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Republican debate: Carson and Trump flail as establishment talks policy – as it happened Republican debate: Carson and Trump flail as establishment talks policy – as it happened
(30 days later)
5.04am GMT5.04am GMT
05:0405:04
The fourth Republican debate is in the can. Here’s what we learned tonight:The fourth Republican debate is in the can. Here’s what we learned tonight:
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at 5.09am GMTat 5.09am GMT
4.30am GMT4.30am GMT
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The Guardian US business desk give their verdict:The Guardian US business desk give their verdict:
Dominic Rushe:Dominic Rushe:
Well that was a much better debate than the CNBC fiasco. There were a lot of gaps but minimum wage, check, China, check, we even had a reasonable back and forth of the Trans-Pacific Partnership trade deal (TPP). Trump slammed it - wrongly - as giving too much to China and Kasich made the case for TPP being a buffer against China’s dominance in the Pacific region.Well that was a much better debate than the CNBC fiasco. There were a lot of gaps but minimum wage, check, China, check, we even had a reasonable back and forth of the Trans-Pacific Partnership trade deal (TPP). Trump slammed it - wrongly - as giving too much to China and Kasich made the case for TPP being a buffer against China’s dominance in the Pacific region.
Rubio had a crack at Dodd Frank - the legislation that came in after the last financial crisis and which has codified “too big to fail”. Cruz said he would “absolutely not” bail out the big banks again.Rubio had a crack at Dodd Frank - the legislation that came in after the last financial crisis and which has codified “too big to fail”. Cruz said he would “absolutely not” bail out the big banks again.
That was, given the very bitty format, a fairly substantial airing of the candidates’ views on some major economic issues. The losers for me were Carson and Trump, who just didn’t have much substance. Although I would hesitate to say there was a clear winner. Maybe Christie in the early-evening babies’ debate?That was, given the very bitty format, a fairly substantial airing of the candidates’ views on some major economic issues. The losers for me were Carson and Trump, who just didn’t have much substance. Although I would hesitate to say there was a clear winner. Maybe Christie in the early-evening babies’ debate?
Jana KasperkevicJana Kasperkevic
Christie kept his eye on the ball, or rather on Hillary. She emerged as the winner of this debate too.Christie kept his eye on the ball, or rather on Hillary. She emerged as the winner of this debate too.
As for the losers, you can add philosophers, IRS agents and women to the list. I have a feeling that besides their own moms, the GOP candidates do not know many women. Or minimum wage workers. When asked if he was sympathetic to the fact that minimum wage workers only make $15,000 a year, Trump said no. I would love to see him try to make it on that little.As for the losers, you can add philosophers, IRS agents and women to the list. I have a feeling that besides their own moms, the GOP candidates do not know many women. Or minimum wage workers. When asked if he was sympathetic to the fact that minimum wage workers only make $15,000 a year, Trump said no. I would love to see him try to make it on that little.
And while this debate addressed a lot of the issues that CNBC only skirted around, the one thing they did not mention is the high cost of higher education. US college debt has surpassed $1tn. It shouldn’t be this easy to ignore.And while this debate addressed a lot of the issues that CNBC only skirted around, the one thing they did not mention is the high cost of higher education. US college debt has surpassed $1tn. It shouldn’t be this easy to ignore.
Dominic RusheDominic Rushe
I agree but hey at least we learnt that Rubio is wrong - philosophers DO make more than welders.I agree but hey at least we learnt that Rubio is wrong - philosophers DO make more than welders.
Stay in school, kids.Stay in school, kids.
4.19am GMT4.19am GMT
04:1904:19
Closing statementsClosing statements
Paul: We’re rich. We’re free. And we’re in debt. Can you be a conservative if you blow a bunch of money on the military? I’m the only fiscal conservative on the stage.Paul: We’re rich. We’re free. And we’re in debt. Can you be a conservative if you blow a bunch of money on the military? I’m the only fiscal conservative on the stage.
Kasich: My two 16-year-olds. I worry about them if Hillary Clinton wins. Conservatism means returning power to the people. Wealth, connection, family. Great days ahead.Kasich: My two 16-year-olds. I worry about them if Hillary Clinton wins. Conservatism means returning power to the people. Wealth, connection, family. Great days ahead.
