Jabin Botsford | The Washington Post | Getty Images
National Trade Council adviser Peter Navarro speaks during an executive order signing ceremony regarding trade in the Oval Office of the White House in Washington, DC on Friday, March. 31, 2017.
“That was purely transactional in nature, because the big transaction at that moment in time was — all roads lead to Beijing — and America needed China to help restrain and contain Pyongyang,” Pain said, referring to issues surrounding North Korea.
Pain, who is also a director of JP Consulting NSW, a health consulting and contracting firm, also said that after delivering on his campaign pledges, Trump is now turning his attention to matters involving foreign affairs.
“On the campaign trail he kept talking about America first, and he’s delivered on his tax cuts and also deregulation,” Pain said. “Once he had got those in the bag, he then decided to turn his attention from domestic matters to foreign affairs.”
Pain, who felt that Trump’s “real core instinct” is that the trade deficit is “everyone else’s fault,” also said that the tax cuts and impending tariffs has injected a sense of uncertainty into the market.
“There is a concern now that we are going to get a series of tit-for-tat retaliatory measures, so that sense of uncertainty about what happens next injects a high risk premium into the risk markets, namely, equities,” the author said.