Peter Schiff: NAFTA Rebrand Is a Marketing Fraud
President Trump managed to put together a new NAFTA deal with Canada just before the deadline. In his latest podcast, Peter Schiff called the “NAFTA rebrand” a marketing fraud.
When Donald Trump was a candidate, he said NAFTA was the worst trade agreement ever negotiated by anybody. Even as he was taking credit for the new deal he just negotiated, Trump reiterated how bad the original deal was. Now he is saying the new NAFTA is the greatest deal ever negotiated.
So, we went from the worst deal in the history of deals to the best deal in the history of deals. The problem is — it’s basically the same deal. I mean, the only thing that’s really changed is the name. And we went from a good name to a lousy name.”
Now we have to say US MCA instead of just saying NAFTA. As Peter put it, we went from a nice name to a ridiculous name.
But the bottom line is that’s probably the most substantive difference between the two deals is that now we have a lousy name, because pretty much it’s the same deal. Yet this is the greatest deal in history and the old deal was the worst deal ever.”
Peter called this standard operating procedure for Donald Trump. Everything is great now that he’s president. During the campaign, he was going to make America great again. Now that he’s president, everything is great. But there’s no difference between America today and America before he was elected.
All the problems that he pointed out are still here. They haven’t been solved. If anything, those problems are now bigger than ever. You know, all the economic numbers were fake when he was running for office. Now those same numbers are not fake at all. All he does is tout how great the numbers are.”
The whole NAFTA thing follows this same pattern. Trump pretended everything was awful and now he’s made everything fantastic, but he hasn’t really done anything.
It is NAFTA rebranded with a worse name.”
Peter said he thinks some of the additions to the agreement relating to intellectual property were pretty good. But these were just additions. The foundation of the agreement remains pretty much unchanged. Peter said most of the changes were little more than “slight tweaks.”
Peter breaks down some of the details of NAFTA and draws the following conclusion.
Here you have Donald Trump out there claiming credit for this fantastic deal that’s revolutionizing the US economy. This fixes all the problems. And this is all nonsense. This is all a theater. This is all a show. This is pure politics. And it shows you that Trump is not talking about reality. It’s all hype. It’s all smoke and mirrors. It’s all pretend.”
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