But then in April of 1985 the dollar began a sharp decline. The dollar's trade weighted value fell 23 percent in just 12 months and by a total of 37 percent by the beginning of 1988.
Unfair trade agreements, passed by both Republicans and Democrats, have sent millions of jobs to other countries. We need to stop this hemorrhaging and find ways for American workers to compete in the new market.
It's been six years since I have had a drink and I have two girls, and my priorities are a lot different now and I just can't believe I was that guy. And I would not go back, I would not trade the way I am now for anything.
This is my first visit to Africa, a region where President Bush has voiced a deep passion for fostering and encouraging economic development, investment and trade.
But, we have had the debate in our country now for a number of years as to whether or not free trade agreements are good for economic growth and economic opportunity in creating jobs and lifting people out of poverty.
You mentioned the Free Trade Agreement and yes I can't tell you how pleased we are that Morocco is one of the countries that our country is going to begin negotiating a Free Trade Agreement with.
As the U.S. trade deficit, and the portion of that deficit attributed to China, continue to grow, our own economy is at risk of losing its reputation as a leader in world trade.
All those trucks and barges that carry our goods to port are vital connections to the only force which can balance our trade deficit: export. We must keep doing what we do best if we are going to get America out of the red.
With a strong domestic economy, low national unemployment at 5 percent, and increasing retail sales, the picture should look rosy. But one look at the trade deficit changes all of that.
America's largest trade deficit is with China, a nation that enjoys Permanent Normal Trade Relations with the U.S. and ties its currency to the dollar to make it a more competitive trading partner.
America won the Cold War by protecting our strategic resources from the threat of foreign control. We must bring the same attitude to our trade relationship with China.
