‘Trump goes much farther than Clinton on trade and investment policies, ‘ according to the report.
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“Clinton’s proposed trade and global economic policies would damage American well-being, primarily but not exclusively due to her stated opposition to TPP and to further economic integration”, Adam Posen, president of the Washington-D.C. based non-partisan Peterson Institute of worldwide Economics (PIIE), said in an introduction to the institute’s study of both Trump and Clinton’s trade policy proposals that was released on Monday.
“Donald Trump advocates policies that could potentially overturn the existing US -led rules-based worldwide trade system”, the authors of the 49-page report wrote.
“If implemented, these proposals would provoke retaliation by the USA trading partners, unleashing a trade war”, the institute warned. This was particularly true in regions where the affected goods are produced.
In fact, if Trump were to be elected, there is a very good chance he could actually come through on his vows to “‘rip up’ worldwide trade deals such as the North American Free Trade Agreement, withdraw from the World Trade Organization, and sharply raise the tariffs charged on goods imported from China and Mexico, “The New York Times reports.
The U.S. could lose millions of jobs if Republican candidate Donald Trump is elected president, according to a study released Monday.
“Backing out of the Trans-Pacific Partnership (TPP) agreement with our allies, as both candidates now promise to do, would weaken our alliances in Asia, and embolden our rivals, thus eroding American national security”, Posen wrote.
The TPP, which President Barack Obama signed earlier this year, is now pending for approval in Congress.
“Pulling out of the TPP, as both candidates promise to do, would weaken United States alliances in Asia and embolden its rivals, thus eroding USA national security”, Mr Noland said.
“Hillary Clinton. has expressed skepticism about trade but in effect represents stasis”, the study noted.
“Washington has not honoured the other end of the bargain by helping workers adjust to the forces of globalisation and technological change”, he said.
To the question of whether a President Trump could unilaterally carry out his threats, Gary Clyde Hufbauer, a senior fellow at the Institute, wrote: “The short answer, at least in the short term, is ‘yes, ‘ both because of the president’s constitutional power over foreign affairs and because multiple statutes enacted by Congress over the past century authorize the president to impose tariffs or quotas on imports and regulate foreign commerce in other ways as well”.
Ironically, imposing tariffs on Mexico would deliver a severe economic blow to the central American country and “increase, not decrease, the flow of illegal migrants and drugs into the United States”, Mr Nolan concluded.
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