Patrick T. Fallon | Bloomberg | Getty Images

Wilbur Ross, U.S. secretary of commerce, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Monday, May 1, 2017.

“There’s no there, there.” That’s how Commerce Secretary Wilbur Ross described the FBI’s investigation into possible Trump campaign ties to Russia.

In a rare response from a Trump Cabinet member, Ross told CNBC’s “Squawk Box” on Thursday the inquiry is a “sideshow.” He added, “This is all rumor. It’s all innuendo.”

Reacting to the appointment of former FBI Director Bob Mueller as special counsel to oversee the agency’s Russian investigation, Ross said he hopes Mueller “brings the matter to a head,” so the media can “go on to something else.”

President Donald Trump reacted to the appointment of Mueller in tweets Thursday morning.

Ross, a billionaire who made his fortune investing in distressed assets, said the investigation is a distraction, but the president is still running the country effectively.

The Commerce secretary sees “no reason” for the notion that the GOP policy agenda including tax cuts would be delayed.

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