‘That is Maganomics’: where Trump is taking America on trade

5Mind. The Meme Platform

Maverick economist turned presidential adviser Peter Navarro has helped bring back a world in which power takes precedence over economic exchange. Will he prove his critics wrong?

Seven years ago, I strode through the long black-and-white corridors of the White House’s Executive Office of the President to a room occupied by Peter Navarro, adviser to the then president Donald Trump. 

Navarro’s desk was buried beneath piles of paper. “I’m always messy,” the economist laughed, and presented a 140-page report with an American flag on the cover titled “Assessing and Strengthening the Manufacturing and Defense Industrial Base and Supply Chain Resiliency of the United States”This asserted that the US had become dangerously reliant on overseas suppliers for vital goods and thus needed industrial policies and trade controls.

“That’s a bit retro,” I joked. The last time such language had proliferated was during and after the second world war, when the American government tried to shape business to national ends. In peacetime, arguably the only comparable moment was the explosion of protectionism around the world that followed the Wall Street crash of 1929.

That episode ended so badly that by the late 20th century, industrial policy and tariffs seemed as unfashionable as flappers. The corridors of the EOP were filled with officials with a free-market, pro-globalisation ethos, who generally viewed trade through the lens of the classical economist David Ricardo (1772-1823). Their assumption was that open trade benefits all: countries export goods to earn money to pay for imports, and if each specialises in areas of comparative advantage, then everyone is better off.

“Ricardo is dead!” Navarro replied, before launching into a diatribe against America’s more mainstream economists — and the Financial Times, which Navarro’s friend, the rightwing agitator Steve Bannon, liked to say was akin to the church newsletter of a religion they wanted to overturn. I pointed out that the criticism was mutual.

Navarro shrugged. “You and the other FT writers will eventually know that I am right — you’ll see!” I walked out, report in hand, my heels clacking on the marble floors.

By Gillian Tett

Read Full Article on FT.com

Contact Your Elected Officials
Financial Times
Financial Timeshttps://www.ft.com/
The Financial Times is a British daily newspaper that focuses on business and economic current affairs, news, politics and opinion.

Are Epstein’s Worst Sins Being Confirmed?

WARNING: THIS ARTICLE HAS DISTURBING CONTENT OF A SENSITIVE...

Sadly, Minnesota has become a battleground, once again

Minnesota is again a battleground. Five years after George Floyd protests, demonstrators now target ICE agents enforcing the law.

Stolen Land or Stolen Context?: What We Are No Longer Teaching Our Children

To assess whether “stolen land” is accurate, we must examine how U.S. land was acquired — historically, not emotionally or rhetorically.

Repeal the National Childhood Vaccine Injury Act: The Original Petition

In 1986, Congress granted vaccine makers unique legal protections, shielding them from most lawsuits over injuries caused by vaccines.

Bad Bunny’s Legal Troubles Coming

The NFL and NBC’s “Big Game” halftime show featuring Bad Bunny has ignited controversy, unleashing a wave of backlash and unexpected fallout for all involved.

Tom Homan Announces End to Immigration Enforcement Surge in Minnesota

Tom Homan said that the administration has made significant progress in Minnesota and will therefore conclude the immigration enforcement surge in the state.

DOJ Asks Prosecutors to Flag ‘Rogue’ Judges for Impeachment

The DOJ asked federal prosecutors nationwide to identify examples of what it calls “judicial activism” for possible impeachment referrals to Congress.

Kraft Heinz Pauses Split as New CEO Says Packaged Foods Giant Is ‘Fixable’

Kraft Heinz is pausing plans to split into two companies as new CEO Steve Cahillane says its problems are “fixable and within our control.”

Marxist Network Under Scrutiny as Lawmakers Probe Chinese Influence

Lawmakers scrutinized a Marxist-aligned network with ties to a pro-Beijing millionaire over potential Chinese Communist connections.

Trump Warns Republicans Will ‘Suffer the Consequences’ If They Vote Against Tariffs

President Trump warned GOP lawmakers they’ll face consequences if they oppose his tariff agenda after some sided with Democrats on a measure.

Trump Orders Military to Purchase Electricity From Coal-Fueled Power Plants

President Donald Trump signed an executive order on Feb. 11 directing the U.S. military to purchase its power from coal-fired electricity plants.

Trump Says Meeting With Netanyahu Yields No Definitive Agreement on Iran

President Trump hosted Israeli PM Benjamin Netanyahu at the White House on Feb. 11 amid ongoing tensions with Iran over its nuclear program.

Why Canada’s China Pivot Makes US Tariff Relief Harder

Analysts say Ottawa’s Beijing outreach is raising new security and trade concerns in Washington—making U.S. tariff relief even harder to secure.
spot_img

Related Articles