FIRST AIRED: July 17, 2018

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Transcript

00:00:00
>>
MUSIC]
00:00:05
>> South Carolina, my home state's economy is built on trade, you name it, we make it, we grow it and we ship it. Cars, cotton, tires, jets, peaches, soybeans, turbines, solar panels and the list goes on and on. What's generally happened in the past economic growth when we've raised tariff's?
00:00:26
>> I have to start by saying that I'm really firmly committed to staying in our lane and our lane is the economy. Trade is really the business of congress and congress has delegated some of that to the executive branch. But nonetheless, it has significent effects on the economy and I think when there are long effects we should talk about it and talk in principle.
00:00:46
And I would say in general countries that have remained open to trade that haven't an erected barriers including tariffs have grown faster they've had higher incomes, higher productivity. And countries that have gown in a more protectionist direction have done worse, I think that's the empirical result.