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Need to stop China's trade war against US: Dan DiMicco

February 28, 2017

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(click to watch)

Dan DiMicco, Nucor chairman emeritus and CPA board member talks on CNBC about making trade deals with partners that are "mutually beneficial."

 


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  • Hi Bruce and thanks for the information and I think we all agree with Mr. Buffet that we must do something about it now if it is not already too late. China want to devour US and they are in every sense of the word. But I do like Mr. John Hanson’s proposals to bring forth the MAC market access charge. Please go see it at ABCDNow @blogspot.com… This may be our best hope along with the variable rate BAT border access tax depending on the size of the deficit we are running with that country.
  • DiMicco says, “We have been in a trade war with China for two decades,” and China has been killing us. We are practicing naive “free trade,” while China has been practicing mercantilism — the opposite for free trade. A Jeep Grand Cherokee, which costs $27,500 here, costs $85,000 in China because of all the Chinese tariffs.

    Not even a 100% tariff would be sufficient to bring back our manufacturing jobs. The Democrats will scream bloody murder if any tariff is imposed —
    “Its’ hurting the poor.”

    The only way to bring back U.S. manufacturing jobs would be to impose hard limits on the trade deficit as proposed by Warren Buffett back in 2003. Here is Buffett’s original article, which was reprinted in Fortune in April, 2016. http://archive.fortune.com/magazines/fortune/fortune_archive/2003/11/10/352872/index.htm

    The article is entitled: “America’s Growing Trade Deficit Is Selling The Nation Out From Under Us. Here’s A Way To Fix The Problem—And We Need To Do It Now.”