Penn Wealth Publishing

2018.09.02 Penn Wealth Report Vol 6 Issue 03

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penn Wealth publiShing Subscription Information Penn Wealth Publishing 9393 West 110th Street 51 Corporate Woods Suite 500 Overland Park, KS 66210 This magazine is subject to copyright protection. All rights reserved. Penn Wealth Publishing, LLC. 4 penn Wealth RepoRt volume 6 iSSue 03 02 Sep 2018 Penn Wealth RePoRt Copyright 2018. All Rights Reserved. From the Editor/ If you listen to the mainstream media in the US, you would think that every American manufacturer is on the preci- pice of insolvency thanks to the trade war the White House started. In reality (a world in which few journalists live), the playing field is being leveled and our trading "partners" don't like it—especially the most egregious free trade vio- lator, China. We have said it before, but it bears repeating: the US has the least to lose in a trade war. The American Consumer has been the world's piggybank for generations. There is so much wealth flowing from American pocketbooks into the hands of foreign companies that the full amount is hard to comprehend. Last year alone, the US imported $2.9 trillion worth of goods and services. And that would be fine, but the great- est economy in the world—by far—only exported $2.3 trillion in goods and services around the world. We see the difference between those two enormous numbers high- lighted each month as the new trade deficit figures are released. Take a look at the accompanying chart. These fig- ures represent the monthly difference between what we import and what we export. So, for example, in July the US exported $50 billion more than it imported. And this disparity has much more to do with an uneven playing field than any shortcoming of US companies. In fact, the US is on the cutting edge of nearly every major industry, from semiconductors to consumer electronics to advanced construction equipment. Unfortunately, countries from Canada to China strongly regulate what comes across their borders from the US. It has been a one-way street, and that must change. Sadly, you won't read these facts in any major news outlet, from New York to LA to Beijing. MSH Michael S. Hazell editor in chief The US has the least to lose from trade talks, and the most to gain

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