First US presidential debate centers on global trade, economy

Global Business


The future of global trade and the U.S. economy took center stage during Monday’s U.S. presidential debate.

CCTV’s Jessica Stone reports from the debate hall in New York.

Republican presidential candidate Donald Trump wasted no time in blaming China for job losses in the U.S., including currency devaluation.

However, China’s currency has actually been increasing in value since 2007. Just last year, the IMF said the Chinese yuan was no longer undervalued.

Trump said he will create jobs for Americans by cutting taxes for rich. He also said he will slash corporate taxes from 35 percent to 15. Democratic presidential candidate Hillary Clinton presented a different approach aimed at increasing middle class incomes.

But the biggest clash between the candidates came over the U.S. economy and trade.

Trump accused Clinton of supporting the North American Free Trade Agreement, known as NAFTA, calling it the worst trade deal in U.S. history.

He also bashed Clinton for changing her mind on the Trans-Pacific Partnership Trade agreement. The deal, which Clinton helped negotiate, links 12 Pacific Rim economies except for China.

Trump also accused the head of the U.S. Central Bank of not raising interest rates for political reasons, while as recently as last week, Fed Chief Janet Yellen insisted the Fed is a ‘politics-free zone’.

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