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.

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.

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.

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

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.

If you've been to China, you know there are over 100 cities in China, and the pollution levels are just horrific - 60,000 people a year die in Chinese factories and facilities, because they don't have any safety regulations. It's a carnage; it's Dickensian.

Donald Trump is not a protectionist. If he imposes tariffs on China or any other country that cheats, all he wants to do is defend America against unfair trade practices.