Political Quotes

“He says: It is time to focus upon true free trade with rules, reciprocity and results, while fighting the increasing scourge of global mercantilism. We must seek balanced trade flows over time rather than be condemned to serve as the global importer of last resort. He also said: It is also time to preserve our constitutional system of checks and balances and refrain from giving more power to global institutions that displace our legislative and judicial branches. I think that is good advice, too. Again, what Mr. DiMicco says is that while we remove trade barriers and open our markets to importing competition, our allies, even when they reduce their tariff barriers, don't reduce other institutional barriers. They also utilize currency manipulation. This currency manipulation can provide a far more substantial advantage in trade than even a tariff does. Mr. Volcker--the former Federal Reserve Chairman under President Reagan and widely regarded as having done a magnificent job-- said tariffs can be overcome in a matter of minutes by currency manipulation. Europe has seen its currency drop over 20 percent. Korea has moved its currency down. Japan has moved its down. China has ensured its yuan remains at a level below where it should be on economic terms.…”