The Pronk Pops Show 600, January 8, 2016, Story 1: Currency Wars Lead To Trade Wars — Trade Wars Lead To Real War (Repeating The Mistakes of 1930s and Smoot Hawley Tariff) or Free and Fair Trade — Make America Great Again and Build The Yellow Brick Wall? — Trump/Cruz Ticket — The Lesser of Two Evils — In Search of The Peace and Prosperity Candidates — There are None — Global Recession! — Get Guns — Videos

Posted on January 8, 2016. Filed under: 2016 Presidential Campaign, 2016 Presidential Candidates, American History, Blogroll, Budgetary Policy, Constitutional Law, Donald J. Trump, Donald Trump, Empires, Employment, European History, Fiscal Policy, Foreign Policy, Government, Government Spending, History, Illegal Immigration, Immigration, Independence, Investments, Language, Law, Legal Immigration, Media, Monetary Policy, News, Philosophy, Photos, Politics, Progressives, Radio, Rand Paul, Raymond Thomas Pronk, Regulation, Scandals, Security, Social Science, Success, Tax Policy, Taxation, Taxes, Technology, Ted Cruz, Ted Cruz, Terror, Terrorism, Videos, Violence, War, Wealth, Weapons, Wisdom | Tags: , , , , , , , , , , |


The Pronk Pops Show Podcasts

Pronk Pops Show 600: January 8, 2015

Pronk Pops Show 599: January 6, 2015

Pronk Pops Show 598: January 5, 2015

Pronk Pops Show 597: December 21, 2015

Pronk Pops Show 596: December 18, 2015

Pronk Pops Show 595: December 17, 2015

Pronk Pops Show 594: December 16, 2015

Pronk Pops Show 593: December 15, 2015

Pronk Pops Show 592: December 14, 2015 

Pronk Pops Show 591: December 11, 2015 

Pronk Pops Show 590: December 10, 2015 

Pronk Pops Show 589: December 9, 2015 

Pronk Pops Show 588: December 7, 2015 

Pronk Pops Show 587: December 4, 2015 

Pronk Pops Show 586: December 3, 2015 

Pronk Pops Show 585: December 2, 2015 

Pronk Pops Show 584: December 1, 2015 

Pronk Pops Show 583: November 30, 2015 

Pronk Pops Show 582: November 25, 2015 

Pronk Pops Show 581: November 24, 2015 

Pronk Pops Show 580: November 23, 2015  

Pronk Pops Show 579: November 20, 2015 

Pronk Pops Show 578: November 19, 2015 

Pronk Pops Show 577: November 18, 2015 

Pronk Pops Show 576: November 17, 2015

Pronk Pops Show 575: November 16, 2015 

Pronk Pops Show 574: November 13, 2015 

Pronk Pops Show 573: November 12, 2015 

Pronk Pops Show 572: November 11, 2015 

Pronk Pops Show 571: November 9, 2015 

Pronk Pops Show 570: November 6, 2015 

Pronk Pops Show 569: November 5, 2015 

Pronk Pops Show 568: November 4, 2015 

Pronk Pops Show 567: November 3, 2015 

Pronk Pops Show 566: November 2, 2015

Pronk Pops Show 565: October 30, 2015

Pronk Pops Show 564: October 29, 2015 

Pronk Pops Show 563: October 28, 2015 

Pronk Pops Show 562: October 27, 2015 

Pronk Pops Show 561: October 26, 2015 

Pronk Pops Show 560: October 23, 2015

Pronk Pops Show 559: October 22, 2015 

Pronk Pops Show 558: October 21, 2015

Pronk Pops Show 557: October 20, 2015 

Pronk Pops Show 556: October 19, 2015

Pronk Pops Show 555: October 16, 2015

Pronk Pops Show 554: October 15, 2015 

Pronk Pops Show 553: October 14, 2015

Pronk Pops Show 552: October 13, 2015 

Pronk Pops Show 551: October 12, 2015 

Pronk Pops Show 550: October 9, 2015 

Pronk Pops Show 549: October 8, 2015 

Pronk Pops Show 548: October 7, 2015 

Pronk Pops Show 547: October 5, 2015

Pronk Pops Show 546: October 2, 2015 

Pronk Pops Show 545: October 1, 2015 

Story 1: Currency Wars Lead To Trade Wars — Trade Wars Lead To Real War (Repeating The Mistakes of 1930s and Smoot Hawley Tariff) or Free and Fair Trade — Make America Great Again and Build The Yellow Brick Wall? — Trump/Cruz Ticket — The Lesser of Two Evils — In Search of The Peace and Prosperity Candidates — There are None — Global Recession! — Get Guns — Videos

The philosophy of protectionism is a philosophy of war.

