“My qualm with Trump is that he has the music but he doesn’t have the words. We make American manufacturing great again.” And then meanwhile we are going to have an industrial policy where we recapture and reshore all of this production. Stop doing x, y and z or we are going to treat you like an international outlaw and we are not going to give you access to your markets. You say them okay - you want those tariffs to go down, let’s take these one at a time. “Right now there are $300 billion worth of tariffs and it could be a lot higher. And Wall Street makes a lot of money by being cut in on the action.” And the free trade establishment lets them do it because corporations make a lot of money with the slave labor. And little by little by little they steal it. “What they do is they either use hedge funds to buy up American companies and move them to China or they price them so cheap that the companies are forced to produce in China. Above all, you have to stop stealing our technology not just by stealing it, but by pricing below markets, pricing below the cost of production, dumping products on our markets - stuff that we invented like solar panels.” The serious version is - you say to China - okay guys look, if you want entry to our markets and you want American companies to be able to produce inside China, you’ve got to cut this out, you’ve got to stop stealing technology, you have to stop negotiating coercive agreements with American multinational companies, you’ve got to at least respect the core labor standards of the International Labor Organization which allows for free trade unions, you’ve got to stop all of these national security violations. Trump does the quick and dirty sloganeering version of this. “Trump doesn’t listen to him except on the rhetoric. “Lighthizer would be a better Democrat than he would be a Republican,” Kuttner said. Kuttner said that his hero on China is President Trump’s U.S. You do it in sensitive national security products, you do it in sensitive biomedical products - you do it everywhere.” And you coerce American companies who want the benefit of Chinese slave labor, who want to produce in China, into sharing proprietary technology with so-called Chinese partners who are out to take over their market share within a few years as soon as they learn the technology. That is a clear violation of the supposed precepts of free trade. “What does that mean? It means you target every advanced technology there is and you subsidize it. Kuttner said that “China practices what economists call mercantilism - otherwise known as state led capitalism.” And it’s the Democrats to take back if they are willing to take it back.” “There is what I call a salutary form of economic nationalism stripped of the ethno-racist part where you just want to make America great again, to coin a phrase. “If our guy stands a chance of beating your guy, Biden is going to have to be credible on these issues,” Kuttner told Bannon. On the other hand it looks like the traditionalist globalist trade establishment - preach free trade but cut China slack as long as Goldman and company get a piece of the action. On the one hand he wants to be pro-labor and he wants an industrial policy. “On trade and financial deregulation, the Wall Street wing tends to dominate.” “The Democratic Party has been divided probably for forty years between a progressive worker labor Congressional wing that wants industrial policy, wants infrastructure investment, wants to get tough with China’s state led quasi-capitalistism - and a Wall Street wing,” Kuttner told Bannon. But one thing they do agree on is trade with China.Īnd yesterday, Kuttner went on Bannon’s show War Room: Pandemic to discuss Kuttner’s most recent piece in the American Prospect titled - The Trade War Inside the Biden Campaign.
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