White House economic advisor Stephen Miran, who is also the Mar-a-Lago Accord proponent, is out with a speech on the role of the US in the world and the dollar. I would suggest reading the whole thing but here are some points.
The US provides two "global public goods": military security and the dollar as reserve currencyBoth services create peace and prosperity globally but at significant cost to AmericansReserve currency status has distorted trade, harming US manufacturing and workersThe Trump administration seeks fairer burden-sharing from nations benefiting from US servicesCurrent trade deficits (ongoing for 50 years) contradict economic models predicting self-correctionTariffs can be effective because other countries need US markets more than US needs their exportsRebuilding US manufacturing is critical for national security and maintaining financial leadershipHere are five solutions he suggests, in his words:
Another critical note is that he says "This time around, tariffs will help pay for both tax cuts and deficit reduction." That goes back to the overall strategy question: Is it to raise funds or to take down foreign barriers?
He returns to that, and says "revenue is a nice side effect" but claims the main point of them is to lower tariffs, non-tariff barriers and other forms of 'cheating'.
This article was written by Adam Button at www.forexlive.com. Read More Details
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