~Ludwig von Mises

trump wall

Republican presidential candidate Donald Trump attends a news conference near the U.S.-Mexico border (background), outside Laredo, Texas July 23, 2015. REUTERS/Rick Wilking - RTX1LKQPdonald-trump-well-call-it-the-great-wall-of-trump

american peopletrends journal


140210 Commodity Prices since 1775 rba_commodity_prices_jan_2015chart_lgcommodity pricestrade-deficitTradeDeficitTradeJan2015gdp_largejeffersongun-control-dhs-450-million-rounds-hollow-point-bullets-turn-in-gunsCartoon-Shooting-All-the-Time-600oppression-starts-with-gun-registration-battaile-politics-1367717366undocumented

China’s Currency Manipulation is Harming America. Fair Trade Would Restore US Jobs and Prosperity

How China’s devaluation impacts the U.S.

China’s Currency Devaluation Explained

How Does China Manipulate Its Currency?

China v US – Currency Manipulator & Trade Wars

China’s Currency Policy

CURRENCY WAR Red Hot as China Devalues Yuan by Record Amount!

Conversation: The Strategy Behind China’s Currency Devaluation

China! Will America Win the Trade War? | Bill Whittle

Keiser Report: Defaulting is New Black (E858)

Keiser Report: ‘Bankism’, oil prices and US election insanity (E856 feat. Gerald Celente)

2016 Outlook: Currency wars developing into trade wars – The legacy of protectionism

Economic Expert: How China Will Win The Currency War

Jim Rickards: Will Currency Wars Reorder the World?

Jim Rogers: Trade wars never work, always leads to real war

Ron Paul ~ Trade War & Economic Collapse Coming

Lessons from the Great Depression

Trade War, Then World War

The Smoot Hawley Tariff Act –

The Legacy of the Smoot-Hawley Tariff Act

The Hawley-Smoot Tariff in Under 5 Minutes – Hasty History

Boring Economics Teacher

China’s actual status in world trade a grey area

Chinese Currency Manipulation

China’s 10 years in WTO: Many Reforms Still Not Enacted

Restore American Manufacturing & Jobs to Rebuild the Economy! (Scrap NAFTA, WTO)

U.S. Trade Policy and Job-Destroying Treaties, WTO & NAFTA

The World Trade Organization (WTO) and the global resistance

Looking back at 20 years of multilateral trade

Trump vs Friedman – Trade Policy Debate

Donald Trump on trade, healthcare and more (CNN interview with Jake tapper)

Donald Trump talks taxes, trade and 9/11

Milton Friedman Speaks – Free Trade: Producer vs. Consumer

Milton Friedman – Laissez-Faire Trade Policy

Milton Friedman debates a protectionist

Milton Friedman – Free Trade vs. Protectionism

TAKE IT TO THE LIMITS: Milton Friedman on Libertarianism

Milton Friedman vs Bill Clinton (1999)

U.S. economic collapse: Donald Trump on America vs. China

Bill O’Reilly: The U.S. Dollar will Collapse

Donald Trump Fall of the dollar Economic collapse

Donald Trump Rally Burlington Flynn Center Vermont Thursday January 7 2016 HD

Donald Trump Funny Moments – Ultimate Compilation

War – Edwin Starr

Rape Victim Challenges President Obama at CNN Gun Control Town Hall

NRA Responds To Pres Obama’s Town Hall On Gun Control – America’s Newsroom

Obama Takes on Gun Control Critics at Town Hall

Full HD President Barack Obama Town Hall CNN Gun Control America Jan 7, 2016 1/7/2016

The Daily Ledger interview with Dr. John R. Lott Jan 6, 2016

President Obama praises Australia’s gun control

Obama praises Australia in scathing criticism of American gun policy following mass shooting 9news

Obama: US gun control laws ‘greatest frustration of my presidency’ – BBC News

second amendment

Bang Bang -My Baby Shot Me Down- Nancy Sinatra 1966

The Wall Street Journal Painted a Free-Trade Bullseye on Donald Trump.  (They Started Firing, but They Missed.

The Wall Street Journal is going after Donald Trump with both barrels right now. Let’s be honest: They loathe the often abrasive businessman — but primarily for his views on trade, which don’t square with their free-trade fairyland.

The WSJ started going after the Trump campaign with a pseudo-economics hit piece by Mary O’Grady that explained why Trump is wrong on NAFTA/Mexico. They followed this with an editorial lamenting Trump’s “protectionist” views in the most recent GOP debate. Then came another take-out section in a piece by Karl Rove on Trump as the debate’s sole loser. And finally, they blasted another editorial on why Mr. Trump is wrong on the TPP, China, and the international economic policy of that strategic genius, Barack Obama, apparently a WSJ trade hero — although they dared not mention him by name.

Let’s start with the post-debate analysis.

Following the most recent GOP debate, during which only Trump was asked for his views on the Trans-Pacific Partnership (TPP) trade deal — and by WSJ Editor-in-Chief Gerard Baker (a set-up by any standard)— the Journal opined that Trump doesn’t have “any idea” what’s in the TPP. And because Trump cited China and its currency manipulation as a key problem, the Journal was cheered by

Sen. Rand Paul (R-KY) ’s non-sequitur debating point that China isn’t even a party to the TPP negotiations.

