Steve Bannon Reveals There’s a Plan for a Third Trump Term in 2028

My fellow Americans, Japanese Prime Minister Nakasone, will visit me here at the White House next week.

This is an important visit because, although I hope to address our relations with our good friend Japan, which remain generally excellent, the recent disagreements between our two countries on trade will also be high on our agenda. As you may have heard, last week I imposed new taxes on certain Japanese products in response to Japan’s failure to enforce its trade agreement with us on electronic devices called semiconductors.

Now, imposing such tariffs or trade barriers and restrictions of any kind are actions that I am loath to take, and in a moment I will discuss the good economic reasons for this, namely that in the long run, such trade barriers harm all American workers and consumers. But Japanese semiconductors are a special case. We had clear evidence that Japanese companies were engaging in unfair trade practices that violated an agreement between Japan and the United States. We expect our business partners to honor their agreements. As I have often said, our commitment to free trade is also a commitment to fair trade.

But you know, by imposing these tariffs, we were just trying to solve a particular problem, not start a trade war. So next week, I will convey the same message to Prime Minister Nakasone: we want to continue to work cooperatively on our trade issues and are eager to lift these trade restrictions as soon as the evidence allows. We want to do this because we believe that Japan and the United States have an obligation to promote the prosperity and economic development that only free trade can bring.

This free trade message is the one I delivered to Canada’s leaders a few weeks ago, and it was warmly received. Indeed, around the world, there is a growing realization that the path to prosperity for all nations lies in rejecting protectionist laws and promoting fair and free competition. However, there are solid historical reasons for this. For those of us who lived through the Great Depression, the memory of the suffering it caused is deep and burning, and today many economic analysts and historians argue that the high tariff legislation passed at the time, called the Smoot-Hawley Tariff, significantly worsened the Depression and prevented economic recovery.

You see, at first, when someone says, “Let’s impose tariffs on foreign imports,” it seems like they’re making a patriotic gesture by protecting American products and jobs. And sometimes for a short time it works, but only for a short time. Eventually, local industries begin to rely on government protection in the form of high tariffs. They stop competing and stop making the innovative technological and management changes they need to succeed in global markets. And then, while all of this is happening, something even worse happens. High tariffs inevitably lead to retaliation from foreign countries and the outbreak of fierce trade wars.

The result is more and more tariffs, higher and higher trade barriers and less and less competition. Very quickly, because of artificially high prices through tariffs that subsidize inefficiency and mismanagement, people stop buying. Then the worst happens: markets shrink and collapse, businesses and industries close, and millions lose their jobs.

The memory of everything that happened in the 1930s determined me, on my return to Washington, to spare the American people the protectionist legislation which destroys prosperity. However, this has not always been easy. There are those in Congress – just as there were in the 1930s – who want to gain quick political advantage, who risk America’s prosperity for the sake of a short-term appeal to a special interest group, who forget that more than five million American jobs are directly tied to foreign exports and millions more are tied to imports.

Well, I never forgot those jobs. And on trade issues, overall, we’ve done well. In some specific cases, such as Japanese semiconductors, we have taken steps to end unfair practices against U.S. products, but we have nonetheless maintained our fundamental, long-term commitment to free trade and economic growth.

So, as I approach my meeting with Prime Minister Nakasone and the Venice economic summit, it is extremely important that we not restrict the president’s options in these trade relationships with foreign governments. Unfortunately, that’s exactly what some members of Congress are trying to do. I will keep you informed of this dangerous legislation because it is just another form of protectionism, and I may need your help to stop it. Remember, jobs and American growth are at stake. See you next week, thank you for listening and God bless.