In an appearance on CBS News' Face the Nation Sunday, Democratic presidential candidate Andrew Yang spoke about his plan to give every American over the age of 18 a universal basic income (UBI) of $1,000 per month, the value-added tax (VAT) he plans to use to fund it partially, and the economic changes of the country he believes are being driven by Amazon and automation.
But the first question for Yang was how he would compete with China.
"Well, certainly the tariffs and the trade war are the wrong way to go," he said. "We're now entering a very dangerous phase of potentially competitive devaluations. I was just in Iowa last week and the farmers and producers there are losing business there- they feel betrayed by President Trump."
"We need to curb some of the abuses on the Chinese side. But the trade war is leading the global economy in the wrong direction."Per The Inquisitr, a recent study suggests that Donald Trump's trade war with China is costing United States consumers and importers. Although Newsweek reported that the study is yet to be published and is not complete, it echoes what economic critics of Trump's tariffs have said about his approach to China. Gary Cohn, Trump's former chief economic adviser, told BBC that he believes the president's trade war has had a significant impact on U.S. manufacturing and capital investment. He added that a trade war provides China with the opportunity to slow down its overheated economy.
"I think the Chinese economy was going to slow down with or without a trade war," he said.
As for Yang, he recently made headlines when he told a crowd of New Hampshire voters that he plans to "mass pardon" people that are imprisoned for charges related to non-violent marijuana-related charges. The 44-year-old serial entrepreneur claims that Americans now recognize how "broken" the mass incarceration system is and the "progress" that needs to be made.
Yang's campaign promotes legalizing marijuana on a federal level and removing the drug from the controlled substances list. He believes that such a move will open new revenue streams and improve safety and social equity.
In line with his unique campaign, Yang said he would pardon everyone on April 20, 2021, and "high-five" everyone on their way out of jail.
Per The Inquisitr, Yang also supports the decriminalization of opiates and said that people struggling with opiate addiction deserve to receive treatment instead of a prison cell.