When we run these big trade deficits and send our jobs offshore, we hold our wages down and our income down. That feeds right back into the biggest part of this whole equation, consumption. This drags GDP down as well.

We'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.

Unfair trade practices drive up rents for younger people. They will drive up home prices for first-time home-buyers. So it's not just that we're losing jobs and factories. We're giving away our homes, our businesses, our companies, our technologies.

In my movie, "Death By China," it shows Bill Clinton in 2000 promising that when China got into the World Trade Organization we would be making products here and selling them there, and life would be great. Just the opposite has happened. And here's why this has been so devastating - China went into the World Trade Organization and agreed to play by certain rules. Instead, it's violated these rules. For 15 years, it continues to illegally subsidize its exports.

No one should be surprised just because somebody isn't successful 100 percent of the time.

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.

This is what Donald Trump understands. This is the trade deficit. We run a trade deficit of close to $800 billion a year.