Political Quotes

“I am here today, of course, to talk about most-favored-nation status. Much has been heard about our bilateral trade deficit with China. It is the same argument that protectionists use as a reason not to trade with Japan. These protectionists argue that because we have a large trade deficit with a specific country, we should erect trade barriers or force them to purchase more American goods to level the playing field. In the 1980's, Japan was the culprit. Today it is China. And if China is treating us unfairly simply because of our trade deficits, then we are treating nations like Australia, Argentina, Egypt, and Poland unfairly and they should erect trade barriers to level the playing field with American products. The fact is, all Americans run up lifelong trade deficits with their local restaurants, grocery store, department store. We do not demand that our local grocer or retailer purchase something from us in return for patronage. Of course, that is where I believe the so-called fair traders are incorrect. It is difficult to find a majority of economists who agree on anything, but they do agree erecting trade barriers hurts the nation doing it.”