Richard Wolff on Huawei & Trump's Government Interference for Personal Gain

"It is a message that every CEO of every company in the world has just sent a memo down the line of their company: cut business with Americans, reduce dependence on Americans, find business partners elsewhere in countries that don't do this. And why is it all being done? To advance Mr. Trump's career opportunities."

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Prof. Wolff's latest book "Understanding Marxism"

[kaybee]

It already happened to French Alstom, now Chinese Huawei, next could be any company out there that is too successful for the American liking

[TomRivieremusic]

It’s dangerous to be Americans enemy and it’s fatal
to be their friend.

[秋分-di]

And the Japanese semiconductor industry in 1980s 1990s

[davidlo]

Korean particularly Samsung is now caught out by its Japanese suppliers too. The world is increasingly protective and it is worrying.

[sirbluv]

I find it interesting that any American company would hand our foriegn competitors the blueprints for manufacturing technology and then complain that they stole intellectual property. No you gave it to them. American companies assume they risk for sake of cheaper labor.

[itzenormous]

My next phone is going to be a Huawei. They're selling like hotcakes on Amazon and Ebay. : )

[georgechew]

The sooner the rest of the world weans itself of any dependence on USA, the better it is for humanity and survival.

[CCMphilip]

Always great perspectives from my favorite Professor !

[kbb]

Thanks Richard for your perspective that provides a different dimension to and understanding of outdated assumptions.

The question to be answered, and that is not asked in media is: What can be imported from the USA?

"The following export product groups represent the highest dollar value in American global shipments during 2018. Also shown is the percentage share each export category represents in terms of overall exports from the United States.

Machinery including computers: US$213.1 billion (12.8% of total exports)

Mineral fuels including oil: $189.9 billion (11.4%)

Electrical machinery, equipment: $176.1 billion (10.6%)

Aircraft, spacecraft: $139.1 billion (8.4%)

Vehicles: $130.6 billion (7.8%)

Optical, technical, medical apparatus: $89.6 billion (5.4%)

Plastics, plastic articles: $66.5 billion (4%)

Gems, precious metals: $63.8 billion (3.8%)

Pharmaceuticals: $48.4 billion (2.9%)

Organic chemicals: $40.2 billion (2.4%)"

In my household I had a bottle opener made in the USA. Once. Ten years ago. The Ford is manufactured in India. That's that. Our country imports. But there is absolutely nothing of value we need from the USA. Absolutely NOTHING.

If the USA doesn't destabilize oil imports, other countries' producers like Huawei etc., and continuously exploit our local people in producing products for their own consumers, we will not know about their existence. The USA used to be an ally but that changed rapidly with relations formalized with China, Russia, India, Europe, South America... Completely replacing the unreliable provocative USA Trump regime. This transition happened seamlessly bringing opportunities and markets that never existed before.

[AllyArtemisia]

Every week there's a new example of the decline of the U.S. in every sector that matters. I am truly worried for mine and my loved ones' wellbeing... we're already all on the cusp of absolute poverty.

[nthperson]

What Professor Wolff is saying is certainly quite true. At the same time, the executives running companies that do business internationally have already made many moves to reduce the Trump risk. One strategy, of course, is to increase inventories of capital goods the production of cannot be easily transferred elsewhere. Another strategy is to find substitutes for minerals and other resources that are found only in a few locations around the globe.

[haolianghuang]

If anyone is interested in the HUAWEI business, have a look at interviews with HUAWEI CEO.

[radhakrishna]

Trump days are counted....
The sooner he is out the better...

[ppeterzhong]

Indeed, this is why the British Ambassador rated this administration as incompetent. The overall behavior intelligence level is not even on par with a clever street gangster with currently many consequences opposite to what are/were intended/claimed. Very disappointing.

[victorialeif]

I used to read The Economist religiously. I think that economics is the only truth. Follow the money.

[erikreyes]

I love it trump is teaching the world what not to do. Finally the sheep are waking up

[MrFarang]

Sure USA is a huge market. But the world still have other 7 billion people to serve. If you can capture 1 billion customers out of the other 7 billion, you are good.

[lp]

Government intervention in the free market!! Where are my libertarian Republicans at?!?!?!

[kellielim]

Agree, why should my family and my livelihood depends on US election?

[pkasb]

The very reason for establishment of the WTO. Corporations know their investments are somewhat safe, or now used to be safe.