Fiorina: Imagine a Clinton presidency. Deteriorating military. Crushed middle class. Corroded national character, because of the Clinton way. Carly Fiorina can beat Hillary Clinton.Fiorina: Imagine a Clinton presidency. Deteriorating military. Crushed middle class. Corroded national character, because of the Clinton way. Carly Fiorina can beat Hillary Clinton.
Bush: Widow of soldier killed in Afghanistan sitting with my wife. We need a commander in chief. Support the veterans. That’s my pledge to you. Vote Bush.Bush: Widow of soldier killed in Afghanistan sitting with my wife. We need a commander in chief. Support the veterans. That’s my pledge to you. Vote Bush.
Cruz: My father fled Cuba. “As he stood on the deck of that ferry boat, with the wind and salt air blowing,” it was awesome. Bold colors not pale pastels. Grassroots army. We the people.Cruz: My father fled Cuba. “As he stood on the deck of that ferry boat, with the wind and salt air blowing,” it was awesome. Bold colors not pale pastels. Grassroots army. We the people.
Rubio: Story of America is each generation leaving the next better off. Washington is crushing America. This election is about making a different choice. The 21st century can be a new American century. Go to Marco Rubio dot com!Rubio: Story of America is each generation leaving the next better off. Washington is crushing America. This election is about making a different choice. The 21st century can be a new American century. Go to Marco Rubio dot com!
Carson: In the two hours of this debate, five people have died. $100m has been added to debt. 200 babies have been killed by abortionists, two vets have taken their lives out of despair. It does not have to be this way.Carson: In the two hours of this debate, five people have died. $100m has been added to debt. 200 babies have been killed by abortionists, two vets have taken their lives out of despair. It does not have to be this way.
Trump: I’m rich and proud of my company. Iconic properties. I don’t have to give you a website because I’m self funding. We cannot let Hillary Clinton win.Trump: I’m rich and proud of my company. Iconic properties. I don’t have to give you a website because I’m self funding. We cannot let Hillary Clinton win.
And ... Clinton:And ... Clinton:
#GOPdebate pic.twitter.com/vqbB3Tpf5r#GOPdebate pic.twitter.com/vqbB3Tpf5r
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4.07am GMT4.07am GMT
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One last commercial break. Closing statements are next!One last commercial break. Closing statements are next!
4.06am GMT4.06am GMT
04:0604:06
Paul on climate change: 'we need to look before we leap'Paul on climate change: 'we need to look before we leap'
Paul is asked about energy self-sufficiency and climate change.Paul is asked about energy self-sufficiency and climate change.
He says that he would repeal EPA regulations and the clean power act.He says that he would repeal EPA regulations and the clean power act.
“While I do think that man may have a role in our planet, I think nature also has a role... we’ve been through geologic age after geologic age.”“While I do think that man may have a role in our planet, I think nature also has a role... we’ve been through geologic age after geologic age.”
Temperatures go up, Paul says. And temperatures come down.Temperatures go up, Paul says. And temperatures come down.
“We need to look before we leap” on the climate, he says.“We need to look before we leap” on the climate, he says.
4.04am GMT4.04am GMT
04:0404:04
Cruz weighs in. “Hillary Clinton embodies the cronyism of Washington,” he says. Applause.Cruz weighs in. “Hillary Clinton embodies the cronyism of Washington,” he says. Applause.
Question for Trump. He’s asked about a plank in his tax plan to tax US profits held overseas at a one-time 10%.Question for Trump. He’s asked about a plank in his tax plan to tax US profits held overseas at a one-time 10%.
Trump says that corporate inversion, the flight and retention of taxes overseas is a new and deleterious trend.Trump says that corporate inversion, the flight and retention of taxes overseas is a new and deleterious trend.
“We can’t get the money back in.. it’s probably $2.5tn.”“We can’t get the money back in.. it’s probably $2.5tn.”
With his tax, he says, “we’re going to have all this money pouring back into the United States’.With his tax, he says, “we’re going to have all this money pouring back into the United States’.
Let’s make America great again.Let’s make America great again.
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at 4.05am GMTat 4.05am GMT
4.01am GMT4.01am GMT
04:0104:01
They’re back.They’re back.
Question for Rubio, about Hillary Clinton. Why should the American people trust you more than her?Question for Rubio, about Hillary Clinton. Why should the American people trust you more than her?
“Well that’s a great question. And let me begin by answering it,” he says.“Well that’s a great question. And let me begin by answering it,” he says.
