Summaries

Text 1: This is the cost of President Trump's "America first" policy

Author: CNBC
Genre: Video
Year of Publication: 2018

Text 1 is a video report from CNBC published in 2018, suggesting the possible economic consequences of Donald Trump’s “America First” policy, and by contrast praising the achievements linked to cooperation between the US and other nations.

The video begins with looking at how Donald Trump declared a change in American policy when he took office. The video shows Trump giving a speech about how the US has enriched foreign investors at the cost of America’s own economy and announcing that American interests are going to be put first.

The voice-over explains that Donald Trump is complaining about economic liberalism which linked market-oriented democracies on a global scale through trade agreements. However, the video also notes that the US led the creation of such agreements after World War II. The video shows several US presidents signing or talking about such agreements and mentions that they all believed that international agreements and institutions would prevent wars and bring prosperity both within the US and internationally.

The voice-over argues that this strategy of cooperation worked as the US won the Cold War and the world’s economy is now seven times larger than it was in the 1960s, while the US economy is six times larger than it was.

Although the US spends a lot of money on upholding international agreements and institutions, a recent study also found that the US has greatly benefited from these agreements, and that the investment is thus worthwhile. For example, the agreements have brought America billions of dollars by expanding trade, improving productivity, preventing conflicts, and ...

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