The one thing Greenspan was never given credit for was his unwavering support for free trade. He has since been vilified for his role in the housing bubble. “It would be a great tragedy were that process stopped or reversed.”īob Woodward dubbed Greenspan the “ Maestro” in a book by that title. “The United States has been in the forefront of the postwar opening up of international markets, much to our and the rest of the world’s benefits,” Greenspan said in prepared remarks. “The evidence is overwhelmingly persuasive that the massive increase in world competition–a consequence of broadening trade flows–has fostered markedly higher standards of living for almost all countries who have participated,” Greenspan said in a speech to foreign ambassadors at a conference in Dallas.Īpril 4, 2001: Greenspan: Keep Trade Free He warned that efforts to erect protectionist barriers were “unwise and surely self-defeating.” Shouldn’t Erect Barriers to Free Tradeįederal Reserve Chairman Alan Greenspan expressed concern Friday that Americans are losing faith in the benefits of free trade. Kerry’s proposal to link free-trade agreements with commitments by other countries to enforce tougher protections for workers and the environment.Īpril 17, 1999: Greenspan Warns That U.S. Our standard of living would soon begin to stagnate and perhaps even decline as a consequence.” ”Tensions might appear to ease, but only for a short while. ”We can erect walls to foreign trade and even discourage job-displacing innovation,” Mr. March 12 2004: Greenspan Warns Congress Not to Create Trade Barriers It’s not often I agree with the consensus economic opinion, but the consensus economic opinion of Smoot-Hawley is undoubtedly correct.įree trade is one issue on which Alan Greenspan was unwaveringly correct. Economists disagree by how much, but the consensus view among economists and economic historians is that “The passage of the Smoot–Hawley Tariff exacerbated the Great Depression.” The Smoot-Hawley Tariff Act and the following retaliatory tariffs by America’s trading partners were major factors of the reduction of American exports and imports by more than half during the Depression. “That’s something that has been in question the last six months.”Īnother Smoot-Hawley Performance Coming Up? “This gives Peter a more formal seat at the table when trade and manufacturing policies are discussed,” this person said. Navarro a more regular role in trade debates and meetings at the White House, according to the person familiar with the matter, a trade expert who has discussed the move with White House officials. Navarro’s role will change, but the promotion is likely to give Mr. Navarro comes as the White House is nearing decisions on several high-profile trade matters. Trump’s presidency with broad influence and regular access to the Oval Office but his role was quickly limited after he clashed with the aides who oppose his views on trade deficits and multilateral trade agreements. Peter Navarro, an economist who helped shaped Donald Trump’s 2016 protectionist campaign platform, will be named an assistant to the president, according to a person familiar with the matter. The White House plans to promote an adviser known for his hawkish views on trade policy, giving economic nationalists a stronger voice in internal debates as the Trump administration nears decisions on high-profile trade issues. In a very unfortunate turn of events, Trump is Set to Promote Trade Hawk Peter Navarro.
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