California lost more manufacturing jobs to China than any other state.
that was backed by President Clinton. But the report stops short of endorsing Trump’s trade policies.
In an interview, Scott praised Trump’s tariffs on steel and aluminum as “effective because China is such a big player and has played such a negative role in the devastation of those two industries. But thethat he imposed on half or more of our imports from China have not helped…. China is shipping us more goods through other countries like Vietnam, Malaysia and Singapore.”
Only rebalancing exchange rates between the U.S. and other currencies will reduce the trade deficit, he said. “We need to lower the value of the dollar by 25% or 30%.... But Trump hasn’t been willing to tangle with the currency issue because Wall Street likes a strong dollar. That makes it cheap to outsource production.”
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