He laughs at himself.He laughs at himself.
Then he says “this election is about the future,” and lapses into a stump speech. “The Democratic party and the political left has no idea it’s about the future. .. This nation is going to turn the page.”Then he says “this election is about the future,” and lapses into a stump speech. “The Democratic party and the political left has no idea it’s about the future. .. This nation is going to turn the page.”
Scripted feeling to it, but applauded.Scripted feeling to it, but applauded.
3.56am GMT3.56am GMT
03:5603:56
And here was Trump, who doesn’t like being interrupted.And here was Trump, who doesn’t like being interrupted.
3.56am GMT3.56am GMT
03:5603:56
Commercial break. Two significant exchanges and actual points of intense debate tonight, one on bank bailouts, one on military spending and Middle East policy.Commercial break. Two significant exchanges and actual points of intense debate tonight, one on bank bailouts, one on military spending and Middle East policy.
3.55am GMT3.55am GMT
03:5503:55
Jessica ValentiJessica Valenti
Here is Guardian US columnist Jessica Valenti on the misogynist moment of the evening:Here is Guardian US columnist Jessica Valenti on the misogynist moment of the evening:
You’ve got to love Trump, the undisputed Interrupter-in-Chief of American politics, getting whiny about Carly Fiorina, asking:You’ve got to love Trump, the undisputed Interrupter-in-Chief of American politics, getting whiny about Carly Fiorina, asking:
‘Why does she keep interrupting everybody?’‘Why does she keep interrupting everybody?’
Perhaps Trump isn’t used to hearing women talk all that often. We already know he doesn’t listen to them.Perhaps Trump isn’t used to hearing women talk all that often. We already know he doesn’t listen to them.
3.54am GMT3.54am GMT
03:5403:54
Cruz presses Kasich on whether he would bail out a big bank as it was going down. Kasich says as an executive he would “separate those people who could afford it, and people who put their money in...”Cruz presses Kasich on whether he would bail out a big bank as it was going down. Kasich says as an executive he would “separate those people who could afford it, and people who put their money in...”
Kasich is booed, and then tries to explain, but then he’s dinged for being out of time, and the moment fades.Kasich is booed, and then tries to explain, but then he’s dinged for being out of time, and the moment fades.
Fiorina jumps in and says something about creeping socialism.Fiorina jumps in and says something about creeping socialism.
She’s applauded!She’s applauded!
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at 3.55am GMTat 3.55am GMT
3.54am GMT3.54am GMT
03:5403:54
Here was Ted Cruz earlier promising not to push any grannies off a cliff – his or anyone else’s.Here was Ted Cruz earlier promising not to push any grannies off a cliff – his or anyone else’s.
3.52am GMT3.52am GMT
03:5203:52
Cruz: 'The biggest lie in all of Washington is that Republicans are the party of the rich'Cruz: 'The biggest lie in all of Washington is that Republicans are the party of the rich'
Cruz is asked whether Wall Street crooks have gotten away with financial murder.Cruz is asked whether Wall Street crooks have gotten away with financial murder.
He says yes. He says he would “absolutely not” bail out the big banks again. “The biggest lie in all of Washington is that Republicans are the party of the rich.”He says yes. He says he would “absolutely not” bail out the big banks again. “The biggest lie in all of Washington is that Republicans are the party of the rich.”
Cavuto asks for elaboration.Cavuto asks for elaboration.
“If the Bank of America were on the brink, you would let it fail?”“If the Bank of America were on the brink, you would let it fail?”
“Yes,” Cruz says.“Yes,” Cruz says.
“Millions of depositors would be in line with that decision.”“Millions of depositors would be in line with that decision.”
“I would not bail them out,” Cruz says. He says the Fed should return to the gold standard and serve as a lender of last resort. It is not a bailout, he says, it’s a loan at a higher rate.“I would not bail them out,” Cruz says. He says the Fed should return to the gold standard and serve as a lender of last resort. It is not a bailout, he says, it’s a loan at a higher rate.
“We need to get back to sound money, which helps in particular working men and women.”“We need to get back to sound money, which helps in particular working men and women.”
Kasich: “When a bank is getting ready to go under and depositors’ life savings are on the line,” you’ve got to step in.Kasich: “When a bank is getting ready to go under and depositors’ life savings are on the line,” you’ve got to step in.