But in the actual debate, and in response to Baker’s question on opposition to the TPP, Mr. Trump said at the outset that no one reads the TPP— because it’s just too long and complex. Presumably, Trump included himself in this vast group of non-readers, which likely also includes the editorial board of the WSJ, and the moderators, as well as all the candidates at the debate. And let’s also note that a mere read-through of the actual trade text is hardly sufficient. The pact’s dense legalese is often so opaque and self-referential that reading and understanding are two very different things. Literally, the process requires days if not weeks of concentration.

However, Mr. Trump’s key points in response to Baker were: (1) that China could enter the agreement “through the back door,” which means that they are not an original or “front door” party to the agreement, and (2) that China’s currency manipulation has proven to be a big problem for U.S. manufacturing businesses, which neither the Bush II or Obama administrations have addressed successfully.

Rather than being the ignoramus that the Journal claims him to be, Mr. Trump is in fact correct on both points. The TPP is a “dockable agreement,” which means that, in the future, any country wanting to join the final deal can do so if it agrees to the full terms. Beijing has already expressed interest in joining the TPP, and recently, U.S. Secretary of State John Kerry actually went on record to invite both China and Russia into the fold.

Trump is also correct that the TPP lacks any enforceable provisions on currency manipulation (such as sanctions that would actually punish violators), as opposed to the TPP requirements for reporting on currency and meetings to discuss manipulation. In emphasizing this glaring omission, Mr. Trump focused on potential member China as an example but his remarks covered the free pass currently being given to known TPP manipulators such as Japan, Singapore, and Malaysia, and other potential TPP member-manipulators, such as Korea and Taiwan.

Rand Paul, who was either unable to follow Trump’s line of argument, or is fine with currency manipulation, interrupted to explain that China isn’t part of the deal. Ok, thanks, Rand, but Donald never said it was. And Trump is correct that China’s currency malfeasance has cost the U.S. dearly in terms of displaced factories and jobs, foregone wealth creation, loss of market share both at home and abroad, and diminishing power and influence.

Moderator Baker seized Paul’s interruption to editorialize in favor of the TPP, saying that, if America didn’t ratify the deal, China’s influence would fill the void, and thus expand in the region. This happens to be a direct cite of President Obama’s TPP taking points. But to suggest that China’s economic course is somehow going to be altered by the TPP is errant nonsense. TPP countries already trade quite willingly and extensively with China, and on unequal terms. The TPP will not alter that fact. Nor will it stop China from concluding bilateral and multilateral trade agreements, or any other action that Beijing considers to be in the national interest.

A case in point is China’s new Asia Investment and Infrastructure Bank.

Direct pleas from President Obama could not stop U.S. allies, with the exception of Japan, from racing to join the Bank. And so, the argument that the TPP will constrain China economically is ludicrous. And China eventually will join the TPP— and most likely subvert it. (Witness how Beijing has steadfastly ignored its WTO obligations for the 14 years of its membership, and has shirked its IMF duties not to manipulate its currency, inter alia.)

Trump expressed displeasure with the Journal’s caustic take, which prompted the paper to blast the New York businessman with even greater fire in a follow-on editorial. But essentially, the WSJ merely reiterated its original mischaracterizations regarding Trump’s debate performance. Namely: (1) He doesn’t understand the agreement and shouldn’t be citing China as a key objection to it; (2) His concerns about currency manipulation are incorrect.

But anyone who is not a dogmatic believer in free-trade ideology should stand by Trump on this one. As noted above, his concerns on China — and other countries — are more than justified. And, a lack of provisions in the TPP to sanction currency manipulation is indeed a serious matter. What’s driving the WSJ’s animus on this issue, however, is their blind allegiance to anything called free trade, which is a theory, not a law of physics.

In the current global economic arena, there is little true free trade; there is only government-managed trade. In fact, the Journal inadvertently confirms this important and basic fact when it keeps making the point that trade should occur under U.S. rules rather than China’s. The reality is that a free market is not supposed to be a government-controlled market. Instead, it should simply involve an exchange of goods and services among willing buyers and sellers. So this puts the lie to Journal’s fixation with the “free-ness” of current trade. The hard fact is that these trade schemes are not based on the law of comparative advantage. Instead, they are based on whatever various, favored industries have coopted their respective governments to include their particular needs within the trade package.

The WSJ claims that Trump will start trade and currency wars on his first day in office — because he has said that he would name China a currency manipulator on his first day in office. They are trying — irresponsibly, through character assassination and hysteria — to stampede readers away from his candidacy. They obviously prefer a pro-TPP candidate, which explains the recent column warning

Sen. Marco Rubio (R-FL) not to oppose the TPP.  The WSJ message is clear. Any candidate who dismisses the religion of free trade will get blasted.

