Politicians need money at election time and money to get the vote. Well, more than half of money in election comes from corporate interests whose interests are in polluting the Chinese environment and making products.
If money is the root of all evil, then China's manipulation of its currency, the yuan, is the tap root of everything wrong with the U.S.-China trade relationship.
We're already in a trade war with China. The problem is we've not been fighting back. Trump, through tariffs, wants to call a truce.
It's extraordinary to me - you cannot name a presidential candidate in history who has singlehandedly, through bad trade deals, destroyed more American jobs and more American factories than Hillary Clinton. She did NAFTA, she did China's entry into the World Trade Organization, she did the South Korean 2012 deal - every single one of those.
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.
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.
