier Wednesday, Mnuchin said, “Obviously, a weaker dollar is good for us as it relates to trade and opportunities,” but he added that the short-term value is “not a concern of ours at all” and “longer term, the strength of the dollar is a reflection of the strength of the U.S. economy.”

The Trump administration has made stronger economic growth a top priority.

Ross said in a “Squawk Box” interview from Davos that Mnuchin “was not advocating anything” in terms of the dollar. “I think what he exactly said is the dollar, just like the Treasury bond market, is a huge market, a very liquid market. It’s not something we worry a lot about day by day,” Ross argued.

After Mnuchin spoke, the dollar index against a basket of major currencies hit its lowest level since December 2014.