The great irony is that China has long since carried on a trade war against the U.S., via continued dumping, subsidies, lax pollution standards and the aforementioned currency manipulation. The Journal seems intent on defending Beijing’s currency moves, and also likes to propagate the false notion that Quantitative Easing by the Federal Reserve is an “actionable” form of currency manipulation. But the comparison is false. The dollar is freely traded on world markets, with no interference by the U.S. government. This is far different from the tightly controlled band within which Beijing maintains its currency, and its numerous interventions in foreign exchange markets.

It is also misleading to imply that other countries are going to enforce currency measures against the United States, if they were actually included in trade agreements, simply because the Federal Reserve has expanded the U.S. money supply through quantitative easing. The fact that there are more dollars in circulation in part means that Americans have more money to buy more imported goods from China, Japan, et alia, who have collectively decimated America’s manufacturing industries. This is why the stimulus program didn’t work as advertised. The new money hemorrhaged overseas, stimulating foreign economies rather than ours. So it’s hard to accept the argument that these countries are going to bring cases against the United States given the resultant trade surpluses they continue to earn with us.

Overall, the WSJ attacks show the paper is very worried that Trump is challenging its favored status quo by giving voice to the majority of Americans who know instinctively that something is wrong with our trade policies, given our large trade deficits and ballooning national debt.

Trump’s attacks on so-called free trade implicate the Journal’s short-sighted policies, which have put America in peril due to lost manufacturing and thus foregone wealth creation. In fact, it is the WSJ’s failure (along with its favored establishment candidates) to adjust its trade theory to reality, and to address currency cheating by our trade partners, that have given rise to the Trump phenomenon in the first place.

Kevin L. Kearns is president of the U.S. Business & Industry Council (USBIC), a national business organization advocating for domestic U.S. manufacturers since 1933.

Donald Trump Is Upset

The candidate says we were unfair to him on trade.

Republican presidential candidate Donald Trump at the Republican Presidential Debate hosted by Fox Business and The Wall Street Journal on November 10 in Milwaukee, Wisconsin.ENLARGE
Republican presidential candidate Donald Trump at the Republican Presidential Debate hosted by Fox Business and The Wall Street Journal on November 10 in Milwaukee, Wisconsin. PHOTO: JOSHUA LOTT/AGENCE FRANCE-PRESSE/GETTY IMAGES

Being attacked by Donald Trump is one of journalism’s more exhilarating experiences. We got the treatment on Thursday when he took to various TV shows and Twitter with his usual soft sell and demanded corrections, apologies and resignations after our editorial reference to his trade policy. We haven’t had this much fun since Eliot Spitzerleft office.

Mr. Trump isn’t upset that we called him potentially the Republican Party’s “most protectionist nominee since Hoover.” Perhaps he took that as a compliment. He’s mad because he says we said that he didn’t know that China isn’t part of the Trans-Pacific Partnership (TPP).

But we didn’t say that. We wrote that judging from his debate remarks Tuesday “it wasn’t obvious that he has any idea what’s in” TPP. It still isn’t. Here’s the debate transcript after Mr. Trump was asked by moderator Gerard Baker about the candidate’s opposition to TPP and why he would “reverse more than 50 years of U.S. trade policy”?

Mr. Trump: “The TPP is a horrible deal. It is a deal that is going to lead to nothing but trouble. It’s a deal that was designed for China to come in, as they always do, through the back door and totally take advantage of everyone. It’s 5,600 pages long, so complex that nobody’s read it. It’s like ObamaCare; nobody ever read it. They passed it; nobody read it. And look at the mess we have right now. And it will be repealed.

“But this is one of the worst trade deals. And I would, yes, rather not have it. With all of these countries, and all of the bad ones getting advantage and taking advantage of what the good ones would normally get, I’d rather make individual deals with individual countries. We will do much better.

“We lose a fortune on trade. The United States loses with everybody. We’re losing now over $500 billion in terms of imbalance with China, $75 billion a year imbalance with Japan. By the way, Mexico, $50 billion a year imbalance. So I must say, Gerard, I just think it’s a terrible deal. I love trade. I’m a free trader, 100%. But we need smart people making the deals, and we don’t have smart people making the deals.”

Mr. Baker then noted that the deal’s 5,000 pages had only been published last week: “Are there particular parts of the deal that you think were badly negotiated?”

Mr. Trump: “Yes. Well, the currency manipulation they don’t discuss in the agreement, which is a disaster. If you look at the way China and India and almost everybody takes advantage of the United States—China in particular, because they’re so good. It’s the number-one abuser of this country. And if you look at the way they take advantage, it’s through currency manipulation. It’s not even discussed in the almost 6,000-page agreement. It’s not even discussed.”

So when he is asked about TPP, Mr. Trump’s first reference is to China, which isn’t in TPP, and he now says the world should have known that he knows China isn’t part of it because amid his word salad he said that the deal “was designed for China to come in, as they always do, through the back door.” Mr. Trump’s meaning wasn’t clear to Rand Paul,who interjected for the audience’s clarification that China isn’t part of the deal, as we reported.

