White House trade advisor Peter Navarro made a stop on the Fox News Channel with Maria Bartiromo to explain to her just how the President is fundamentally re-ordering global trade.
He began by outlining Trump’s “incredible” trade policy before launching into a defense of the President’s agenda.
“Look at the four points of the compass. Tax cuts: President Trump orchestrated one of the most brilliant tax cuts in history. What we’re going to see from that strong investment in 2018 and 2019 driving productivity growth and that will be non-inflattionary. You have a supply-side positive stimulus with the great deregulation efforts President Trump is orchestrating, and we have the energy unleashed here so we’ll have lower manufacturing costs and consumer costs. And then you go to trade. Before you get to China, which is important. Let me just point out that President Trump, this is brilliant, is getting NAFTA renegotiated. We’re going to get a good deal out of that. He’s renegotiating the horrible Korean deal and it looks like we’re going to get a very good result on that. We had a 201 investigation on solar and washing machines in January, where we imposed tariffs. And what did President Trump get out of that? A flood of new foreign investment to build American factories to make things with American hands…
Now we’ve tackled, interestingly enough, a problem which there appears to be widespread agreement on right and left: China is stealing our stuff.”
While Bartiromo seemed to buy much of Navarro’s argument, she did wonder if the administration should have ironed out the China deal before pushing through the aluminum and steel tariffs.
“It is unfolding the way the president sees it strategically. Think of all the balls that are in motion pointing to a great rebalancing of our trade? The fundamental problem is structural, which we have had for the last 15 years is massive trade imbalances fueled by unfair and un-reciprocal trade practices…
At the end of the day, China is a sovereign nation and it has to make a choice about how it wants to proceed in the global economy… it is not just the U.s. who is tired of having China steal their stuff. Tired of having their corporations… have forced technology transfers. All we’re trying to do, the president’s vision here, he’s trying to bring about a fundamental reordering of the global trading system in a way which focuses on free markets, fair trade, and reciprocal trade. That is not what we have [now]. We’re going to be doing great deals with countries around the world, bilaterally, and that is part of the canvas of trade that the president is painting in a beautiful picture.”
— Fox News (@FoxNews) March 25, 2018
So, is Trump a trade genius? Only time will tell.
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