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Larry Summers: Tariffs will hurt working people

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Former US Treasury Secretary Larry Summers tells CNNMoney's Richard Quest that Trump's trade policy will result in Americans losing jobs.
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Text Comments (49)
patrick sharpe (8 months ago)
Larry Summer, one of the key figures behind the late 2000 financial crisis. Ok CNN, suit yourself.
MaxCam35mm (8 months ago)
The next Trump’s bankruptcy will be the the « America bankrupt ». Debts are growing faster than the incomes. So stupid this 🤡 at the WH. The poverty will increase!
TKJ Nap (8 months ago)
Trump IS THE BEST GIFT to China & Russia. Trump is a CANCER in the body of the U.S. While China will prevail economically, Russia can take on the U.S. Militarily. So INSTEAD of Make America Great Again, Trump's slogan should REALLY BE: "MAKE CHINA & RUSSIA GREAT AGAIN!" You now practically have the World (except for Russia) as Trading Adversaries - must be EXACTLY what Putin wants. Trump is his dumb puppet, who wants to go back to the 1950s. Putin & Xi must be CELEBRATING!!
Mohamed Abdinur (8 months ago)
Worth repeating to Trump supporters ... there is no winning in trade wars. Both sides hit each other to the bottom and maybe after all that one can measure the damage and say I won by surviving but I lost several limbs in the process. I disagree with Mr. Summers on plenty but this issue is we're sympatico. Trump causing a multi-front trade war when each other retaliatory action by these nations only hit back on the US is the height of stupidity. It's like a real war; the US can sustain 1 to 3 war theatres but can it sustain 10? Being singled out like that only causes allies to move closer to US competitors like Russia and China ... in Canada here; we're seriously considering trade deals with China so as to diversify. Trump supporters I am trying not to be hysterical but have you considered if Trump just might be a Siberian candidate? All his actions whether exploding the US debt, or alienating relations with trade partners, or being discourteously petulant to NATO, or receding leadership in the UN, or backing out of nuclear treaties with Iran, or backing out of a climate accord ... in the eye's of the globe and people here in Canada these are actions that diminish the US and raise the profile of Russia as a multi-polar power broker. So again just as a hypothetical if Robert Mueller finds a link with Russia are Trump supporters open minded enough to demand he be impeached?
Georgeqaws (8 months ago)
3:20 is a good point.
J1.92c (8 months ago)
Trump shouod have done this quietly... so one would have even noticed..
tina Haynes (8 months ago)
This is how a Business man who bankrupted 4 Casinos, bankrupts a Country
Cherry Adrales (8 months ago)
true, waiting for foreclosure to get deals... losing job affect mortgage payments
im trying to break out the matrix (8 months ago)
Trump we can all do without the tariff this have to stop👍
R MD (8 months ago)
This POTUS is living in the past. He had no idea of what he's doing and he's not up to the task. These policies will ultimately crash the economy. But, what does he care, it's not his money. But I'll bet he'll make money out of the crash!
Bruce Wayne (8 months ago)
R MD You know he will! I think the saddest part of this is his following. They actually believe he gives a shit about them! Smfh
HemiHead664 (8 months ago)
Trump doesn't have half the brain power of Obama.
patrick sharpe (8 months ago)
And you? bate? same person? maybe?
patrick sharpe (8 months ago)
They under five letters?
HemiHead664 (8 months ago)
patrick sharpe You're the one that's triggered. If you weren't, you wouldn't be posting comment after comment waiting for GiarkReleos to reply.
patrick sharpe (8 months ago)
What small words?
patrick sharpe (8 months ago)
By way I believe in beve sandldler
Wendy Alexander (8 months ago)
Trumps tariffs hurt the US! He started this war and people are losing their jobs. Recession is hitting now. Trump is only listening to Kudlow. He is no economist. He started a war no one wins. Kudlow wouldn't know a Recession if it bit him! If he listens to Summers, Trump is to blame on those points. . I agree on some points that Summer is making and isolating us is wrong! Trump is doing great harm with all of his policies. Trump is making us poorer.
Kodiak and Grizzly Bears (8 months ago)
Summers is shambles. I could come up with the same bullshit and get paid on top of this. Disastrous!
Kodiak and Grizzly Bears (8 months ago)
CNN bollocks as usual.
Pokedex (8 months ago)
Why is the fake News Network not talking about China's economy which is collapsing? If anything we winning the war with our free market. Fair Trade!
GiarkReleos (8 months ago)
+pokedex   wow you are one dumb rube...  everything you stated is completely wrong.   I suggest you stop brainwashing yourself at the FIX-Is-In network or equivalent conspiracy channels.
Rahim Majid (8 months ago)
Pokedex.... You really don`t want China`s economy to collapse. China owns about 1.2 trillion dollars in US debts. You really don`t want them to flood all that bonds and treasury notes in the open market for money to fight their `collapsing` economy, do you?. That might actually crash the US economy. The same way China doesn`t want the US economy to collapse. The US is their biggest importer. There is no win-lose situation between countries when it comes to global trade. It is usually win-win or lose-lose. It`s true that China`s unfair trade policies need to be addressed. But using tariffs to fix the problem is like using a hammer to fix glass.
Exogenous (8 months ago)
Pokedex Chinas 6.9% of 14 Trillion in nominal USD vs US' 2% of 20 Trillion in USD. Hardly double the GDP size is it? I think yoy may even have your sizes reversed. Lets not even get into Purchasing power parity
Phillip (8 months ago)
You know the rottenness of a country's people right here exemplified. Savages that can see no wrong in themselves and their deeds, and instead opt to blame others.
Bruce Wayne (8 months ago)
Pokedex Lmfao 😂 China's economy is growing. GD! Stop blindly drinking the kool-aid!
felixvelo (8 months ago)
It's insulting for CNN to interview one of the creators of the Great Recession. If people want to know more about mr. Summers and his role in sowing the seeds of the housing debacle there's plenty of information online
patrick sharpe (8 months ago)
Yes, at last someone that looks data, rather then go 1984 and say cnn is right, thank you.
Terry Whelan (8 months ago)
Turning the American economy into another Trump university debacle. This Trump dynasty could be The United States last.
Kodiak and Grizzly Bears (8 months ago)
Terry Whelan: Tosser!
Orangutan (8 months ago)
I generally support Trump but tariffs is an idiotic idea
patrick sharpe (8 months ago)
It call a trade war for a reason, who can lose more and still be in the black rather then red, well win, this is over due during the first brush era, china must be slapped finical.