At a meeting with his G7 counterparts, US Treasury Secretary Steven Mnuchin says the US has the right to be protectionist, but would rather seek more balanced trade deals.
Said Mnuchin, “We do not want to be protectionist but we reserve our right to be protectionist to the extent that we believe trade is not free and fair.”
He added, “Our approach is for more balanced trade, and people have heard that. And as I say, people are more comfortable today, now that they’ve had the opportunity to spend time with me and listen to the president and hear our economic message.”
While some have criticized the new US administration for their skepticism toward free trade, there has been far too little focus on the damage that poorly written trade deals have done to many working class and middle income people.
While many of the elite push for policies that allow them to bring in cheap labour and decimate the industrial sectors of their economies – the voices of the majority of citizens have been ignored. As a result, wages are stagnant, the middle class is under massive pressure, and many people haven’t gotten a true raise in 30 years.
So, while “protectionism,” and “fair trade” have become a dirty word in the minds of the politically correct class, the resurgence of those ideas speaks to how the economic status quo has failed far too many of us.
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