A Quote by Charlie Munger
I'm a great admirer of the Trump change of mind about China and making an ally out of China instead of screaming about their trade.
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If you really want to change the Trump administration, you have to change the guy at the top. And that's not happening anytime soon. But, again, where I do think where you will see some movement is on this economic side, where I suspect, for example, this is a victory for China, because Trump was - I mean, Bannon was the hawk on China trade.
In my movie, "Death By China," it shows Bill Clinton in 2000 promising that when China got into the World Trade Organization we would be making products here and selling them there, and life would be great. Just the opposite has happened. And here's why this has been so devastating - China went into the World Trade Organization and agreed to play by certain rules. Instead, it's violated these rules. For 15 years, it continues to illegally subsidize its exports.
China are running trade deficits with the rest of the world. If you look at the U.S. trade deficit, it's close to $800 billion trade in goods. Half of that is with China, so it's a big part of the problem. And the problem with China, as opposed to, say, Canada, is that China cheats.
As ambassador to China, Huntsman never publicly objected to Obama's trade policy, which allows China to take advantage of us - something that Donald Trump highlighted. Challenging Obama on China is one of the keys to beating him.
The far more likely Trump scenario is this: Chinese leaders realize they no longer have a weak leader in the White House; China ceases its unfair trade practices. America's massive trade deficit with China comes peacefully and prosperously back into balance, and both the U.S. and Chinese economies benefit from trade.
China's productive system draws upon the other East Asian countries to a great extent. The volume of trade is much larger than the net amount being exported from China. China needs substantial reserves to finance all that.
I'd quite like to run the Great Wall of China. I've never been to China and there's something about the Great Wall of China that is so iconic and evocative. It's only 3,000 miles. It's not that far.
As commerce secretary, I led the Clinton administration's effort to ensure China's entry into the World Trade Organization and the permanent normalization of trade between the U.S. and China - steps that produced a 76 percent increase in U.S. exports to China in just three years.
During the 1999 debate over Permanent Normal Trade Relations with China President Bill Clinton said, 'In opening the economy of China, the agreement will create unprecedented opportunities for American farmers, workers and companies to compete successfully in China's market. WRONG: Our trade deficit with China has increased from $83 billion in 2001 to a record breaking $342 billion in 2014.
We have trade with China. We lose hundreds of billions of dollars a year on trade with China. They know how I feel. It's not going to continue like that. But if China helps us, I feel a lot differently toward trade. A lot differently toward trade.
I'm not as bearish as many others about China. Why? Because China must grow. So I am far more optimistic about China.
I don't think Donald Trump is a conservative. I think his line on China for example, that he's going to talk tough to China. China didn't create Social Security, Medicare. China isn't spending a fifth of a billion dollars every hour that it doesn't have.
You American people worry too much about the China economy. Every time you think China is a problem, we get better, but when you have a high expectation for China, China is always a problem.
In Businessweek magazine, they did a story a while ago about one of the ten things that the Chinese most want. One of the ten things was "Anything Trump". And I thought about that. And they respect me. China does not respect us and they don't respect our leaders. I have done great in China.
The policy goal is to persuade China to stop cheating. But here's what's interesting - Donald Trump intuitively understands what things should be. I did a study in 2008 where I estimated the impact of China's unfair trade practices on their competitive advantage - the so-called China Price. You know what it came out to be? Forty-three percent. Forty-three percent - very close to what his intuition said we needed in order to equalize things.
Of course I have the license to make up things, but I think a lot of what's written about China is misleading, and most Americans don't know much about China, in-depth, even though China is such a crucial business partner, rival, whatever.
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