tariffs on consumer goods, you do have to be very careful. samsung washing machines are very popular, lg is another company that sells washing machines into the united states, higher makes air-conditioners and washing machines. americans like the idea that they can compete for the lowest price on something. do we suffer because we have lost manufacturing jobs to lower wage companies, 100%, that s true. does china take advantage of its massive trade surplus with the united states? absolutely. there are very few people that disagree with the underlying prems that we have to fix trade relations. we need china on the north korean issue, south korea where a lot of these things come from. we re not looking to get into a trade battle is and the danger is this is not unilateral. when you send tariffs on things that come in, other countries retaliate in kind. we re trying to send more of our goods overseas. not the other way around. there s a level of
pact. autos are central to this. since 1994, the united states has lost 350,000 auto jobs. one can t pinpoint whether this is nafta or more cars made by south korea or whatever. however, here s the interesting part. mexico has band would they have gained them if there was not a nafta? it s unclear. 15,000 jobs are year are said to be lost by nafta. we lost manufacturing jobs to lower wage companies. those goods get imported into the united states and we pay less for them at stores look costco or wherever we re buying them. we have lower consumer prices as a result of importing more but we re losing more jobs as a result of importing more. this is where it starts to get really tricky. ali, very quickly before i let you go, the tpp, the
low wage companies, he supports tax breaks for companies that shifted jobs overseas. president obama believes of insourcing. the romney camp fired that the ad is false. they said they have run ads like this that are simply not true. they believe what the president is doing is trying to distract from his own record. john: ed, thanks. the ceo of the british bank barclay s has resigned after a scandal over deceptive reporting practices. bob diamond stepped down today after chairman resigned and the ceo did the same. they saidthey submitted false reports to borrow money from other banks at the height of the credit crisis in 2008. they plan to decide n the coming weeks to pursue criminal charges.