Peloni: This interview was intended as a trap to undermine Trump’s economic policies, and more specifically his tariff policy, and use them against him. The effect of this planned trap was however something quite different. In fact, Trump provides an important perspective in explaining his use of tariffs in more detail while also explaining that, rather than being accompanied by inflation as Micklethwait asserted would be the consequence, Trump’s use of tariffs in coordination with Trump economic policy resulted in no such thing. Sundance goes into some detail in the article below in addition to Trump’s comments which were routinely cutoff in this interview.
Sundance | October 15, 2024
President Donald Trump sits down with Bloomberg Editor-In-Chief John Micklethwait for an extended interview. The interview is in partnership with the Economic Club of Chicago and is structurally President Trump facing down the globalists who sell Wall Street policy.
The interview was at times very combative as the interviewer, John Micklethwait, pushes a Wall Street ideology in alignment with the World Economic Forum. However, President Trump has already proven that his economic policies work.
President Trump stared down every WEF talking point and totally destroyed it. This interview is brilliant and a perfect juxtaposition for Economic Nationalism vs Multinational Globalism. President Trump tore the talking points apart. AWESOME!
Notice in the conversation about Tariffs, not a single word made by the “economists” on the value of the dollar and how pertinent it is in the equation.
When China and the EU devalue their currency to offset the impact of tariffs, the dollar value increases. This means it costs less dollars to import goods that come to the USA at a lower price (due to subsidies). Essentially, the diminished tariff impact is doubled.
Inflation is party a component of this dynamic as it unfolded in 2021, when China stopped subsidizing at the same time Biden devalued the dollar. Imports increased in direct price and that pressure amplified real import inflation.
The multinational economists are punching at Trump shadows, filled with lies and falsehoods as they keep trying to sell the policies that destroyed U.S. manufacturing.
Inflation:
1. printing money
2. raising energy costs
3. lower dollar value
Deflation:
1. conservative monetary policy
2. lowered energy costs
3. stronger dollar value.
Trump policies, America-First economic nationalism, create deflation. This is what we saw in 2017, 2018, 2019 and 2020.
Those same Trump policies increase revenue to govt, increase domestic manufacturing, increase employment, and expand the GDP.
It was the Fourth Quarter of 2019…..
Right before the pandemic would hit a few months later, despite two years of doomsayer predictions from Wall Street’s professional punditry, all of them said Trump’s 2017 steel and aluminum tariffs on China, Canada and the EU would create massive inflation – it just wasn’t happening!
Overall, year-over-year inflation was hovering around 1.7 percent [Table-A BLS]; yup, that was our inflation rate. The rate in the latter half of 2019 was firmed up with less month-over-month fluctuation, and the rate basically remained consistent. [See Below] The U.S. economy was on a smooth glide path, strong, stable, and Main Street was growing with MAGAnomics at work.
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