Captions Copyright National cable satellite corp. 2008 for years now, its been assumed that americas destiny was to be overtaken by china as the Worlds Largest economy, and that may still happen, but actually its chinas economy that now seems under pressure in the face of robust american efforts to stop china taking advantage of the free trade that it never practices itself. The people who know china best, the rich china, cant wait to get their money out and their kids educated in the west and the people of hong kong who are risking bloody repression of support of their British Heritage dont trust the goodwill or longevity of the communist regime. For years its been assumed that globalization under pinned by free trade was unstoppable and unambiguously good. Even though it was much more obviously good for the rich people of poor countries than for the poor people of rich ones. Yet trumps tariff hikes against china seem to be bringing more investment dollars home, boosting American Manu
206,000 manufacturing jobs over all of the last 12 inmonths. And this is in a private sector economy that has added about 2 million jobs over the same period. So you see thats lagged far behind the rest of the economy. There is about a one and a half year boom during the Trump Administration, but that has dissipated. In over the past few months in particular we have been losing manufacturing jobs. What do you point to for that leg . Thats a great question and there seems to be a couple of trends. There has been some uncertainty that has come around as a result of the trade i policy. I think the trade policy has had some benefits but has also added some uncertainties to businesses. They are reluctant to invest and that means and other things are not getting purchasedur and it has a spiral effect in manufacturing. You have seen an oil and gas, ironically when the prices for oil and gas go down a little bit, that means there is probably reduced employment in the refining and other sectors
The center of this agreement but every trade agreement that ive seen in my timey in Congress North American Free trade agreement central American Free trade agreement trade agreement with Columbia South korea and kenema one after another permanent trade relations with china. Everyone of these tradese actios were written fundamentally in secret by corporate interests to serve corporate interests. Workers were never at the center of these trade agreement. One of my votes in the house was against the north American Free trade agreement. I votedtt no for sense because these trade agreements were written by corporations maximize profitspe and to enrich stockholders always at the expense of workers. Communities like mansfield ohio and portsmouth ohio in toledo and youngstown. I was talking to a friend of mine and she knows former senator cafaro knows whats happening with these trade agreements. We all know how they undermines communities and always again because these trade agreements were r
Command its an incredibly significant act the United States has taken if the president has taken this without debate in Congress Without any Congressional Authority its probably an illegal act within the u. S. Within the u. S. Domestic context it is it is a very significant step so its something i think we all do need to think very seriously about whether or not the 2 countries want it is it is an interesting and important question i think of course nobody wants war nobody wants to see death and destruction but on the other hand i had been hearing recently from iranian from iranian colleagues that even though it would be extremely painful for you brought in they understood the depth of sacrifice that they would have to make in such a war if they were coming to think that there was no other way to deal with the United States the president had taken the United States out of the iran nuclear geo had really. All kind of negotiation with iran as any kind of normal country or any kind of cou
Minds. Lets turn it over to you, tony, and get it started. [applause] abbott walter, thank you. Thank you, ladies and gentlemen for being here. It is always good to be in washington and at the Heritage Foundation in particular. I have a speech which i am going to deliver. I have worked on it. I think it is important that i give you the speech i have written. Thate just begin by saying america is the indispensable country, the only country on earth with the strength and the consistently beat the free world. I like to think that australia is americas indispensable partner. The one country that america can always rely on for help when America Needs it. So with those introductory notes, it is straight to the Heritage Foundation. Back in november of 2014 when australia hosted the annual meeting of the g20, it was by far the most important gathering of leaders ever held in my country. It should have been a diplomatic triumph, but for president obama choosing at that time to give a speech at