Our editorial point was what everyone who understands East Asian security knows, which is that China would be delighted to see TPP fail. China is putting together its own Asian trade bloc, and those rules will be written to its advantage. TPP sets a standard for trade under freer Western rules. China could seek to join TPP in the future, but it would have to do so on TPP’s terms, not vice versa.

TPP would help China’s competitors by giving them greater access on better terms to the U.S. market. Production is likely to shift from China to Vietnam and other countries. In October the Financial Times quoted Sheng Laiyun, the spokesman for China’s National Bureau of Statistics, as saying that, “If the TPP agreement is finally implemented, zero tariffs will be imposed on close to 20,000 kinds of products. . . . That will create some pressure on our foreign trade.” Some back door.


As for currency manipulation, we gave Mr. Trump a forum for his views in our pages on Tuesday. He doesn’t understand currencies any better than he does TPP. Currency values are largely determined by central banks and capital flows. If China made the yuan convertible and let it float, the initial result would probably be a falling yuan as capital left the country. A trade deal with a binding currency provision could also subject the U.S. Federal Reserve to sanctions as a “manipulator” every time it eased money in a recession.

All of this bears on Mr. Trump’s candidacy because he is running as a shrewd deal-maker who can get the economy moving again. Starting a global currency and trade war “on day one” would get America moving toward recession—or worse.

Donald Trump: A 21st Century Protectionist Herbert Hoover
Newsmax ^ | August 29,2015 | By Stephen Moore & Lawrence Kudlow

Posted on 8/29/2015, 11:14:18 AM by Hojczyk

By Stephen Moore & Lawrence Kudlow

Here’s a historical fact that Donald Trump, and many voters attracted to him, may not know: The last American president who was a trade protectionist was Republican Herbert Hoover.

Obviously that economic strategy didn’t turn out so well — either for the nation or the GOP.

Does Trump aspire to be a 21st century Hoover with a modernized platform of the 1930 Smoot-Hawley tariff that helped send the U.S. and world economy into a decade-long depression and a collapse of the banking system?

We can’t help wondering whether the panic in world financial markets is in part a result of the Trump assault on free trade.

Trump is also now running full throttle on an anti-immigration platform that could hurt growth as well and alienate Republicans from ethnic voters that the GOP needs if it is going to win in 2016.

We call this the Trump Fortress America platform. He clearly sees international trade and immigration as a negative sum game for American workers.

He recently announced that as president he would prohibit American companies like Ford from building plants in Mexico. He moans pessimistically that “China is eating our lunch” and is “sucking the blood out of the U.S.?”

But strategic tax cuts and regulatory relief after the anti-business rule-making assault by Obama, not trade and immigration barriers, are the solution to America’s competitiveness deficit.

A draft of Trump’s 14-point economic manifesto promises that, as president, he would “modify or cancel any business, or trade agreement that hinders American business development, or is shown to create an unfair trading relationship with a foreign entity.” Special: Engineers Call This the ‘Solar Panel Killer’ His immigration stance would not just deport illegal immigrants, but even lock the golden doors to those who come lawfully


How We Got Here: Washington Politicians Let China Off The Hook

In January 2000, President Bill Clinton boldly promised China’s inclusion in the World Trade Organization (WTO) “is a good deal for America. Our products will gain better access to China’s market, and every sector from agriculture, to telecommunications, to automobiles. But China gains no new market access to the United States.” None of what President Clinton promised came true. Since China joined the WTO, Americans have witnessed the closure of more than 50,000 factories and the loss of tens of millions of jobs. It was  not a good deal for America then and it’s a bad deal now. It is a typical example of how politicians in Washington have failed our country.

The most important component of our China policy is leadership and strength at the negotiating table. We have been too afraid to protect and advance American interests and to challenge China to live up to its obligations. We need smart negotiators who will serve the interests of American workers – not Wall Street insiders that want to move U.S. manufacturing and investment offshore.

The Goal Of The Trump Plan: Fighting For American Businesses And Workers

America has always been a trading nation. Under the Trump administration trade will flourish. However, for free trade to bring prosperity to America, it must also be fair trade. Our goal is not protectionism but accountability. America fully opened its markets to China but China has not reciprocated. Its Great Wall of Protectionism uses unlawful tariff and non-tariff barriers to keep American companies out of China and to tilt the playing field in their favor.

If you give American workers a level playing field, they will win. At its heart, this plan is a negotiating strategy to bring fairness to our trade with China. The results will be huge for American businesses and workers. Jobs and factories will stop moving offshore and instead stay here at home. The economy will boom. The steps outlined in this plan will make that a reality.

When Donald J. Trump is president, China will be on notice that America is back in the global leadership business and that their days of currency manipulation and cheating are over. We will cut a better deal with China that helps American businesses and workers compete.