“Philosophy doesn’t work when you run something. And I got to tell you, on the job training for the president of the United States does not work.”“Philosophy doesn’t work when you run something. And I got to tell you, on the job training for the president of the United States does not work.”
3.45am GMT3.45am GMT
03:4503:45
This was Ben Carson being introduced earlier:This was Ben Carson being introduced earlier:
3.44am GMT3.44am GMT
03:4403:44
Carson is asked if he would break up JP Morgan bank. He does not simply state, “no.” He suggests that regulation of big banks is needed.Carson is asked if he would break up JP Morgan bank. He does not simply state, “no.” He suggests that regulation of big banks is needed.
“I think we should have policies that don’t allow them to just enlarge themselves at the expense of smaller entities,” he says.“I think we should have policies that don’t allow them to just enlarge themselves at the expense of smaller entities,” he says.
Then he says that “the creep of regulations has turned into a stampede of regulations.”Then he says that “the creep of regulations has turned into a stampede of regulations.”
UpdatedUpdated
at 3.45am GMTat 3.45am GMT
3.42am GMT3.42am GMT
03:4203:42
Bush gets a question about bank bailouts. Would he support such a bailout in the case of a future financial crisis?Bush gets a question about bank bailouts. Would he support such a bailout in the case of a future financial crisis?
Let’s not have another crisis, Bush says. “Raise the capital requirements so that banks are not too big to fail.” He says small bankers are paying too much to comply with Dodd-Frank regulations.Let’s not have another crisis, Bush says. “Raise the capital requirements so that banks are not too big to fail.” He says small bankers are paying too much to comply with Dodd-Frank regulations.
Then Bush takes a swipe at Clinton. “She wants to double down on that,” he says. “She is captive to the left of her party.”Then Bush takes a swipe at Clinton. “She wants to double down on that,” he says. “She is captive to the left of her party.”
Team Bush are pushing his attacks on Clinton heavily by email to reporters. His new strategy is to just pretend he's still the frontrunner!Team Bush are pushing his attacks on Clinton heavily by email to reporters. His new strategy is to just pretend he's still the frontrunner!
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3.41am GMT3.41am GMT
03:4103:41
Massachusetts senator and liberal icon Elizabeth Warren is watching - and she’s not happy.Massachusetts senator and liberal icon Elizabeth Warren is watching - and she’s not happy.
So... Can we talk about that ad that just ran during the #GOPDebate where I look like a Commie dictator?So... Can we talk about that ad that just ran during the #GOPDebate where I look like a Commie dictator?
3.37am GMT3.37am GMT
03:3703:37
Now to Kasich, on the question of cyber attacks by China. Kasich says that he would destroy the tools China uses to mount the attacks.Now to Kasich, on the question of cyber attacks by China. Kasich says that he would destroy the tools China uses to mount the attacks.
Then he proposes a tour around the world. He calls for reinforced Nato posture in eastern Europe. No-fly zones in Iraq and Syria. Support for the Jordanian king. Withdrawal of support for radical elements in Saudi Arabia. Support for Israel. Force projection in the South China Sea.Then he proposes a tour around the world. He calls for reinforced Nato posture in eastern Europe. No-fly zones in Iraq and Syria. Support for the Jordanian king. Withdrawal of support for radical elements in Saudi Arabia. Support for Israel. Force projection in the South China Sea.
He warns that Republicans have to shape realistic plans to defeat Hillary Clinton.He warns that Republicans have to shape realistic plans to defeat Hillary Clinton.
“We make promises we can’t keep under the bright light of the fall [2016], we have trouble,” Kasich says. “We must make sure our economic programs and our military programs are solid.”“We make promises we can’t keep under the bright light of the fall [2016], we have trouble,” Kasich says. “We must make sure our economic programs and our military programs are solid.”
Strong riff by Kasich. But weakish applause.Strong riff by Kasich. But weakish applause.
3.36am GMT3.36am GMT
03:3603:36
There have been tons of interruptions during this debate – from every corner, writes Jesse Berney.There have been tons of interruptions during this debate – from every corner, writes Jesse Berney.
John Kasich, Jeb Bush, Rand Paul, just about everyone at some point has tried to speak up without the moderators recognizing him.John Kasich, Jeb Bush, Rand Paul, just about everyone at some point has tried to speak up without the moderators recognizing him.
