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In 1988, Donald Trump told Oprah Winfrey that America was being “ripped off” by its trading partners. Nearly 2 million Americans lost their manufacturing jobs between 1979 and 1988 to cheap, government-backed Japanese competitors. Oprah’s audience applauded.
Three decades later nothing has changed: America lost 5 million more manufacturing jobs, and Trump is still lambasting our trade partners for ripping us off:
President - Trump - Trading - China - Japan
President Trump is right. Our trading partners—particularly China, Japan, and Mexico—are taking America to the woodshed.
Consider that China steals more than half a trillion dollars in American intellectual property every single year. This is one of the reasons America’s trade deficit with China is so massive. For example, in 2010 Chinese companies stole high-speed rail designs from American firms, thereby depriving them of hundreds of billions in potential revenues. Such theft occurs in nearly every industry, whether it’s software programs or branded consumer goods. And the worst part? We let it happen.
Globalist - GOP - China - Trade - Policies
The globalist GOP refuses to punish China for its predatory trade policies. Why? Some congressmen are Chinese pawns, no doubt, but many erroneously believe that asymmetrical free trade works. Some even think large, chronic trade deficits are good. This is wrong—seriously wrong. Economic growth has nothing to do with international free trade. Rather, growth depends upon human creativity, made manifest in better technology. Until our politicians and our people understand this axiomatic fact, America will continue getting ripped off by anyone and everyone.
Economic growth occurs when—and only when—either more stuff is made or better stuff is made. For example, America’s economy grows when it produces more trucks or better (more fuel-efficient or luxurious) trucks with the same labor. In either case, the value of America’s production increases. The same logic applies to all products, whether goods or services.
Ways - Stuff - First
There are two ways to make more stuff. First, we could work...
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