The Trump Plan Will Achieve The Following Goals:

  1. Bring China to the bargaining table by immediately declaring it a currency manipulator.
  2. Protect American ingenuity and investment by forcing China to uphold intellectual property laws and stop their unfair and unlawful practice of forcing U.S. companies to share proprietary technology with Chinese competitors as a condition of entry to China’s market.
  3. Reclaim millions of American jobs and reviving American manufacturing by putting an end to China’s illegal export subsidies and lax labor and environmental standards. No more sweatshops or pollution havens stealing jobs from American workers.
  4. Strengthen our negotiating position by lowering our corporate tax rate to keep American companies and jobs here at home, attacking our debt and deficit so China cannot use financial blackmail against us, and bolstering the U.S. military presence in the East and South China Seas to discourage Chinese adventurism.

Details of Donald J. Trump’s US China Trade Plan:

Declare China A Currency Manipulator

We need a president who will not succumb to the financial blackmail of a Communist dictatorship. President Obama’s Treasury Department has repeatedly refused to brand China a currency manipulator – a move that would force China to stop these unfair practices or face tough countervailing duties that level the playing field.

Economists estimate the Chinese yuan is undervalued by anywhere from 15% to 40%. This grossly undervalued yuan gives Chinese exporters a huge advantage while imposing the equivalent of a heavy tariff on U.S. exports to China. Such currency manipulation, in concert with China’s other unfair practices, has resulted in chronic U.S. trade deficits, a severe weakening of the U.S. manufacturing base and the loss of tens of millions of American jobs.

In a system of truly free trade and floating exchange rates like a Trump administration would support, America’s massive trade deficit with China would not persist. On day one of the Trump administration the U.S. Treasury Department will designate China as a currency manipulator. This will begin a process that imposes appropriate countervailing duties on artificially cheap Chinese products, defends U.S. manufacturers and workers, and revitalizes job growth in America. We must stand up to China’s blackmail and reject corporate America’s manipulation of our politicians. The U.S. Treasury’s designation of China as a currency manipulator will force China to the negotiating table and open the door to a fair – and far better – trading relationship.

End China’s Intellectual Property Violations

China’s ongoing theft of intellectual property may be the greatest transfer of wealth in history. This theft costs the U.S. over $300 billion and millions of jobs each year. China’s government ignores this rampant cybercrime and, in other cases, actively encourages or even sponsors it –without any real consequences. China’s cyber lawlessness threatens our prosperity, privacy and national security. We will enforce stronger protections against Chinese hackers and counterfeit goods and our responses to Chinese theft will be swift, robust, and unequivocal.

The Chinese government also forces American companies like Boeing, GE, and Intel to transfer proprietary technologies to Chinese competitors as a condition of entry into the Chinese market. Such de facto intellectual property theft represents a brazen violation of WTO and international rules. China’s forced technology transfer policy is absolutely ridiculous. Going forward, we will adopt a zero tolerance policy on intellectual property theft and forced technology transfer. If China wants to trade with America, they must agree to stop stealing and to play by the rules.

Eliminate China’s Illegal Export Subsidies And Other Unfair Advantages

Chinese manufacturers and other exporters receive numerous illegal export subsidies from the Chinese government. These include – in direct contradiction to WTO rules – free or nearly free rent, utilities, raw materials, and many other services. China’s state-run banks routinely extend loans these enterprises at below market rates or without the expectation they will be repaid. China even offers them illegal tax breaks or rebates as well as cash bonuses to stimulate exports.

China’s illegal export subsidies intentionally distorts international trade and damages other countries’ exports by giving Chinese companies an unfair advantage. From textile and steel mills in the Carolinas to the Gulf Coast’s shrimp and fish industries to the Midwest manufacturing belt and California’s agribusiness, China’s disregard for WTO rules hurt every corner of America.

The U.S. Trade Representative recently filed yet another complaint with the WTO accusing China of cheating on our trade agreements by subsidizing its exports. The Trump administration will not wait for an international body to tell us what we already know. To gain negotiating leverage, we will pursue the WTO case and aggressively highlight and expose these subsidies.

China’s woeful lack of reasonable environmental and labor standards represent yet another form of unacceptable export subsidy. How can American manufacturers, who must meet very high standards, possibly compete with Chinese companies that care nothing about their workers or the environment? We will challenge China to join the 21 st Century when it comes to such standards.

The Trump Plan Will Strengthen Our Negotiating Position

As the world’s most important economy and consumer of goods, America must always negotiate trade agreements from strength. Branding China as a currency manipulator and exposing their unfair trade practices is not enough. In order to further strengthen our negotiating leverage, the Trump plan will:

  1. Lower the corporate tax rate to 15% to unleash American ingenuity here at home and make us more globally competitive. This tax cut puts our rate 10 percentage points below China and 20 points below our current burdensome rate that pushes companies and jobs offshore.
  2. Attack our debt and deficit by vigorously eliminating waste, fraud and abuse in the Federal government, ending redundant government programs, and growing the economy to increase tax revenues. Closing the deficit and reducing our debt will mean China cannot blackmail us with our own Treasury bonds.
  3. Strengthen the U.S. military and deploying it appropriately in the East and South China Seas. These actions will discourage Chinese adventurism that imperils American interests in Asia and shows our strength as we begin renegotiating our trading relationship with China. A strong military presence will be a clear signal to China and other nations in Asia and around the world that America is back in the global leadership business.

