How does President Trump’s statements about trade relate to what we have read/watched about economic globalization?
3 answers
What are his statements about trade?
"We believe that trade must be fair and reciprocal. The United States will not be taken advantage of any longer. For decades, the United States opened its economy — the largest, by far, on Earth — with few conditions. We allowed foreign goods from all over the world to flow freely across our borders. Yet, other countries did not grant us fair and reciprocal access to their markets in return. Even worse, some countries abused their openness to dump their products, subsidize their goods, target our industries, and manipulate their currencies to gain unfair advantage over our country. As a result, our trade deficit ballooned to nearly $800 billion a year. For this reason, we are systematically renegotiating broken and bad trade deals....Many nations in this hall will agree that the world trading system is in dire need of change. For example, countries were admitted to the World Trade Organization that violate every single principle on which the organization is based. While the United States and many other nations play by the rules, these countries use government-run industrial planning and state-owned enterprises to rig the system in their favor. They engage in relentless product dumping, forced technology transfer, and the theft of intellectual property....But those days are over. We will no longer tolerate such abuse. We will not allow our workers to be victimized, our companies to be cheated, and our wealth to be plundered and transferred. America will never apologize for protecting its citizens." – President Trump, 2018 UN Assembly Speech
https://www.investopedia.com/articles/investing/051515/pros-cons-trade-deficit.asp
1 answer