Trump: Scold China, Rebuild Crumbling US to End Recession

Real-estate mogul and reality-TV star Donald Trump says the U.S. economy is “probably in somewhat of a recession.”

And what can the government do to make the economy rebound? Take a tough stance against China on trade and help rebuild the country’s battered infrastructure, Trump tells Yahoo.

“We’re not a respected country anymore. We’re not a leader anymore,” he says. “We used to take advantage of everyone else. Those days gone. Everyone else is taking advantage of us.”
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Even the small nation of Colombia had a $3.6 billion trade surplus with the U.S. last year, Trump notes. For China, the figure will exceed $350 billion this year, he says.

“We don’t have anything. We’re a debtor nation.”

The solution starts with trade policy, he says. “What’s happening outside the country is killing us.”

Donald Trump (Associated Press photo)

Outsourcing has to stop, Trump says. Outsourcing and free trade sound like a great thing. “There’s only one problem: it’s not fair,” he says.

China in particular isn’t fair. “China is manipulating our currency, making our products, taking our jobs. They kill us in every way,” he says.

And the worst of it is that the United States has the upper hand in the relationship, Trump says. “If we stop doing business with China, it would go into a depression the likes of which you’ve never seen. We’d create a lot of jobs.”

A 41 percent tariff should be imposed on imports from China Trump says. “If you look at the manipulation of their currency, that equates to a 41 percent. But because I’m such a nice person, I say make it 25 percent,” he says.

“When you actually did it, they would come to the table so fast your head would spin.” We must negotiate more strongly with the Chinese, Trump says. “The people negotiating now don’t know what they’re doing.”

But what about China’s $1.13 trillion holdings of Treasurys? That’s small potatoes in terms of the global economy, Trump says.

And what about the low prices U.S. consumers pay thanks to imports from China? “We’ll buy a little less, and we’ll create a lot of jobs,” Trump says. “Eventually the prices will come back down.”

As for infrastructure, “our country has to rebuild itself,” Trump says. He cited deteriorating roads in the New York City area as an example.

“This has nothing to do with Republican and Democrat. Our country is falling apart. We have bridges falling down.”

Yale economist Robert Shiller supports rebuilding the infrastructure too. But unlike Trump, he supports the infrastructure spending that President Barack Obama proposed in his jobs plan.

“Parts of the plan would provide for projects like school modernization, airport and highway improvements, high-speed rail systems, and redevelopment of abandoned and foreclosed-upon properties to stabilize neighborhoods,” Shiller writes in The New York Times.