Lutnick's Incompetence Baffles Even Sen. Kennedy
During yesterday's Senate hearing on trade, Larry Kudlow wannabe Howard Lutnick's discussion on trade agreements and tariffs made him look more idiotic than even Senator Kennedy had realized.
The idea of reciprocity between trade partners eluded Trump's Commerce secretary, exposing his ignorance on the entire issue.
KENNEDY: If Vietnam, for example, came to you tomorrow and said, okay, Mr. Secretary, you win. We're going to remove all tariffs and all trade barriers.
Would the United States please do the same? Would you accept that deal?
LUTNICK: Absolutely not. Absolutely not. That would be the silliest thing we could do.
KENNEDY: Why is that?
LUTNICK: Vietnam has $125 billion exports to us and imports from us $12.5 million. And you're thinking, Vietnam exports $125 billion?
KENNEDY: I'm aware of the figures, but tell me-
LUTNICK: But where do they get it from? They buy $90 billion from China, then they mark it up and send it to us. They're just a pathway of China to us.
KENNEDY: You wouldn't accept that deal?
LUTNICK: No, it's a terrible deal.
OMG. WTF is he talking about? Lutnick becomes really exposed as a moron when he can't even fathom what reciprocity is between trade partners. If Vietnam doesn't produce the goods themselves, then the deal is off? Lutnick is using tariffs with other countries to solely attack China. I think. Does Lutnick even know?