Trade attorney analyzes economic impacts of Trump’s tariffs


WITNESSES OUTSIDE THE INSPECTOR'S REACH >> Dana: THANK YOU

LET'S GO BACK TO THE PROPOSED TARIFFS AND DISCUSS THE IMPACT WE'RE HERE AT THE CATO INSTITUTE AND A TRADE ATTORNEY I WANT TO PLAY FOR YOU A LITTLE SOUND FROM YESTERDAY'S SHOW THIS IS WILBUR ROSS AND PETER NAVARRO, THE PRESIDENT'S ADVISOR, WANTING HIM TO PRESS FORWARD WITH TARIFFS >> WHAT WE'RE TALKING ABOUT IN TERMS OF THE ECONOMY IS 9 BILLION DOLLARS OF — OF TAR ARRIVE ARRIV -RIV –IV TARIFFS, THAT'S A FRACTION OF THE ECONOMY

>> LOOK AT TARIFF ON ALUMINUM, SIX PACK OF BEER, A CENT AND A HALF >> IN BILLIONS OF DOLLARS >> ON A 19 TRILLION DOLLAR ECONOMY >> YOU AGREE IT IS BILLIONS OF DOLLARS INCREASE >> I AGREE THE DOWNSTREAM EFFECTS OF STEEL AND ALUMINUM TARIFFS ARE INSIGNIFICANT AND THE MISSION HERE IS TO PRESERVE OUR STEEL AND ALUMINUM INDUSTRIES FOR NATIONAL SECURITY AND ECONOMIC SECURITY

>> Dana: HOW DO YOU RESPOND TO THE IDEA THAT THESE TARIFFS WOULD ONLY HAVE A MINOR OR TRIVIAL IMPACT ON THE REST OF THE ECONOMY? >> THEY SEEM TO IGNORE THE 9 BILLION DOLLAR NUMBER IS ONLY THE DIRECT TARIFF TAX AMOUNT AND THEY — THEY IGNORE THE FACT THAT WHAT — WHAT THE FAVORS WOULD DO IS TURN THE UNITED STATES IN TO AN ISLAND OF HIGH-PRICED STEEL AND ALUMINUM THAT WILL GO THROUGHOUT ECONOMY A BRAND NEW ANALYSIS THAT WAS JUST RELEASED SHOWED IT WOULD DESTROY ABOUT 146,000 JOBS ON NET SO YOU'RE ALSO THEN IGNORING THE POTENTIAL FOR GLOBAL RETALIATION FROM OUR TRADING PARTNERS

FINALLY, I GOT TO SAY THEY SEEM TO REALLY — REALLY DISREGARD THE CONSUMER EFFECTS HERE YOU KNOW, THIS IS THE SAME ADMINISTRATION THAT A FEW WEEKS AGO WAS TOUTING 75 DOLLARS A MONTH THAT A PERSON'S PAYCHECK AND THEY'RE SHRUGGING THEIR SHOULDERS AT A NEW CONSUMER TAX THAT MAY INCREASE THE COST OF A CAR BY 200 DOLLARS AND INCREASE FOOD COSTS AND SO FORTH THERE SEEMS TO BE A — A BIG CONTRADICTION THERE >> Dana: THE PRESIDENT MADE ADDITIONAL COMMENTS WHEN HE WAS SHOUTED A QUESTION ABOUT THE TARIFFS HE TALKED ABOUT THE POSSIBILITY OF — IF HE COULD GET A BETTER DEAL WITH NAFTA, THEN MAYBE HE WON'T NEED TO DO THIS

I THOUGHT THE WHOLE POINT OF DOING THE TARIFFS IS TO PUNISH CHINA WHICH IS NOT A PART OF NAFTA I'M CONFUSED ON THAT >> YOU SHOULD BE CONFUSED FIRST OF ALL, IT REALLY UNDERMINES THE IDEA IT IS ABOUT — THIS IS ABOUT NATIONAL SECURITY IF WE'RE USING IT AS LEVERAGE IN NEGOTIATIONS, PARTICULARLY WITH THE CLOSEST ALLIES

CHINA IS NOT A NAFTA PARTY CHINA — CHINESE EXPORTS OF STEEL ARE THE 11TH LARGEST THE MAJOR STEEL EXPORTERS OF THE UNITED STATES ARE CANADA AND — AND THE EUROPEAN UNION AND JAPAN AND OTHERS IT DOESN'T MAKE MUCH SENSE PROPERTY NATIONAL SECURITY PERSPECTIVE TO PUNISH OUR ALLEY PERSPECTIVE TO PUNISH OUR ALLE PERSPECTIVE TO PUNISH OUR ALLIE PERSPECTIVE TO PUNISH OUR ALLIES TO GET TO CHINA >> Dana: OUR TRADING PARTNERS HAVE DOMESTIC POLITICS

THE PRESIDENT IS I THINK TRYING TO BE TOUGH ON BEHALF OF THE AMERICAN WORKER, THAT WORK IN THOSE INDUSTRIES BUT IN MEXICO OR CANADA OR IN GERMANY, OR EVEN IN CHINA, THOSE LEADERS HAVE TO SOUND TOUGH I'M TRYING TO FIGURE OUT HOW THIS ALL ENDS UP IF THIS GOES FORWARD >> THE PRESIDENT REALLY — SEEMS TO MISUNDERSTAND OR — OR THAT — THAT OTHER COUNTRIES POLITICAL LEADERS HAVE VERY SIMILAR DOMESTIC PRESSURES THAT WE HAVE IN THE UNITED STATES AND CAN'T BE SEEN AS CAVING TO PRESIDENT TRUMP WHEN HE MAKES THESE THREATS SO THEY — THEY TO RESPOND

WHETHER THEY LIKE TO OR NOT, THERE'S AN INEVITABLE REACTION THEN YOU TALK ABOUT THE NAFTA GOSH, GOSH OSH NEGOTIATIONS AGAIN HOW DO THEY AGREE TO THE DEAL IF THEY COME OFF LOOKING LIKE THEY CAVED TO THE PRESIDENT'S THREAT >> Dana: PRESIDENT SAID HE HEARD THE PARTIES WORKING IN MEXICO

Source: Youtube


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