Free trade does bring jobs to America.

Donald Trump is now said that he wants to have a plan that's more harmonized with what House Republicans under speaker Paul Ryan have proposed.

This rhetoric that Donald Trump is used is very consistent with rhetoric he's used on the campaign trail for a long time now. He'll always say - and you look - you can look at the past transcripts of his old speeches. He'll always say, I'm in favor of trade; trade is great, but these deals - NAFTA, TPP, the South Korean Free Trade Agreement - are all terrible.

I think, again, the overall intellectual structure of the speech is very much consistent with what Donald Trump has been saying on the campaign trail. He's against free trade. He's against immigration. But he has been in favor of tax reform, and he has been afraid of - in favor of developing American energy sources like through fracking or hydraulic fracturing.

What was really interesting in his speech, which, by the way, had (inaudible) footnotes - the written version of it - which might be a personal record for Donald Trump - the source of a lot of his numbers on the free trade section of the speech came from an organization called the Economic Policy Institute, which was a think tank or is a think tank that was founded by labor unions to promote the labor unions' point of view on free trade agreements.

It's far from clear in general that Donald Trump is a guy who really thinks about the details of policy and is going to do the kind of heavy lifting you have to do as president to get those policies through in Congress. I think the hope is that Paul Ryan and his crew will push policies through Congress and Trump will just sign them. That's not really how policy works.

I think he [Donald Trump] recognizes that a plan that would increase the deficit by $10 trillion over a decade is not a plan that's likely to get traction in Congress.