The Economics of Donald Trump: Foreign Trade

The video explores Trump's protectionist trade policies, emphasizing local production over imports. It discusses the benefits and drawbacks of trade and globalization, highlighting comparative advantage. The video contrasts unilateral and bilateral trade agreements, noting Trump's preference for bilateral deals due to their fairness and enforceability. It concludes with an overview of Trump's economic policies, typical of modern Republicans, focusing on local industry and neoclassical economics.

What is a potential disadvantage of protectionist trade policies?

• Increased global competitiveness

• Higher import tariffs

• Lower production costs

• Complacency in local industries

How has trade contributed to wealth creation according to the video?

• By increasing local production

• Through the effects of comparative advantage

• Through unilateral trade agreements

• By reducing labor costs

What is a key feature of unilateral trade agreements?

• They are preferred by Trump

• They can be complex and involve multiple countries

• They are easy to enforce legally

• They involve only two countries

Why does Trump prefer bilateral trade agreements?

• They involve multiple countries

• They allow for easier renegotiation

• They are more complex

• They reduce tariffs globally

What economic approach does Trump favor?

• Keynesian economics

• Neoclassical economics

• Marxist economics

• Monetarist economics

What is a common criticism of Trump's economic policies?

• They are too lenient on environmental laws

• They benefit the wealthiest members of society

• They neglect local industries

• They focus too much on global trade

What is necessary for running a strong economy according to the video?

• Autopilot management

• Unilateral trade agreements

• High tariffs

• Competent economic management