But when Carly Fiorina tried to jump in when Rand Paul was criticizing an answer she gave, Trump - who yes, interrupted people tonight - popped up to ask: “Why does she keep interrupting everybody?”But when Carly Fiorina tried to jump in when Rand Paul was criticizing an answer she gave, Trump - who yes, interrupted people tonight - popped up to ask: “Why does she keep interrupting everybody?”
Why did Trump attack Fiorina for interrupting and not anyone else? Hmm, what is it that makes Fiorina different from the other candidates on the stage?Why did Trump attack Fiorina for interrupting and not anyone else? Hmm, what is it that makes Fiorina different from the other candidates on the stage?
I’m no fan of Fiorina, obviously (just scroll down this liveblog), but that was a pretty naked moment of sexism from Donald Trump. Which is the least surprising moment of a predictable night.I’m no fan of Fiorina, obviously (just scroll down this liveblog), but that was a pretty naked moment of sexism from Donald Trump. Which is the least surprising moment of a predictable night.
3.33am GMT
03:33
Rubio gets in on the Russia debate. “I’ve never met Vladimir Putin, but I know enough about him to know he’s a gangster.”
Rubio says Putin runs a criminal syndicate. Then he pivots to Obama not showing sufficient respect to Israel. Then he is on to the threat of jihad. “Either they win or we win,” he says.
3.31am GMT
03:31
Trump: 'Why does she keep interrupting everybody?'
Paul: Should the Iranians be in talks on Syria?
Paul says he wants to talk about Syria. It’s naive and foolish not to talk to Russia, he says. “When you think it’s going to be a good idea to have a no-fly zone in Iraq, that means” shooting down Russian planes, which means another war in Iraq, Paul says.
I think the first war in Iraq was a mistake. You can be strong without being involved in every civil war in the world.
Fiorina gets in half a phrase before Trump interrupts her interruption.
“Why does she keep interrupting everybody?” Trump asks.
Updated
at 3.34am GMT
3.28am GMT
03:28
Bush jumps in on Middle East policy. “We should have a no-fly zone in Syria,” he says. He says Russia asserting itself in the Middle East was a sign of a failed Obama policy.
Trump is now talking about foreign policy. He takes a question about Ukraine. He answers on the Iran nuclear deal, “one of the worst contracts ever signed ever in anything.”
On fighting Isis, Trump says, “If Putin wants to go in, I say go for it.” “And I got to know him very well, because we were both on 60 Minutes.”
Bush jumps in with some pepper. “Donald is wrong on this. He is absolutely wrong on this.”
Bush says the idea that Russia could play an allied role in Syria is off-base.
“That’s like a board game. That’s like playing Monopoly or something. That’s not how the world works.”
Trump is back in. He goes on a rant about how the United States “should have kept the oil” in Iraq. We could’ve used it to pay for care for wounded veterans, he says.
Fiorina gets in a dig at Trump’s story about meeting Putin on 60 Minutes. She says she’s met the Russian leader too. “Although I have met him as well, not in a green room in a show, but in a private meeting” – she would not talk to him.
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3.27am GMT
03:27
Trevor Timm
In case all this talk of Putin, Assad and beheading isn’t quite hawkish enough for you ... well ... does anyone know who all these generals are? The ones talking to Carson and Trump? Anyway, here’s Guardian US columnist Trevor Timm on some actual Pentagon policy:
It’s always funny listening to Republicans rail against runaway government spending and then immediately pivot to pledging to increase defense spending beyond its already-record levels.
The new defense spending bill just passed by veto-proof majorities in Congress, as Foreign Policy pointed out, is it’s “more than $100 billion higher than the average, inflation-adjusted, Cold War-era defense budget”.
Here’s a chart showing 2012 defense spending.
As you can see, the United States spends more on defense than the next ten countries combined. As the candidates continually complain about nebulous “regulations” and healthcare that prevents higher job growth in this countries, notice not one will point out that the more than $2tn dollars that we spent on the wars in Iraq and Afghanistan caused the debt they so hate much more than any single spending item they deplore.
Also: Jeb Bush just called for a Syria no-fly zone. What he didn’t mention is that a no fly zone will require over 70,000 military personnel, the “safe zone” he called for on the ground will take untold thousands more, it will almost certainly will involve direct war with Assad, and possibly direct military confrontation with Russia.
He then claimed that the US shouldn’t be “the world’s policeman” about two minutes later, apparently without a hint of self-awareness.
