Donald Trump's economic plan would help end America's "terrible job loss to foreign competition," billionaire Wilbur Ross, a senior policy advisor to the Trump campaign, told CNBC on Tuesday.
"Trump's plan ... calls for cutting corporate taxes from 35 percent to 15 [percent]. That's going to help solve one of our big problems, which is our trade deficit, because it means corporations are can cut their pretax margin by 20 percent," Ross said on "Squawk Box." "So they'd be more competitive with overseas, and yet have the same post-tax income."
The chairman and CEO of distressed asset specialist WL Ross & Co. also said the GOP presidential nominee has the right idea on trade, when calling for ripping up bad trade deals such as the Trans-Pacific Partnership. Ross has called TPP "the worst trade deal yet for American manufacturing."
That's in contrast to Democratic rival Hillary Clinton, according to Ross. "Hillary Clinton can't tell a good trade deal from bad one. She was for NAFTA [North American Free Trade Agreement], which has cost almost a million jobs," he said.
"The one that [Clinton] boasted in her economic speech that she went against was Central American Free Trade Agreement," Ross said, arguing that that free trade deal worked out well for the U.S. in the form of trade surpluses with CAFTA countries.
In CNBC commentary Monday, Ross and fellow Trump advisor Peter Navarro, a business professor at the University of California at Irvine, made a case for why Trump's economic plan is better than Clinton's plan.
"Clinton will raise taxes. Trump will cut taxes. Clinton will increase regulation. Trump will decrease regulation. Clinton has vowed to kill the coal industry. Trump will leverage America's energy resources to create new jobs and growth," they wrote.