The defining moment in American economic history is when Bill Clinton lobbied to get China into the World Trade Organization. It was the worst political and economic mistake in American history in the last 100 years. China went into the World Trade Organization and agreed to play by certain rules. Instead, they are illegally subsidizing their exports, manipulating their currency, stealing all of our intellectual property, using sweatshops, using pollution havens. What happens is, our businesses and workers are playing that game with two hands tied behind their back.
Peter NavarroAs soon as one bad actor like China massively cheats, they win at the expense of us; they win at the expense of Europe and over time it threatens the entire integrity of the global financial system and the global trading system.
Peter NavarroThe defining moment in American economic history is when Bill Clinton lobbied to get China into the World Trade Organization. It was the worst political and economic mistake in American history in the last 100 years. China went into the World Trade Organization and agreed to play by certain rules. Instead, they are illegally subsidizing their exports, manipulating their currency, stealing all of our intellectual property, using sweatshops, using pollution havens. What happens is, our businesses and workers are playing that game with two hands tied behind their back.
Peter NavarroThe Donald Trump trade doctrine is this. America will trade with any country, so long as that deal meets these three criterion: You increase the GDP growth rate, you decrease the trade deficit, and you strengthen the manufacturing base.
Peter NavarroThis is what Donald Trump understands. This is the trade deficit. We run a trade deficit of close to $800 billion a year.
Peter NavarroWe're going right down the toilet, and it's a made-in-China toilet. I teach MBAs. And I noticed, starting a few years after China joined the World Trade Organization, that a lot of my students were no longer employed. They were still coming to get their MBA, but they'd lost their jobs.
Peter Navarro