WTO Membership: Benefits and Importance

Members of the WTO enjoy the benefits conferred by any trade agreement. However, since the WTO has so many members, its benefits are really global. The WTO helps trade throughout the world to flow smoothly through its trade agreements. This provides its members with a fair method to resolve trade disputes without resorting to violence or even war.

Membership in the WTO also has responsibilities. Members agree to avoid erecting trade barriers, instead abiding by the WTO’s resolution of the dispute.

This prevents the escalation of trade restrictions that could help the individual country temporarily, but hurt world trade overall. In fact, it was just this type of retaliatory trade warfare that worsened the Great Depression of 1929. As global trade slowed, countries sought to protect domestic industries. Trade barriers were erected, creating a downward spiral. As a result, global trade shrank by 25%.

Members of the WTO know what the rules are, the penalties for breaking the rules, and how to play the global trade game. This certainty creates a safer trading arena for everyone. It also lowers the costs of doing business just by removingvolatility.

These general benefits extend to all members. Since the membership is so large, many of these benefits are also felt by the entire world.

Specific WTO Membership Benefits

WTO membership means that the nation automatically receives the Most Favored Nation status. Basically, this means all 159 WTO members must treat each other the same. They give no preferential trade benefit to any one member without giving it to all.

WTO members have lower trade barriers with each other. This includes tariffs, import quotas and excessive regulations. Lower trade barriers allows them a larger market for their goods, leading to greater sales, more jobs and faster economic growth.

Over 75% of WTO members are developing countries. WTO membership allows them access to developed markets at the lower tariff rate. Membership allows them time to remove reciprocal tariffs in their own markets. This gives these countries an opportunity to catch up to sophisticated multinational corporations and their mature industries before opening the developing countries’ markets to overwhelming competitive pressure.

List of WTO Members by Continent

Really, it would be easier to list the countries that are not WTO members, since 159 out of 196 countries in the world have joined. Most of them joined in 1995, as soon as the WTO was formed.

Asia: Armenia, Bahrain, Bangladesh, Brunei, Cambodia, China, Georgia, Hong Kong, India, Indonesia, Israel, Japan, Jordan, Kyrgyz Republic, Kuwait, Laos, Macao, Malaysia, Maldives, Mongolia, Myanmar, Nepal, Oman, Pakistan, Papua New Guinea, Philippines, Qatar, Russia, Samoa, Saudi Arabia, Singapore,South Korea, Sri Lanka, Taipei, Tajikistan, Thailand, Turkey, United Arab Emirates, Viet Nam.

Africa: Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad,Congo Democratic Republic, Congo Republic, Cote d’Ivoire, Djibouti, Egypt, Gabon, The Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Lesotho, Madagascar, Malawi, Mali, Mauritania, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Rwanda, Senegal, Sierra Leone, South Africa, Swaziland, Tanzania, Togo, Tunisia, Uganda, Zambia, Zimbabwe.

Europe: Albania, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia,European Union, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Macedonia, Malta, Moldova, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Ukraine, United Kingdom.

Central and North America: Antigua and Barbuda, Barbados, Belize, Canada, Cape Verde, Costa Rica, Cuba, Dominica, Dominican Republic, El Salvador, Grenada, Guatemala, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Saint Kitts and Nevis, Saint Lucia, Saint Vincent & the Grenadines, Trinidad and Tobago, United States.

Oceana: Australia, Fiji, New Zealand, Solomon Islands, Tonga, Vanuatu,.

South America: Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Suriname, Uruguay, Venezuela.

List of Prospective WTO Members:

The WTO has a category called “Observer.” These 25 countries have applied to become members, and have five years to complete the process. They are:

Afghanistan, Algeria, Andorra, Azerbaijan, Bahamas, Belarus, Bhutan, Bosnia and Herzegovina, Comoros,Equatorial Guinea, Ethiopia, the Vatican, Iran, Iraq, Kazakhstan, Lebanon, Liberia, Libya, Sao Tome and Principe, Serbia, Seychelles, Sudan, Syria, Uzbekistan, and Yemen.

