U.S. Trade Representative Robert LighthizerRobert (Bob) Emmet LighthizerGOP senator warns quick vote on new NAFTA would be ‘huge mistake’ Pelosi casts doubt on USMCA deal in 2019 Pelosi sounds hopeful on new NAFTA deal despite tensions with White House MORE testified before Congress this week, reprising his recent claim that the era of U.S. offshoring is “over.” It’s essentially the same message as President TrumpDonald John TrumpProtesters tear down, burn statue of Confederate general in DC US attorney in NYC who spearheaded probes of Trump allies refuses to leave as DOJ pushes ouster Trump to host 4th of July event despite pleas from lawmakers to cancel MORE’s new “American Comeback” campaign ads, which tout industries and jobs returning to the U.S. But Trump’s trade policies are actually failing to curb most of this offshoring — and simply don’t address the root causes of America’s growing trade deficits.
The reality is that COVID-19 has wiped out much of the job gains seen in recent years. Unless steps are taken now to curb dollar overvaluation, which is making imports artificially cheap in the U.S. market, and to curb tax incentives for offshoring, there won’t be a comeback.
Unfortunately, Trump has ignored the linkage between his policies