US President Donald Trump is concerned about trade imbalances, Clark Judge, former speechwriter to Ronald Reagan tells Al Arabiya News.
#US #Fentanyl #Mexico #Tariffs #China #GNT
#US #Fentanyl #Mexico #Tariffs #China #GNT
Category
🗞
NewsTranscript
00:00But if we go back to economic principles and economic theories that we studied in school,
00:05it appears actually that President Reagan quite liked the Scottish economist Adam Smith,
00:10who we all learnt about as well in school.
00:13Two hundred years after Smith was active, President Reagan quite often quoted him.
00:20And one thing that Adam Smith said in The Wealth of Nations was that protectionism is
00:25folly.
00:27I mean, aren't principles like that pretty timeless and don't really have any relevance?
00:34They don't change according to the times we're in.
00:36They're truisms of economic theory, aren't they?
00:40They are.
00:41At the same time, again, I'd repeat that this is not entirely or some of it isn't even mostly
00:47about trade.
00:50Mr Trump and his people are very concerned about imbalances in trade.
00:55But some of those imbalances are also a result of other things they're trying to fix.
01:01For example, I was with a leader in the auto parts industry only a couple of weeks ago
01:08and we were talking about trade issues and he said that one of the major problems for
01:15making auto parts in the U.S. was certain regulations out of the Labor Department, not
01:22dealing with labor per se, but dealing with manufacturing processes.