Wednesday, February 01, 2017

Trump's National Trade Council Director Calls TTIP Dead

Trump’s National Trade Council Director Calls TTIP Dead

by Stephen Lendman

The Transatlantic Trade and Investment Partnership (TTIP) is TPP’s counterpart - both measures constituting assaults on personal freedoms.

They’re anti-consumer, anti-ecosanity, jobs-killing corporate sweetheart deals, letting them operate unaccountably at the expense of the general welfare.

They empower profit-making over human health, welfare, labor rights, digital freedom and virtually all other consumer protections.

Interviewed by the Financial Times on Tuesday, Trump’s chief trade advisor, Peter Navarro, called the euro an “implicit Deutsche Mark.”

Accusing Germany of currency manipulation, he said its undervaluation gives the country an advantage over its main trading partners, calling its policy a major problem in negotiating a US trade deal with European countries - pronouncing TTIP dead.

“It does the American economy no long-term good to only keep the big box factories where we are now assembling ‘American’ products that are composed primarily of foreign components,” he said. 

“We need to manufacture those components in a robust domestic supply chain that will spur job and wage growth.” 

Germany “continues to exploit other countries in the EU as well as the US,” he maintains, adding the Trump administration will pursue bilateral trade deals, favoring America.

Germany is the dominant EU country, the world’s 4th largest economy (after America, China and Japan), an exporting powerhouse, 2nd largest to China, taking full advantage of low euro valuation.

“The German structural imbalance in trade with the rest of the EU and the US underscores the problem,” Navarro claimed. He called the Brexit vote the death knell of a US/EU deal.

He supports an import tax, retaliation likely to follow from affected countries, if implemented.

“I worry about the actual impact America’s trade deficit in goods is having on our rates of economic growth and income growth,” he said.

America’s 2016 trade deficit was a whopping $666 billion - up from $531.5 billion in 2015.

Stephen Lendman lives in Chicago. He can be reached at lendmanstephen@sbcglobal.net. 

His new book as editor and contributor is titled "Flashpoint in Ukraine: How the US Drive for Hegemony Risks WW III."

http://www.claritypress.com/LendmanIII.html

Visit his blog site at sjlendman.blogspot.com. 


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