America Can’t Win a Trade War – Ep. 334

America Can’t Win a Trade War – Ep. 334

Trade, Comparative Advantage and Protectionism
I want to devote this entire podcast on the subject of trade and comparative advantage and protectionism, and this trade war that President Trump is so confident about. He wants to declare war because he thinks we are going to win. He's a winner, and he wants America to win and so he wants to launch a trade war so that America can win.
The Trade Deficit is the Problem
I've been talking about how the trade deficits are at record highs. We have the biggest trade deficits ever and Donald Trump, when he was a candidate rightly criticized these trade deficits. They are a huge problem. They are endemic of an even bigger problem, and Trump understands that. He knows enough to realize that trade deficits are bad. I will give him credit where credit is due because most economists don't even see the problem with these trade deficits. They are wrong. Trump is right. The trade deficit is a problem.
Tariffs Will Not Solve the Problem
But where Trump is wrong is in thinking that these tariffs are going to solve the problem. They won't. They will make the problem worse. This is the irony of these tariffs. They will result in larger trade deficits, not smaller trade deficits. And that's even without any foreign retaliation; meaning, if China, if Europe, if our trading partners do nothing in response to these tariffs, the result will be larger, not smaller deficits. Manufacturing jobs - the very jobs that Trump is hoping to save will be lost as a result of these tariffs.
Mr. Trump: Slash Regulations!
I wish someone in the Trump administration, would share this podcast with President Trump. He needs to really this about economics, to understand what needs to be done. If Trump really wants to shrink America's trade deficit, there are ways to do that. He could slash regulations, not just talk about all the regulations, but actually slash a bunch of them.
Shrink Government
But the most important thing that Trump could do to make America more competitive in manufacturing is to shrink government. We need to cut government spending on a massive scale. We need to reform entitlements. These are things that President Trump doesn't want to touch. He's making government bigger. What we need is more savings. We need more capital investment in plant and equipment - but that's not happening. These larger deficits are going to crowd out what little investment we have. Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

Episoder(1084)

SchiffRadio Podcast Episode 3

SchiffRadio Podcast Episode 3

SchiffRadio Podcast Episode 3 Synopsis: * FOMC: Janet Yellen's official statement and her response to her Q&A, later in the day * Market reaction to Yellen's statement, and the "walk" vs the "talk". * The Ali Baba IPO * The breakdown in the price of Bitcoin * My crazy email exchange with CNBC's Joe Kernen * Scotland votes to remain in the UK Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

21 Sep 20142h 4min

SchiffRadio Podcast Episode 2

SchiffRadio Podcast Episode 2

SchiffRadio Podcast Episode 2 Synopsis * Economic Data - More weak data * Purchase applications index declined by 7.2% - biggest decline in 14 years * Treasury yields slightly up for the week * Retail sales up - Buying more or paying more? * auto purchases with cheap money * inflation not taken into account * Auto loans increasingly delinquent * Fed Policy * I'll admit to being wrong if the Fed raises interest rates back to normal and shrinks its balance sheet back to normal, as promised, and does not produce a financial crisis. * Interest Rates * Negative Interest Rates in Japan and in Switzerland * Inflation * Paul Krugman says we should be at 4% inflation and a minimum wage of $10.10 * Commentary on Henry Blodgett's inflation comments * Column from David K. Johnson on how corporations are getting rich by paying taxes * Employment * Jobless claims up, indicating a trend change * The Economy * Recognizing bubbles ahead of the crisis * Europe - Poll on Scottish independence * Social Issues: * The NBA in the hot seat for racism * Over-reaction to the Ray Rice story Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

15 Sep 20142h 3min

Schiff Radio Podcast Episode 1

Schiff Radio Podcast Episode 1

Schiff Radio Podcast Episode 1  Synopsis: * Wall Street foolishly dismisses August's horrible Jobs Report * ECB cuts rates in misguided push for higher inflation. * "Shrink-flation," what is it and why those using the term still don't get it. * Implications of Switzerland's coming gold reserve vote . * Protesting Fast food workers determined to put themselves out of work. * Does Alibaba's biggest IPO in history shows portent more interest in foreign stocks? * Countrywide's Anthony Mozilo is not the real villain. * NY Fed concedes 25% of college grads wasted their time and money. Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

9 Sep 20141h 52min

Schiff Radio – January 1, 2014

Schiff Radio – January 1, 2014

Happy Holidays!, Due to the holidays, Peter Schiff Show is airing best-of broadcasts. Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

2 Jan 201449min

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