Stephen Miran, chair of the Council of Economic Advisers, delivered a speech at the Hudson Institute complete with a to-do list for other countries looking to lighten the load that “unfair barriers to trade” and “unsustainable trade deficits” have supposedly inflicted on the United States.
It’s worth noting that while manufacturing employment has gone down, U.S. manufacturing output is up and nearing its all-time high of December 2007. Who exactly will actually work all of these hypothetical manufacturing jobs? No one seems to know! Trump’s own secretary of commerce said earlier this month that he planned to use automation to replace cheap labor, and the treasury secretary suggested Monday that maybe ousted federal workers could pick up some shifts.
For instance, countries could roll over and accept Trump’s tariffs without retaliation. “Critically, retaliation will exacerbate rather than improve the distribution of burdens and make it even more difficult for us to finance global public goods,” Miran said in his remarks.
He also suggested that countries invest in U.S. manufacturing and open factories in the U.S. “They won’t face tariffs if they make their stuff in this country,” Miran said.
The CEA chair did not indicate whether compliance with these suggestions would alleviate the—in some cases—very steep tariffs imposed by Trump.
“In my view, to continue providing these twin global public goods, there needs to be improved burden-sharing at the global level,” Miran said. “If other nations want to benefit from the U.S. geopolitical and financial umbrella, then they need to pull their weight, and pay their fair share. The costs cannot be solely borne by everyday Americans who have already given so much.”
Miran singled out China as America’s “biggest adversary” responsible for weakening U.S. manufacturing, and even blamed it for the 2008 financial crisis. Trump is currently mounting a trade war with Beijing, and threatened a new round of tariffs Monday, bringing the total tariff rate on imports from China to 104 percent.
Trump said Sunday that he’d told global leaders that he wanted to erase the U.S. trade deficit because he viewed any deficit as a “loss,” though that’s not quite how economics works.
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