Beyond America’s ongoing trade fight with China, Trump also suggested to a Wall Street Journal columnist on Thursday that Japan could be next in his sights.
“The president likes to pick trade fights,” Scissors said.
According to Roach, however, tariffs are unlikely to be the solution to the trade deficits between the U.S. and its trading partners.
“The tariff war is really a foil,” Roach told CNBC, saying that the U.S. had bilateral deficits with 102 countries around the world.
Instead, he called it a “multilateral problem” that’s due in a large part to Americans not saving.
“When you don’t save and you want to grow, you import surplus savings from abroad, you run massive current account and trade deficits to attract the capital,” Roach said, claiming that was something that “any basic macroeconomics class will teach its students.”
“Apparently the president or his advisors, several of them unfortunately went to Yale, don’t either remember or didn’t do well in their macroeconomics classes,” Roach added, further suggesting that Trump and his aides should “go back … and study their notes.”
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