List of Countries Outside the WTO

There are 12 countries that aren’t members, nor have they applied to become members. They are: Eritrea, Kiribati, Marshall Islands, Micronesia, Monaco, Nauru, North Korea, Palau, San Marino, Somalia,South Sudan, Turkmenistan, Tuvalu. Article updated December 9, 2013


The Pronk Pops Show Podcasts Portfolio

Listen To Pronk Pops Podcast or Download Show 599-600

Listen To Pronk Pops Podcast or DownloadShow 590-598

Listen To Pronk Pops Podcast or DownloadShow 585- 589

Listen To Pronk Pops Podcast or DownloadShow 575-584

Listen To Pronk Pops Podcast or Download Show 565-574

Listen To Pronk Pops Podcast or DownloadShow 556-564

Listen To Pronk Pops Podcast or DownloadShow 546-555

Listen To Pronk Pops Podcast or DownloadShow 538-545

Listen To Pronk Pops Podcast or DownloadShow 532-537

Listen To Pronk Pops Podcast or DownloadShow 526-531

Listen To Pronk Pops Podcast or DownloadShow 519-525

Listen To Pronk Pops Podcast or DownloadShow 510-518

Listen To Pronk Pops Podcast or DownloadShow 500-509

Listen To Pronk Pops Podcast or DownloadShow 490-499

Listen To Pronk Pops Podcast or DownloadShow 480-489

Listen To Pronk Pops Podcast or DownloadShow 473-479

Listen To Pronk Pops Podcast or DownloadShow 464-472

Listen To Pronk Pops Podcast or Download Show 455-463

Listen To Pronk Pops Podcast or Download Show 447-454

Listen To Pronk Pops Podcast or Download Show 439-446

Listen To Pronk Pops Podcast or Download Show 431-438

Listen To Pronk Pops Podcast or Download Show 422-430

Listen To Pronk Pops Podcast or Download Show 414-421

Listen To Pronk Pops Podcast or Download Show 408-413

Listen To Pronk Pops Podcast or Download Show 400-407

Listen To Pronk Pops Podcast or Download Show 391-399

Listen To Pronk Pops Podcast or Download Show 383-390

Listen To Pronk Pops Podcast or Download Show 376-382

Listen To Pronk Pops Podcast or Download Show 369-375

Listen To Pronk Pops Podcast or Download Show 360-368

Listen To Pronk Pops Podcast or Download Show 354-359

Listen To Pronk Pops Podcast or Download Show 346-353

Listen To Pronk Pops Podcast or Download Show 338-345

Listen To Pronk Pops Podcast or Download Show 328-337

Listen To Pronk Pops Podcast or Download Show 319-327

Listen To Pronk Pops Podcast or Download Show 307-318

Listen To Pronk Pops Podcast or Download Show 296-306

Listen To Pronk Pops Podcast or DownloadShow 287-295

Listen To Pronk Pops Podcast or DownloadShow 277-286

Listen To Pronk Pops Podcast or DownloadShow 264-276

Listen To Pronk Pops Podcast or DownloadShow 250-263

Listen To Pronk Pops Podcast or DownloadShow 236-249

Listen To Pronk Pops Podcast or DownloadShow 222-235

Listen To Pronk Pops Podcast or DownloadShow 211-221

Listen To Pronk Pops Podcast or Download Show 202-210

Listen To Pronk Pops Podcast or DownloadShow 194-201

Listen To Pronk Pops Podcast or DownloadShow 184-193

Listen To Pronk Pops Podcast or DownloadShow 174-183

Listen To Pronk Pops Podcast or DownloadShow 165-173

Listen To Pronk Pops Podcast or DownloadShow 158-164

Listen To Pronk Pops Podcast or DownloadShow 151-157

Listen To Pronk Pops Podcast or DownloadShow 143-150

Listen To Pronk Pops Podcast or DownloadShow 135-142

Listen To Pronk Pops Podcast or DownloadShow 131-134

Listen To Pronk Pops Podcast or DownloadShow 124-130

Listen To Pronk Pops Podcast or DownloadShows 121-123

Listen To Pronk Pops Podcast or DownloadShows 118-120

Listen To Pronk Pops Podcast or Download Shows 113 -117

Listen To Pronk Pops Podcast or Download Show 112

Listen To Pronk Pops Podcast or Download Shows 108-111

Listen To Pronk Pops Podcast or Download Shows 106-108

Listen To Pronk Pops Podcast or Download Shows 104-105

Listen To Pronk Pops Podcast or Download Shows 101-103

Listen To Pronk Pops Podcast or Download Shows 98-100

Listen To Pronk Pops Podcast or Download Shows 94-97

Listen To Pronk Pops Podcast or Download Shows 93

Listen To Pronk Pops Podcast or DownloadShows 92

Listen To Pronk Pops Podcast or DownloadShows 91

Listen To Pronk Pops Podcast or DownloadShows 88-90

Listen To Pronk Pops Podcast or DownloadShows 84-87

Listen To Pronk Pops Podcast or DownloadShows 79-83

Listen To Pronk Pops Podcast or DownloadShows 74-78

Listen To Pronk Pops Podcast or Download Shows 71-73

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 17-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 01-09


Make a Comment

Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Liked it here?
Why not try sites on the blogroll...

%d bloggers like this: