Yesterday, news arrived that in May alone, the U.S. had run a trade deficit in goods of $60 billion. This translates into an annual deficit of $720 billion in goods, or near 4 percent of our GDP wiped out by purchases of foreign-made rather than U.S.-made goods.
In 40 years, we have not run a trade surplus. The most self-sufficient republic in all of history now relies for its necessities upon other nations.
What might a Trumpian policy of Americanism over globalism entail?
A 10 to 20 percent tariff on manufactured goods to wipe out the trade deficit in goods, with the hundreds of billions in revenue used to slash or eliminate corporate taxes in the USA.
Every U.S. business would benefit. Every global company would have an incentive not only to move production here, but its headquarters here.
An “America first” immigration policy would secure the border, cut legal immigration to tighten U.S. labor markets, strictly enforce U.S. laws against those breaking into our country, and get tough with businesses that make a practice of hiring people here illegally.
In Europe and America, corporate, financial and political elites are increasingly disrespected, and transnationalism is receding. An anti-establishment, nationalist, populist wave is surging across Europe and the USA.
It is an anti-insider, anti-Clinton wave, and Trump could ride it to victory.