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Trump economist hits free trade deals whose principles are one sided
US REPUBLICAN presidential nominee Donald Trump put out fresh reasoning behind objections to the Trans-Pacific Partnership by authorising economic adviser Peter Navarro, a Harvard-trained economist to detail objections.
The core of Dr Navarro's objection is that the otherwise commendable work of 19th century work of David Ricardo's on the benefits of free trade are dependent on there being floating exchange rates and no currency manipulation.
Dr Navarro, an economics professor at University of California at Irvine, says the Ricardian model does not apply in China does not, so the theory breaks down.
"I know how it works, I know how the Ricardian trade model doesn't work," said Dr Navarro told Bloomberg.
"Bad trade deals are at the heart of America's economic malaise. Trump knows that in order for the global economy to prosper, we need to trade freely. But he's not going to stand for cheating."
Dr Navarro blames NAFTA and China's 2001 entry into the World Trade Organisation for much, if not all, of a 15-year economic slowdown in the US, when the economy grew 1.8 per cent a year down from 3.4 per cent from 1986 through 2000.
The core of Dr Navarro's objection is that the otherwise commendable work of 19th century work of David Ricardo's on the benefits of free trade are dependent on there being floating exchange rates and no currency manipulation.
Dr Navarro, an economics professor at University of California at Irvine, says the Ricardian model does not apply in China does not, so the theory breaks down.
"I know how it works, I know how the Ricardian trade model doesn't work," said Dr Navarro told Bloomberg.
"Bad trade deals are at the heart of America's economic malaise. Trump knows that in order for the global economy to prosper, we need to trade freely. But he's not going to stand for cheating."
Dr Navarro blames NAFTA and China's 2001 entry into the World Trade Organisation for much, if not all, of a 15-year economic slowdown in the US, when the economy grew 1.8 per cent a year down from 3.4 per cent from 1986 through 2000.
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