A Quote by Elaine Chao
Smoot and Hawley ginned up The Tariff Act of 1930 to get America back to work after the Stock Market Crash of '29. Instead, it destroyed trade so effectively that by 1932, American exports to Europe were just a third of what they had been in 1929. World trade fell two-thirds as other nations retaliated. Jobs evaporated.
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As we learned after President Herbert Hoover signed the Smoot-Hawley tariff at the outset of the Great Depression, vibrant international trade is a key component to economic recovery; hindering trade is a recipe for disaster.
A major boom in real stock prices in the US after Black Tuesday brought them halfway back to 1929 levels by 1930. This was followed by a second crash, another boom from 1932 to 1937, and a third crash. Speculative bubbles do not end like a short story, novel, or play. There is no final denouement that brings all the strands of a narrative into an impressive final conclusion. In the real world, we never know when the story is over.
The biggest trade that Germany and Britain had was with each other, in the prewar period; I think I'm right in that. Two highly industrialized nations had the most trade with each other, and it wasn't tariff policies alone that made trade relations better for both of them.
I would like to believe that TPP will lead to more exports and jobs for the American people. But history shows that big trade agreements - from NAFTA to the Korea Free Trade Agreement - have resulted in fewer American jobs, lower wages, and a bigger trade deficit.
After 1929, so many people had been traumatized by the stock market crash that there was a lost generation.
Third, we will make trade work for America by forging new trade agreements. And when nations cheat in trade, there will be unmistakable consequences.
I support free trade. Donald Trump supports free trade.Trade means jobs. Jobs in the United States, jobs in my home state of Indiana are supported by international exports.
The defining moment in American economic history is when Bill Clinton lobbied to get China into the World Trade Organization. It was the worst political and economic mistake in American history in the last 100 years. China went into the World Trade Organization and agreed to play by certain rules. Instead, they are illegally subsidizing their exports, manipulating their currency, stealing all of our intellectual property, using sweatshops, using pollution havens. What happens is, our businesses and workers are playing that game with two hands tied behind their back.
I supported the Korean Trade Agreement in 2011. They promised - when it was signed, President [Barak] Obama said it would increase our exports to Korea by $10 billion a year.That creates jobs in America.Since - last year, 2015, there was no increase, like instead of billions of dollars there was like a $100 million increase in our exports to Korea, whereas as their imports to us went up $12 billion, and our trade deficit increased 240 percent.
President Obama has been admirably pro-trade in public remarks, but there has been no progress in moving any new free trade agreements to expand exports abroad and create jobs at home.
They were the darkest of times, the years following the crash of the stock market in 1929. Thousands of people across the United States were cast out of their Jobs, off their farms, out of their homes and apartments, and into the crushing depths of poverty.
Americans did not suffer alone. World trade overall fell two-thirds in the first few years of the Depression.
Everybody talks about tariffs as the first thing. Tariffs are the last thing. Tariffs are part of the negotiation. The real trick is going to be increase American exports. Get rid of some of the tariff and non-tariff barriers to American exports.
After the Moslem Africans lost control over Spain, they began to prey on the Africans further to the south. They destroyed the great independent states in West Africa, and subsequently set Africa up for the Western slave trade and the Arabs were in the slave trade before Islam and they are still in the slave trade.
I'm carrying on. I'm making the case for unity, I'm making the case of what Labour can offer to Britain, of decent housing for people, of good secure jobs for people, of trade with Europe and of course with other parts of the world. Because if we don't get the trade issue right we've got a real problem in this country.
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.
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