Legendary distressed investor Wilbur Ross, who is said to be on President-elect Donald Trump’s short list for Commerce Secretary, knows firsthand the benefits of a tough trade policy with China.

He’s pocketed millions of dollars in profits from a past administration’s tough China stance.

Back in 2002, with the US steel industry in tatters, Ross agreed to buy the assets of bankrupt steel maker LTV Corp.

The 78-year-old investor believed the Bush White House, looking to save thousands of jobs in the beleaguered industry, would soon slap stiff tariffs on Chinese steel that many believed was being dumped into the country at below market prices, a source familiar with the situation said.

“His team asked [then-Commerce Secretary] Donald Evans if there would be more protectionist measures and he said absolutely,” said the source of Ross and his colleagues.

Less than a month after Ross bought LTV, President George W. Bush imposed tariffs on imported steel that raised the prices about 20 percent — arguably saving the distressed steel industry in the United States.

The move, of course, angered many US manufacturers that purchased steel.

Ross told The Post, “We had already acquired LTV before I approached the administration about putting on the tariffs that had been recommended by the International Trade Commission.

“The implication that I somehow had inside information from the US administration is nonsense.”

Ross’ firm, WL Ross & Co., followed the LTV purchase with acquisitions of Weirton Steel, Acme Steel, Bethlehem Steel and Georgetown Steel to

form International Steel Group.

“[Secretary] Evans made life a lot easier,” the source said.

Ross made a fortune.

His firm sold International Steel Group in 2005 to Lakshmi Mittal for $4.5 billion — half in cash and half in stock — pocketing a profit of more than 12 ¹/₂ times its investment, according to media reports at the time.

“It was the right decision to make,” Ross told trade publication American Metal Market about the tariffs. “There were probably 100,000 jobs saved by virtue of the changes the tariffs brought.”

Ross declined to comment about being considered for Commerce Secretary, but he certainly knows a thing or two about Chinese imports.

President-elect Trump has railed against America’s trade policies with China, and said during the campaign he would like to see 45 percent tariffs against some Chinese imports.

Ross, through his Mittal stock, is again being hurt by cheap Chinese steel.

ArcelorMittal’s share price has fallen more than 50 percent in five years, closing Friday at $7.

The company needs the “countervailing tariffs that had already been in place and are already proposed to return in both Europe, the US and elsewhere to deal with dumping from China,” Ross said.