Donald Trump'S Favorite Economist Says Buying From China Strengthens A Potential Enemy
As he stepped onto the stage at the annual meeting of the National Association for Business Economics, Peter Navarro knew he was facing a tough crowd—or what passes for one in the staid world of the social sciences. It was March 6, Day 46 of Donald Trump’s presidency, and Navarro, then the head of the newly created National Trade Council, was due to make a speech. His positions on trade have led many of his fellow economists to regard him as a traitor to their class. Navarro has a doctorate in economics from Harvard and has taught for more than 30 years at the University of California at Irvine’s Paul Merage School of Business, but he’s far more skeptical of free trade than many of his peers, for whom it’s not just another issue but a foundational principle. “Truly disappointing,” wrote Harvard economist Gregory Mankiw, who was President George W. Bush’s chief economic adviser for two years, in September of a Trump campaign white paper that Navarro co-wrote. It was the economist equivalent of a body slam.
At the NABE event, roughly 500 business economists had gathered at the Capital Hilton, a few blocks from the White House, to hear Navarro talk. “Good morning,” he began, an edge to his voice. The audience barely murmured. “It’s not church. Come on—good morning,” Navarro demanded. More murmurs. Giving up on that, he launched into his speech. The title, Do Trade Deficits Matter?, got right to the reason for the cool reception. Navarro argued that conventional economists think trade deficits don’t matter—and that they’re wrong. Trade is good, he said, but not when trading partners cheat.
Denne historien er fra May 8 - May 14, 2017-utgaven av Bloomberg Businessweek.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra May 8 - May 14, 2017-utgaven av Bloomberg Businessweek.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Instagram's Founders Say It's Time for a New Social App
The rise of AI and the fall of Twitter could create opportunities for upstarts
Running in Circles
A subscription running shoe program aims to fight footwear waste
What I Learned Working at a Hawaiien Mega-Resort
Nine wild secrets from the staff at Turtle Bay, who have to manage everyone from haughty honeymooners to go-go-dancing golfers.
How Noma Will Blossom In Kyoto
The best restaurant in the world just began its second pop-up in Japan. Here's what's cooking
The Last-Mover Problem
A startup called Sennder is trying to bring an extremely tech-resistant industry into the age of apps
Tick Tock, TikTok
The US thinks the Chinese-owned social media app is a major national security risk. TikTok is running out of ways to avoid a ban
Cleaner Clothing Dye, Made From Bacteria
A UK company produces colors with less water than conventional methods and no toxic chemicals
Pumping Heat in Hamburg
The German port city plans to store hot water underground and bring it up to heat homes in the winter
Sustainability: Calamari's Climate Edge
Squid's ability to flourish in warmer waters makes it fitting for a diet for the changing environment
New Money, New Problems
In Naples, an influx of wealthy is displacing out-of-towners lower-income workers