A Quote by Peter Navarro
We're going right down the toilet, and it's a made-in-China toilet. I teach MBAs. And I noticed, starting a few years after China joined the World Trade Organization, that a lot of my students were no longer employed. They were still coming to get their MBA, but they'd lost their jobs.
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I teach MBAs. And I noticed, starting a few years after China joined the World Trade Organization, that a lot of my students were no longer employed. They were still coming to get their MBA, but they'd lost their jobs. And I started to ask questions why. And, at that point, all roads were leading to Beijing.
We're going right down the toilet, and it's a made-in-China toilet.
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.
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.
I'll also make sure that America has trade relations with China that work for us. I've watched year in and year out as companies have shut down and people have lost their jobs because China has not played by the same rules, in part by holding down artificially the value of their currency. It holds down the prices of their goods. It means our goods aren't as competitive and we lose jobs. That's got to end.
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.
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.
If China is helping its domestic industries charge an artificially low price for solar panels and other environmental goods, then China is violating international trade rules that it agreed to when it became a member of the World Trade Organization.
I guess you heard about this; the U.S. Olympic Committee is coming under fire after it was revealed that the uniforms for Team USA to be worn in the opening ceremony were made in China. Turns out they were made by some of the same kids who could beat us in gymnastics. That's the worst part.
Right after September 11, 2001, there weren't really any blogs in China, but there were a lot of Chinese chatrooms - and there were a lot of conversations in which Chinese netizens were saying things like, 'served them right.' That was definitely not the official Chinese government policy - which condemned the terrorists.
America has lost 70,000 factories since China entered the World Trade Organization, WTO, another Bill and Hillary Clinton backed disaster.
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.
I had the trade minister in China sit down as we were preparing for trade negotiations. He said, 'Please don't let people in the United States lose their confidence because when you lose your confidence, the rest of the world suffers'.
On trade, our country is a disaster. We have political hacks. People that give money to politicians. That's how they get their jobs. We have the worst people negotiating our trade deals. We're going stop that. We're going to have the greatest business people in the world and we have them. We're going to have the greatest business people in the world negotiating our trade deals with China.
It so happens that because all the economies are strongly inter-connected and aggregated, there is trade that is happening not just from China to the rest of the world, but from the rest of the world to China as well, and that is going to continue.
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