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Mike Bloomberg on Free Trade
Mayor of New York City (Independent)
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China tariff--2015: incalculable damage; 2019: not damaging
Larry Kudlow once said Trump's proposed policies on trade would lead to a bad recession, cause "incalculable damage" to the economy and kill consumers and businesses alike. Kudlow made those comments in 2015.
Kudlow said the tariffs Trump then sought and has now moved to impose on China and Mexico would damage the US economy enormously. The comments from Kudlow harshly contradict the administration's current positions on trade.
Kudlow stood by the administration's current policies in a phone interview with CNN's KFile. "That was then and this is now," Kudlow said. "I think his trade policies with China in particular have been very strong.
They are not damaging the US economy." Asked about his past criticism, Kudlow claimed he was speaking hypothetically.
Source: CNN K-file on 2020 presidential hopefuls
, Feb 26, 2020
Trade with China is good for consumers & the US economy
Bloomberg has been a proponent of deeper trade and investment ties with China and he opposes President Trump's trade war with Beijing. He says the US must work closely with China on climate change and other issues, and has drawn scrutiny for his
business relationships in the country.He has advanced a more moderate view of China's leadership than some other candidates, saying in 2019 that Chinese President Xi Jinping is "not a dictator" and that Beijing is making progress on climate goals.
He opposes Trump's trade war with China, calling it a "failure of our government" and arguing that it is hurting the economy, costing jobs, and slowing innovation. He says China's unfair trade practices need to be addressed through negotiation.
He argues that trade with China is good for consumers and the US economy, but that China needs to further open its markets to US companies. He has previously said that expanded trade puts pressure on Beijing to "act responsibly" on the world stage.
Source: Council on Foreign Relations on 2019 Democratic primary
, Dec 24, 2019
Supports TPP and opposes trade war with China
Bloomberg argues that free trade with China and others is not a "zero-sum game" and is instead good for consumers and the U.S. economy. He has also said that expanded trade puts pressure on Beijing to "act responsibly" on the world stage.
He supported the Obama administration's Asia-Pacific trade deal, the Trans-Pacific Partnership, which Trump rejected.
He opposes Trump's trade war with China, arguing that it is hurting the economy, costing jobs, and slowing innovation. He calls for China to further open its markets to
U.S. companies and says that its unfair trade practices need to be addressed through negotiation. He has argued in the wake of Trump's imposition of tariffs that Congress should exert more oversight over presidential trade powers.
Source: Council on Foreign Relations on 2019 Democratic primary
, Dec 24, 2019
Vocal defender of global trade and multinational trade deals
Bloomberg is a vocal defender of global trade & multinational trade deals. "International trade plays a vital role in addressing global challenges," he says. He supported the Obama administration's Asia-Pacific trade deal, the Trans-Pacific Partnership,
which Trump rejected. Through his US-Africa Business Forum, he has been a proponent of expanding trade and investment ties with African countries. Bloomberg Philanthropies also brings together government and business leaders to promote trade.
Source: Council on Foreign Relations on 2019 Democratic primary
, Dec 24, 2019
Punitive tariffs harms us, kills jobs, strains relations
Bloomberg will lobby against Trump's plans to impose punitive tariffs on goods from China. "Leaders in Washington are considering new trade policies that would unfortunately harm our economy, would kill jobs, would slow innovation, and strain ties with
nations around the world, including China, and we cannot let that happen," the business community leader said. "Other countries around the world, again, including China, are responding with their tariffs and we don't need a trade war."
Source: South China Morning Post on 2019 Democratic primary
, Apr 18, 2018
Protectionist viewpoint has a heavy price to country
It is easy to say that times have changed and take a more protectionist viewpoint. In fact, times have changed. Dramatic advances in technology and increased global trade are creating enormous economic opportunities, but also challenges.
If America is to remain the world’s economic superpower, it must capitalise on the opportunities and confront the challenges. Countries that run away from globalisation will pay a heavy price for decades to come.
Source: Bloomberg article in Financial Times, “Resist Protectionism”
, Dec 11, 2007
Global economy isn’t zero-sum game: US & China can both gain
This week I am meeting with business leaders and government officials in Beijing and Shanghai to discuss the increasingly important relationship between the US and China--and the opportunities that we hold for each other. Some in the west believe that a
growing Chinese economy is a threat. As a businessman, and now as mayor of the world’s largest financial capital, I believe the opposite is true: Chinese growth is, in fact, an opportunity for the US and the world, because the global economy is not a
zero-sum game. We all share in each other’s success.
A growing China creates jobs for our export producers, keeps consumer prices low, expands our choice of goods and services, and increases our access to capital and talent. It also intensifies pressur
on China itself to act responsibly on international issues, including security, trade, product safety and climate change. Our serious differences with China in these and other areas must not used as excuses for short-term retaliatory measures.
Source: Bloomberg article in Financial Times, “Resist Protectionism”
, Dec 11, 2007
Staunchly for free trade and against protectionism
The mayor staunchly defended open immigration and free trade. “The things that we have to worry about is this protectionist movement that has reared its head again in this country and the anti-immigration movement, which will destroy our children’s
future if we let it go unchecked,” the mayor said. The mayor’s most striking remarks were about economic inequality, as he voiced views not widely articulated by his fellow Republicans. “This society cannot go forward, the way we have been going
forward, where the gap between the rich and the poor keeps growing,“ said Bloomberg, a former Democrat. ”It’s not politically viable; it’s not morally right; it’s just not going to happen.“
He blamed ‘’the abject failure of public education in this country’’ as a major cause of inequality, arguing that too many young people had not been given the skills essential for a technologically advanced economy.
Source: Sewell Chan, New York Times, on 2008 election
, Mar 13, 2007
Open borders for trade encourage entrepreneurship
America really is the land of opportunity and home to more start-up enterprises than any other country.
In this country, banks, venture capitalists, and stock exchanges are all accustomed to funding new ideas.
The United States has a culture that prizes innovation, its social hierarchy is built around merit, and it rewards the risk taker. Open borders for trade, publicly funded research, and favorable tax laws encourage entrepreneurship.
The results speak for themselves: greater job creation, higher equity values, a diverse and constantly improving selection of products for us as consumers.
Source: Bloomberg by Bloomberg, by Mike Bloomberg, p. 61-2
, Aug 27, 2001
American competitive position is strong against China and EU
America is as well-positioned as any large country could be. Its citizens speak English, the closest thing ever to a universal language. It has free internal borders with one currency, so manufacturers in the US have a single large market for their
products.Those countries previously enjoying double-digit growth through low labor costs are in for a rude awakening. When your raison d'etre is "cheap," no one makes much and anyone more desperate can undercut you anytime.
Low wages, low profits, and low taxes where there are high social service demands eventually lead to serious unrest.
Much strife lies ahead. By comparison, America's labor force is mobile and willing, even anxious, to learn new skills.
America's concentration on value-added industries (as opposed to commodities businesses that compete based on price) puts it in a position to maintain margins and salaries, America's competitive position couldn't be better.
Source: Bloomberg by Bloomberg, by Mike Bloomberg, p.194-5
, Aug 27, 2001
Page last updated: Mar 20, 2021