Related: We need to find a way to help Syria that isn't 'add more military' | Trevor Timm
Updated
at 3.28am GMT
3.22am GMT
03:22
Carson on taking 'caliphate' from jihadists: 'we could do that fairly easily'
The moderator says terrorist attacks rose 61% last year, in Iraq, Afghanistan, Pakistan Nigeria and Syria, mostly.
Carson: Do you support Obama’s decision to put 50 special ops troops in Syria?
Carson says having them there is better than not. He says Putin is asserting himself in Syria in order to make Middle East his base. “This is going to be his base, and we have to oppose him there in a very effective way.”
“We can’t give up ground right there.”
Then Carson describes his plan for combatting Isis and radical jihadist groups.
“We have to say, how do we make them look like losers? And I think the way to make them look like losers, we have to destroy their caliphate.
“Take that from them, take that land from them, we could do that fairly easily.”
Carson says he’s talked to a number of generals.
"How do we make them look like losers?" is some next level foreign policy doctrine.
Updated
at 3.23am GMT
3.21am GMT
03:21
Dominic Rushe
For those who missed it before the break Cruz’s comments on sugar subsidies were a dig at Rubio and Bush - who are big fans, writes Dominic Rushe.
The Wall Street Journal, co-sponsor of this debate, recently ran an editorial slamming the giant subsidies. Gulp. Gonna say it. Fox once again is showing it can run a heated debate that addresses real issues.
3.20am GMT
03:20
Here are some actual words that came out of Donald Trump’s actual mouth during tonight’s debate, as noted by Jesse Berney:
We are a country that is being beaten on every front: economically, militarily, we don’t win.
People have to go out, they have to work really hard, they have to work their way into that upper stratum.
We are a country of laws. We need borders. We will have a wall. The wall will be built. The wall will be successful.
We either have a country or we don’t have a country.
We have to make our military bigger, better, stronger, so that nobody messes with us.
The United States loses with everybody.
I love trade.
China is the No 1 abuser of this country.
We are losing jobs like nobody ever lost jobs before.
That last quote is especially delicious given the six straight years of monthly job growth we’ve seen under Barack Obama, Jesse notes.
3.17am GMT
03:17
Jana Kasperkevic
Thursday was not just the day of the fourth GOP debate, it was also the three-year anniversary of the Fight for $15 movement, writes Jana Kasperkevic.
Jihad Williamson, a McDonald’s worker from Milwaukee, who marched with other low wage workers today to push for a minimum wage of $15 an hour had something to say to the GOP candidates who said they would not raise the minimum wage.
“When fast-food workers first went on strike three years ago in New York City, most people gave them no shot to win,” Williamson says. “Now, in the first question of the Republican debate, candidates were forced to respond to our calls for $15 and union rights because there’s a growing understanding in America that $15 an hour is what American workers everywhere need to survive and support our families.
“We are changing the politics of our nation. We are a powerful voting bloc of 64 million nationwide and have one message for candidates of all political stripes running for office in 2016: come get our vote.”
Jihad Williamson at the scene of the Bay View Massacre, where workers died fighting for 8hr workday. #FightFor15 pic.twitter.com/wr6y7XAJr6
Updated
at 8.30pm GMT
3.16am GMT
03:16
Here’s Trump’s definitive analysis of the threat posed by China.
3.15am GMT
03:15
Trump calls China “the number one abuser of this country.” He says China is a currency manipulator. He goes back and forth between condemning the Trans Pacific partnership trade deal and haranguing China.
Paul once again jumps in. “I want to point out that China is not part of this deal. ... I think we’ve sort of missed the point a bit here.”
Commercial break.
While we wait, read what Charles Calomiris, a professor at Columbia Business School who specializes in banking, finance and monetary policy, has to say about Trump’s accusation that China manipulates its currency to the bane of the US economy.
I don’t think Donald Trump is a stupid person,” Calomiris told the Guardian. “I just think that he’s not telling the truth, either because he’s not capable of understanding it, or because it’s just not convenient to his message to complicate things with facts. I’m not sure which it is.”
Calomiris has written that Trump’s analysis that China is keeping its currency weak to boost exports is flawed, because “until very recently, China’s currency, the yuan, has been appreciating, not depreciating. From 1995 through 2014, China’s exchange rate appreciated by 26%”.
Updated
at 3.17am GMT