WASHINGTON — Commerce Secretary Howard Lutnick told attendees at this year’s World Economic Forum that “globalization has failed the West,” before criticizing green energy efforts by Europeans that would make them “subservient to China.”
“The Trump Administration and myself, we are here to make a very clear point — globalization has failed the West and the United States of America,” Lutnick declared to world figures, business leaders and other attendees during a Tuesday panel discussion.
“It’s a failed policy. It is what the WEF has stood for, which is export, offshore, far-shore, find the cheapest labor in the world and the world is a better place for it,” he added.
“The fact is it has left America behind. It has left the American workers behind. And what we are here to say is ‘America First’ is a different model, one that we encourage other countries to consider, which is that our workers come first.”
The Cabinet official went on to needle Europeans for criticizing Trump’s broad tariffs — despite the fact that “the world’s stock markets are up” — and pushing for alternative energy sources without considering the consequences.
“Why are you going to do solar and wind? Why would Europe agree to be net zero in 2030 when they don’t make a battery? They don’t make a battery,” Lutnick also said.
“So if they go 2030, they are deciding to be subservient to China.”
Canada’s Minister of Finance François-Philippe Champagne, UK Chancellor of the Exchequer Rachel Reeves, Columbia University’s director of the European Institute Adam Tooze, Bank of America CEO Brian Moynihan and EY CEO Janet Truncale all joined Lutnick for the panel.
“Globalization’s not going away,” Truncale responded at one point, “its just becoming more complex.”
Europe agreed to purchase $750 billion in US energy products, invest $600 billion in the US and buy additional US military equipment, according to the terms of the preliminary trade agreement struck last year.
Trump and British Prime Minister Keir Starmer also signed a joint memorandum of understanding last September on $350 billion worth of investments in artificial intelligence (AI), civil nuclear energy and quantum computing.
Stock markets did dip in Europe on Monday after Trump threatened tariffs on Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands and Finland — in a bid to force the sale of Greenland or else acquire it by military force.
The threat prompted the European Union to warn the US that any additional 10% tariffs would imperil a previous trade deal agreement that was set at 15% duties on goods.
“What I see happening is diplomacy and talking,” Lutnick said of the trade talks amid the US’ pursuit to acquire Greenland for national security reasons.
“You can start with a kerfuffle,” the commerce secretary added, noting that the nations involved were “great allies.”
Read the full article here
