Donald Trump is causing the US to fall behind China in tech, economist says
Steen Jakobsen, chief economist at Saxo Bank, said much of the policy that Trump has enacted or talked about is "negative" and "actually against productivity."
He cited Trump's desire to reduce the U.S. trade deficit, saying that it would not be good for the average American.
"If you have a current account deficit, you are spending more money than you have. If you want a surplus you going to spend less money than you can... So if Trump actually delivers on the trade policy, he will make Americans worse off first before they get better. And in terms of productivity he wants to keep jobs, he doesn't want to create jobs," Jakobsen told CNBC in a TV interview Thursday.
"And I think that is the big change we see relatively to China who has a research and development plan. China today, on a weekly basis, almost overtakes the U.S. in different technology sections."