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.

As 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.

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.

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.

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

The really big problem with China is that there are the unfair trade practices, like currency manipulation, illegal export subsidies and the theft of intellectual property, but then there's also things that the WTO doesn't cover that it should, which is the use of sweat shops and pollution havens.

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.