it leads up to stephen roach and the modern china. t was the belief that mercantilism was something from the 17th century or the 18th-century. andt a mercantilist america do we do that at our peril? stephen: we are looking at half the story. trade and the at dark side of trade and what it is presumed to do two jobs and wages and the character of our .ociety what we fail to see is that trade is the other side of a coin of a nation that has lived beyond its means and needs foreign capital and trade deficits to square the circle. it is ludicrous for us to be critical of country after country without ignoring why we get into this trade problem. that is what is missing in this debate now. francine: good morning from frankfurt. do you think the administration has won certain cases and that is why they are continuing to escalate trade tensions? stephen: the jury is out on what they won. there is an interesting article today in "the wall street journal" that talks about president trump's long-standing beliefs on trade, first with japan, now wi

crucial bit you know policy would have come up so wouldn't it how can you not see the hypocrisy hey stephen roach is he he did this wasn't a political move the attorney general just doesn't get it all he said he did go off to the democrats that's the definition of a liberal move well who who in who was involved think about this who was involved in that whole fiasco with the e-mails were clinton democrats are going to say now where was the republicans i would be telling you the same thing the attorney general did not do his job and that's why he is no longer attorney general this is a president who is also accused of running a quote racist nativist fear mongering midterm election campaign he ran a campaign video combining footage of an undocumented criminal who killed two cops with footage of central american migrants tearing down a fence rushing across the border as if they're all cop killers who the democrats want to let into the country an absolutely inflammatory so racist that even loyal folks news decided to pull it from the airwaves absolute nonsense declaring that as racists everything look

crucial bit you know policy would have gone nuts wouldn't it how can you not see the hypocrisy hey stephen roach is he he did this wasn't a political move the attorney general just doesn't get it all he said he did go off to the democrats that's the definition of a liberal move well who who in who was involved think about this who was involved in that whole fiasco with the e-mails were clinton democrats or goodness sake now who was the republicans i would be telling you the same thing the attorney general did not do his job and that's why he is no longer attorney general this is a president who is also accused of running a quote racist nativist fear mongering midterm election campaign he ran a campaign video combining footage of an undocumented criminal who killed two cops with footage of central american migrants tearing down a fence rushing across the border as if they're all cop killers who the democrats want to let into the country and add so inflammatory so racist that even loyal folks news decided to pull it from the airwaves absolute nonsense declaring that as racists everything look a pi

crucial bit you know policy would have gone nuts wouldn't it how can you not see the hypocrisy hey stephen roach is he he did this wasn't a political move the attorney general just doesn't get it all he said he did go off to the democrats that's the definition of a liberal move well who who in who was involved think about this who was involved in that whole fiasco with the e-mails were clinton democrats or goodness sake now who was the republicans i would be telling you the same thing the attorney general did not do his job and that's why he is no longer attorney general this is a president who is also accused of running a quote racist nativist fear mongering midterm election campaign he ran a campaign video combining footage of an undocumented criminal who killed two cops with footage of central american migrants tearing down a fence rushing across the border as if they're all cop killers who the democrats want to let into the country and absolutely inflammatory so racist that even loyal folks news decided to pull it from the airwaves absolute nonsense declaring that as racists everything look

crucial bit you know policy would have gone nuts wouldn't it how can you not see the hypocrisy hey stephen roach is he he did this wasn't a political move the attorney general just doesn't get it all he said he did go off to the democrats that's the definition of a liberal move well who who in who was involved think about this who was involved in that whole fiasco with the e-mails were clinton democrats or goodness sake now who was the republicans i would be telling you the same thing the attorney general did not do his job and that's why he is no longer attorney general this is a president who is also accused of running a quote racist nativist fear mongering midterm election campaign he ran a campaign video combining footage of an undocumented criminal who killed two cops with footage of central american migrants tearing down a fence rushing across the border as if they're all cop killers who the democrats want to let into the country an absolutely inflammatory so racist that even loyal folks news decided to pull it from the airwaves absolute nonsense declaring that as racists everything look a

i still think people like stephen roach are right.rities have enough ability to cushion, slow down the economy. the bigger worry is that the egg economy -- economy is fragile with external shocks about to hit. we of already had that with some of the trade increases this year. my concern now is that the currency is a lot more volatile than years ago. that will spill over into financial markets just as we have seen in 2015. francine: we heard in the last 20 minutes or so from the alibaba chairman saying that china will have lots of trade deficits because of a shift in the next 20 or 30 years. what he was saying was that the problem of the future for china's job creation and not trade deficits. do you agree? umar: i think job creation is going to be the biggest economic and social challenge for china. they have already succeeded in reducing dependence on exports. exports to gdp is somewhat harmed from the 39%-40% that it was. it is much more dependent on domestic consumption. the legitimacy of the xi jinping administration and its abilit