Trump Has a Number of Things Wrong on Trade Says Irwin

The video discusses the complexities of trade agreements, focusing on the challenges of renegotiating NAFTA and the implications of macroeconomic policies on trade deficits. It highlights the concept of comparative advantage, emphasizing that trade is mutually beneficial. The discussion also covers President Trump's evolving stance on trade, potential actions, and concerns about future trade policies, including the border tax and NAFTA withdrawal.

What is one of the main concerns Congress has regarding new trade agreements?

• The involvement of European countries

• The potential for increased tariffs

• The speed at which they are negotiated

• The lack of a clear replacement for NAFTA

How does the speaker describe trade in terms of winners and losers?

• Trade is a zero-sum game with clear winners and losers

• Trade benefits only the exporting country

• Trade is not a zero-sum game and benefits both sides

• Trade primarily benefits the country with a trade surplus

Why does the speaker believe it is beneficial to have a prosperous neighbor like Mexico?

• It allows for more cultural exchanges

• It leads to cheaper imports and mutual prosperity

• It increases the demand for luxury goods

• It reduces the need for border security

What has been the primary action taken by President Trump regarding trade so far?

• Signing new trade agreements

• Issuing executive orders and initiating trade cases

• Implementing a border tax

• Reducing tariffs on European goods

What was a major concern regarding the potential withdrawal from NAFTA?

• It could destabilize the North American economy

• It would result in a trade surplus

• It would lead to increased tariffs on European goods

• It would increase the value of the dollar