Advisors say trade has hurt some Americans
The White House has released an economic report on those impacted by trade in particular. The report, created by the White House Council of economic advisers led by chairman Kevin Hassett, cited recent economic research highlighting portions of the US population that have been hurt by foreign competition.
- US still believes it can benefit from expanded trade
- Pres Trump will pay close attention to the fate of the workers left behind by globalization as a new benchmark for negotiating trade deals around the world
- Decline in manufacturing is a byproduct of freer trade.
The report says:
- "Even if fair and reciprocal international trade as a whole leaves the US better off in the aggregate, this does not necessarily mean that the benefits of expanding trade flows leave all Americans better off"
- "No longer will we tolerate unfair and nonreciprocal trade practices that impoverish our workers"
The first quoted comment does not make much sense to me. If trade is fair and reciprocal, isn't that the objective of the administration?
The second comment seems to make more sense as it talks to unfair and nonreciprocal trade practices.
To be honest, the report in aggregate is some 568 pages, so these excerpts are tiny. I apologize. You can find the full report HERE for your evening reading.