Trump campaign vs. Trump administration: on Free Trade
Donald Trump:
Protection will make America strong
For many decades, we've enriched foreign industry at the expense of American industry; subsidized the armies of other countries while allowing for the very sad depletion of our military. We've made other countries rich while the wealth, strength,
and confidence of our country has disappeared over the horizon.One by one, the factories shuttered and left our shores, with not even a thought about the millions upon millions of American workers left behind. The wealth of our middle class has
been redistributed across the entire world. But that is the past.
From this day forward, a new vision will govern our land. From this moment on, it's going to be America First. Every decision on trade, on taxes, on immigration, on foreign affairs,
will be made to benefit American workers and American families. We must protect our borders from the ravages of other countries making our products, stealing our companies, and destroying our jobs. Protection will lead to great prosperity and strength.
Source: 2017 Trump Inaugural address at presidential Inauguration
Jan 20, 2017
Donald Trump:
Two simple rules: buy American, and hire American
We will get our people off of welfare and back to work--rebuilding our country with American hands and American labor. We will follow two simple rules: Buy American and Hire American. We will seek friendship and goodwill with the nations of the world--
but we do so with the understanding that it is the right of all nations to put their own interests first. We do not seek to impose our way of life on anyone, but rather to let it shine as an example for everyone to follow.
Source: 2017 Trump Inaugural address at presidential Inauguration
Jan 20, 2017
Donald Trump:
Country built on tariffs; they'll lead to new trade deals
@realDonaldTrump tweeted: "Our Country was built on Tariffs, and Tariffs are now leading us to great new Trade Deals - as opposed to the horrible and unfair Trade Deals that I inherited as your President.
Other Countries should not be allowed to come in and steal the wealth of our great U.S.A. No longer!" 11:04 AM - Aug 15, 2018
Source: Fox News on Twitter posting from 2018 Trump Administration
Aug 15, 2018
Donald Trump:
Tariffs force EU, Mexico, & Canada to re-negotiate
Earlier this year, the Trump administration levied a 25-percent tariff on steel imported from the European Union, as well as a 10-percent tariff on aluminum. Brussels responded with tariffs on a number of U.S. goods. In July, Trump announced that the
EU had agreed to increase soybean and natural gas imports from the U.S., while European Commission President Jean-Claude Juncker promised that further steel and aluminum tariffs would be put on hold and existing tariffs reassessed.
President Trump has shown no sign of stopping the use of tariffs as an economic weapon. Trump has been attempting to renegotiate the North American Free Trade Agreement (NAFTA) with Mexico and Canada.
On Friday, Trump tweeted that a trade deal with Mexico was "coming along nicely," but threatened Canada with auto tariffs if Washington and Ottawa can't forge an agreement.
Source: Fox News' Samuel Chamberlain on 2018 Trump Administration
Aug 15, 2018
Sonny Perdue:
Farmers want trade, not aid; but $12B aid for now
American farmers would rather have trade deals from President Donald Trump than need government tariff relief, Agriculture Secretary Sonny Perdue said in a "Squawk Box" interview. "Everybody wants trade, not aid. There's not a farmer in America that
would rather not have a good crop and a fair price than a government check," he added. "That's what they do. That's what they put their equity on the line every year for."But since those trade disputes, especially with China, are not settled, the
Trump administration is initially making $6 billion available in emergency aid to farmers.
The Agriculture Department has authorized up to $12 billion in relief to U.S. growers. Soybean producers, in particular, have been hard hit by
Chinese retaliatory tariffs and stand to get up to $3.6 billion in assistance under the Market Facilitation Program.
In June, Perdue told CNBC that Trump instructed him to make a plan for any potential impact from a trade war on farmers.
Source: CNBC's "Squawk Box" on 2018 Trump Administration
Aug 29, 2018
Sonny Perdue:
Renegotiate trade deals with China, Mexico, and Canada
President Trump is pursuing new trade deals and concessions from China and other nations to change what he sees as unfair trading practices. In June, Perdue told CNBC that Trump instructed him to make a plan for any potential impact from a trade war on
farmers.Perdue said at the time that he was calculating the effects of trade disruptions on a weekly basis and making them known to the administration. The payments to farmers will be based on "actual production, not on any kind of average,"
Perdue said. "It's going to be individual, by farmer."
The relief will not be able to make farmers "whole," but to ensure they don't have a disastrous season, he said.
Trump said [the new] trade agreement between the U.S. and Mexico, paving the
way to replace the 1994 North American Free Trade Agreement, will help farmers and manufacturers. Perdue predicted that the U.S.-Mexico trade deal will get Canada to come along on a finalized, new NAFTA-type agreement among the three nations.
Source: CNBC's "Squawk Box" on 2018 Trump Administration
Aug 29, 2018
Steve Mnuchin:
Protectionist instinct to label China a currency manipulator
One of Mnuchin's challenges will be to live up to Trump's promises on trade. Mnuchin is thought to share his boss's protectionist instincts. He will determine trade policy alongside Wilbur Ross, Trump's nominee for commerce secretary. Ross is a vocal
critic of recent trade deals. At the commerce department, he will oversee trade enforcement, such as the imposition of tariffs. At the Treasury, Mnuchin will have such responsibilities as declaring China a currency manipulator.
Source: The Economist newsmagazine coverage of 2016 Trump transition
Dec 3, 2016
Wilbur Ross:
Vocal critic of recent trade deals
Mnuchin will determine trade policy alongside Wilbur Ross, Trump's nominee for commerce secretary. Ross, a billionaire investor in bankrupt firms, is a vocal critic of recent trade deals.
At the commerce department, he will oversee trade enforcement, such as the imposition of tariffs. At the Treasury, Mnuchin will have such responsibilities as declaring China a currency manipulator.
Source: The Economist newsmagazine coverage of 2016 Trump transition
Dec 3, 2016
Wilbur Ross:
Criticized multinational trade deals: there is no free lunch
During an interview on CNBC on November 30, 2016, Ross criticized multinational trade deals. He said, "The problem with regional trade agreements is you get picked apart by the first country. Then you negotiate with the second you get picked apart.
And you go with the third one. You get picked apart again. What has to be put into perspective, we are the big market. We are the world's biggest importer. We need to treat the other countries as good suppliers.
Not as determining the whole show."In August 2016, Ross criticized U.S. trade policies, a cornerstone of Trump's candidacy. He said, "Free trade is like free lunch, there is no free lunch.
Somebody wins and somebody loses and unfortunately we've been losing with these stupid agreements that we've made."
Source: Ballotpedia.org: 2017 Trump transition confirmation hearings
Feb 3, 2017
Donald Trump:
FactCheck: China has 25% car tariff, but only 10% on parts
Is Donald Trump right that China slaps a 25 percent tariff on American cars? President Trump took to Twitter to bemoan what he considers unfair practices in the US' automobile trade with China:"When a car is sent to the United States from China,
there is a Tariff to be paid of 2-1/2%. When a car is sent to China from the United States, there is a Tariff to be paid of 25%," Trump tweeted April 9. "Does that sound like free or fair trade. No, it sounds like STUPID TRADE-- going on for years!"
Trump's 25% figure matches up with international trade data: we rate this Mostly True. But economists raised some important details that Trump omitted: Some experts suggested Trump had cherry-picked the facts by singling out "cars" instead of a
broader category of automobiles or car parts. The U.S. tariff on light trucks from China is 25%. And Chinese tariffs on American auto parts sent to China are well below 25%. For example, China places a 10% tariff on automobile engines.
Source: PolitiFact fact-check on 2018 Trump Administration
Apr 9, 2018
Page last updated: Nov 02, 2024