×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Skip to main content
Tags: larry summers | us former treasury secretary | trump trade policies

Larry Summers on Trade Policies: 'People Who Voted for Trump Will Suffer'

Larry Summers on Trade Policies: 'People Who Voted for Trump Will Suffer'

By    |   Tuesday, 26 June 2018 12:31 PM EDT

Larry Summers, former U.S. Treasury Secretary, said that President Donald Trump’s trade policies will cause the most harm to those who supported Trump for president.

"The very people who voted for Trump will suffer because we will have a larger trade deficit, not a smaller one, because of the fiscal policies. We are going to have more disruption through reduced competitiveness and more layoffs because the manufacturing firms cannot compete due to higher steel prices. We will have lower purchasing power of wages because of higher prices due to Trump’s policies," Summer said in an interview with Spiegel.

"The people who voted for him will find that his policy is directly opposed to their interests," said Summers, who was treasury secretary during Barack Obama’s administration.

Trump’s sanctions and comments against China will not work, the former secretary said. “There is not much in the historical records to suggest that these kinds of bluster and threats will be effective. It is an extraordinarily negative achievement of our economic diplomacy that we have our traditional allies being more sympathetic to China than to us because we are sanctioning them," Summers said in the Spiegel interview.

The former treasury secretary said that current secretary Steven Mnuchin could not defend Trump’s policies. "Steven Mnuchin has gone silent on trade issues because he knows there is nothing rational that can be said in defense of the choices that the president has made," Summers said.

Summers also criticized Trump’s economic policies earlier in June, calling them "unstrategic and ineffective."

© 2022 Newsmax. All rights reserved.


Politics
Larry Summers, former U.S. Treasury Secretary, said that President Donald Trump’s trade policies will cause the most harm to those who supported Trump for president.
larry summers, us former treasury secretary, trump trade policies
253
2018-31-26
Tuesday, 26 June 2018 12:31 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the NewsmaxTV App
NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved