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But trump is trying to placate both sides of the argument that trade wars and tariffs don't work. >> julian, there are people who say, talks about this haven't -- simply look at the long-term, historically the trade wars have a bad effect. really bad effect. so there's a lot of evidence because this is not -- >> we'll have more coming up on "state of the union with jake tapper" coming up at 9:00 a.m.
Goods. imported goods. how come we aren't creating those products here at home? i think we need to expand on this. everyone is using the same language but tariffs have worked very well for china whose economy has gone from less than 2% of global gdp in 1979 as ours has declined. tariffs are working well for south korea and india. the fastest growing economies in the world have tariffs either two or more times ours. i guess tariffs don't work but why are they working for china? >> if there is a moral hazard and you get money to farmers and steelworkers get in line? >> first of all, i think one ...
Eerily similar to what george w. bush and his team was saying a decade and a half ago to support steel tariffs that they were putting up. you know that. cnn covered it. it did not work. it did help the steel industry 13, 14 years ago. these tariffs, it simply propped up what was an ailing difficult economic situation. it is not going to work now. tariffs don't work. they simply have government at that point picking winners and losers and we are -- our argument would be whether it is democrats or republicans, it doesn't work to have politicians sitting in washington, picking winners and losers,...
Why does the commerce secretary not know everything about the policy? >> the commerce secretary needs to know the basic commerce for the last century. the tariffs don't work. this is not an esoteric argument. we know tariffs hurt the economy. we saw this with president bush imposed tariffs on steel. we saw it when president obama imposed tariffs on tires. to think we will do this again on a broader scale and with no apparent plan in place is just fantasy thinking. >> it is, though, a campaign promise. i would argue that so many of the stock market highs were because wall street saw a pro busin...