Peter Schiff: Strong Dollar or Exports? Pick One.

Last week, Peter joined Glenn Diesen for an interview on the post-trade deal economy. Peter takes on the myths surrounding Trump’s trade war with China, the real impact of tariffs on Americans, and where he sees the dollar heading as the world’s reserve currency. He explains why the perceived victories of protectionist trade policy are little more than marketing stunts, and warns about the risks of continued US borrowing and a potential dollar crisis.

Peter opens with his signature candor, cutting through the narratives around Trump’s approach to China and the broader trade war. He stresses that Americans have been misled about the true causes of trade deficits and the effectiveness of tariffs:

Well, first of all, Trump declared war and then surrendered and called it a victory. You know, the victory is that he saved us from ourselves, although it’s not a complete save. I don’t think we’re out of the woods. But, you know, Trump never had the cards to win the war in the first place. In the first place, I think he assessed the situation backwards. The whole trade war was misguided anyway, because the trade deficits are not the result of foreigners cheating us or ripping us off or bad trade deals.