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For too long, America has been led by a naive embrace of
free trade that overlooks the predatory behavior of our trade competitors.
Widespread trade cheating and poorly designed trade deals have led to
persistent U.S. trade deficits causing job losses, manufacturing decline and
income stagnation. Many nations push their currency values lower, and the
dollar higher, to gain a price advantage in global market at our expense. Their
governments subsidize manufacturing in order to “dump” product in the U.S. market
at below cost. These predatory practices violate world trade law and destroy
American industries. Thankfully, President Trump appears willing to confront
such abuses by punishing trade violators and renegotiating job-killing trade
agreements. [more...]
Withdrawal
from the North American Free Trade Agreement (NAFTA) is likely to boost stock
prices, employment and economic growth. Republican Senators told the White
House earlier this week that NAFTA withdrawal will harm the stock market. But
that claim is based on outdated, incorrect views on trade and investment. America’s
economy and wages grew faster before the modern trade agreement era. But our
manufacturing members saw substantial growth last year in part because of trade
agreement uncertainty and a new focus from business on finding sources of
supply within the U.S. The new approach is raising production and employment at
U.S. manufacturers. Their biggest problem now has become finding skilled workers
to meet new demand. [more...]
I predict, in the January 2018 issue of Real Money Perspectives, many
factors may devastate the American economy in the New Year. Most of Europe’s
nations are being dissolved into the new empire of the European Union, in which
national borders no longer control immigration or trade. As I explained in Money,
Morality & The Machine, this “Superstate,” as founder Jean
Monnet envisioned it, was to be created piecemeal, by deception, with Europeans
denied a democratic vote on whether to undo their national identity. The EU
would be - and now is - run by an elite of unelected progressive Eurocrats. [more...] [Read Part I here...]
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