The folly of Trump's 'buy American and hire American'

The folly of Trump's 'buy American and hire American'

"We said with utmost respect and cordiality, but also very clearly, that it was an issue that we were not going to accept, for any reason".

Trump's inauguration speech blasted past administrations for not doing enough to protect American manufacturing interests: "Politicians prospered, but the jobs left and the factories closed". His formula is simple: "Buy American and hire American". And given that 24% of Mexico's exports are automobiles or parts, and that numerous companies making them are US-owned, it seems a bit disingenuous to get so upset about it. The truth is that protection against foreign trade leads away from prosperity and strength. "After the 9/11 terrorist attacks, we sealed the border with Mexico and Canada, and within a week auto plants in MI had to begin shutting down because they were not getting access to parts they depended on from Mexico", Rob Scott, director of trade and manufacturing at the Economic Policy Institute, a left-leaning think tank in Washington, DC, told Vox. Otherwise, they wouldn't bother.

Trump signed an order Monday withdrawing the United States from the pending Trans-Pacific Partnership, or TPP, trade deal.

"If President Trump is serious about a new policy to help American workers then I would be delighted to work with him", said Sen.

His belief that worldwide commerce is bad for Americans and protection is good for us is not a theory but an ancient superstition. Today, worldwide trade supports more than one-in-five jobs in Arizona, which pay roughly 18 percent higher salaries. That transaction allows citizens to consume more for each dollar spent. All of its signatories have changes they would like to make. When we show up to stop the border wall, we need to show up and hold Mexico accountable to its claim not to believe in walls, especially one with Central America. But the costs would be higher on either side. Just imagine how much illegal immigration would be stemmed if Mexico's standard of living matched that of Canada.

Other parts of the economy are also showing improvement.

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A smart negotiator would take all that into account before risking trade wars that might do far more damage to American companies, workers and consumers than the status quo allegedly does. Mexico - more dependent on cross-border trade than the USA - could see its economy slip. In industries deprived of imported supplies, prices would rise, sales would decline and employment would shrink. The U.S. and Mexico traded $531 billion in goods and services in 2015, nearly five times the trade between the U.S. and U.K. Mexico is the third-largest trading partner with the U.S., following China and Canada, and it sends close to 80 percent of its goods to its northern neighbour.

Indeed, NAFTA opponents note that the official USA jobless number, which hovers around the 5 percent mark, is an artificial number, as it only considers those who are actively seeking work.

Though the USA and Japan had butted heads over trade in the 1980s, Clinton took on Japan more aggressively than his predecessors had. But a total rollback of the U.S.'s current integration into the global economy is unlikely to provide relief to US manufacturing workers. Free Trade Agreement, which came into effect in 1988.

Mr Norland contrasted the potential for ructions in agricultural trade with the weak price of crops on global futures markets, and the lack of volatility in options. The strong job market and optimism among consumers and companies for Trump's proposed policies on lower taxes and fewer regulations are likely to keep growth humming along in 2017.

Only about 14,000 Americans are employed making footwear. His "America First" doctrine has alarmed the Europeans-other than the groveling British prime minster and other anti-immigrant nationalists-and raised concerns about the viability of the European Union and the North Atlantic Treaty Organization.

It would also be a drain on the economy. Jorge Castaneda, who served as secretary under former Mexican President Vicente Fox, also blasted the measure Wednesday.