Former NYT journalist: US benefited from trade

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00:00President Trump says, for decades, our country has been looted, pillaged, raped, and plundered

00:06by nations near and far, both friend and foe alike. Hence the tariffs. Has he got a point?

00:14No, I don't think so at all, Tom. The United States has done very well because of trade.

00:21We certainly have lost a lot of factories, more than 50,000 of them, but they were also

00:26very low value production. And the world is moving more and more towards services where

00:32the U.S. runs a big trade surplus, a surplus that could come under attack from other countries

00:38with retaliatory tariffs. Manufacturing is certainly important for the military, so we do that

00:47domestically. And we saw 700,000 more jobs in the manufacturing sector during the previous

00:55administration while Trump, in his first term, lost manufacturing jobs through his policies.