☰
HomeLiving Beyond BordersGZERO WorldSignalIn 60 SecondsPuppet RegimeGZERO World PodcastContact UsAbout UsCareersPrivacy PolicyTerms

Think buying American will help ease inflation? Larry Summers says it won’t

November 18, 2021
GZERO Staff
Think Buying American Will Help Ease Inflation? Larry Summers Says It Won’t | GZERO World

youtu.be

Many Americans believe the best way to fight rising prices is to purchase US-made goods, in theory, less affected by COVID-fueled disruptions to global supply chains.

For former US treasury secretary Larry Summers, they're wrong.

"I think the right thing to do is to buy cheap and buy inexpensive."

When Americans decide to buy more expensive US-made products, he says that contributes to driving up prices even more, and to what he calls an "inflationary psychology" that only makes the problem worse.

Tariffs from the trade war with China, Summers clarifies, are indeed costing American jobs, but at the end of the day it's a negotiation — and playing hardball with the Chinese has definitely not helped with inflation.

Watch this clip from his interview with Ian Bremmer on the upcoming episode of GZERO World.

Subscribe to GZERO on YouTube to be the first to see new episodes of GZERO World with Ian Bremmer: https://bit.ly/2TxCVnY

From Your Site Articles

More from GZERO Media

Report: Pentagon set to reveal secret China war strategy to … Elon Musk

President Donald Trump talks to the media next to Tesla CEO Elon Musk, with a Tesla car in the background, at the White House on March 11, 2025.

REUTERS/Kevin Lamarque

Elon Musk may have a big day ahead. On Friday, according to the New York Times, he’ll be made privy to war plans for a US military conflict with China. But President Donald Trump has denied that Musk will be briefed on China during his visit.

Trump announces more changes to the Education Department

Secretary of Education Linda McMahon smiles during the signing event for an executive order to shut down the Department of Education next to U.S. President Donald Trump at the White House in Washington, DC, March 20, 2025.
REUTERS/Carlos Barria

President Donald Trump signed an executive order on Thursday stripping away much of the Department of Education, but he stopped short of dismantling it completely. On Friday, he announced that the federal student loan portfolio and the department’s “special needs” programs were being moved to other federal agencies.

Canadian PM set to call election

Canadian PM Mark Carney
Artur Widak/NurPhoto via Reuters

The countdown is on! At noon on Sunday, Canadian Prime Minister Mark Carney is expected to dissolve parliament and send voters into an election campaign that promises to be one of the most consequential — and hotly contested — in recent history.

Indonesians protest new military laws

Human rights activists hold a placard reading 'Military is a Killer of Women' during Aksi Kamisan, or Thursday's Protest, in front of the Merdeka Palace in Jakarta, Indonesia, on March 20, 2025.
Afriadi Hikmal/NurPhoto via Reuters

Indonesian activists are protesting a new law allowing active-duty military members to serve an expanded role in the civilian government — a move they warn could bring back the days of military repression under strongman leader Suharto.

European leaders offer plans to bolster Ukraine

Vice-President of the European Commission Kaja Kallas arrives at the Consilium building in Brussels, Belgium, on March 20, 2025.
Aleksy Witwicki/Sipa USA

Though European leaders have been excluded from Donald Trump’s plan to end the war in Ukraine, meetings on Thursday in Brussels and London aimed to demonstrate Europe’s continuing commitment to supply Ukraine with the weapons it needs to repel Russian invaders.

We believe in the power of collaboration

BMW Foundation

The BMW Foundation Herbert Quandt unites leaders and experts from business, politics, science, and civil society to tackle some of today's most pressing challenges. With our partners and a global network of over 2,600 members, we collaborate to advance solutions in our focus areas – energy transition and climate change, urbanization and infrastructure, and education and qualification. Learn more about how we create a positive dynamic that strengthens an innovative and responsible economy while also promoting an open-minded and future-proof society here.

About UsCareers PressContact Us Privacy PolicyTerms of Use
© 2020 GZERO Media. All Rights Reserved | A Eurasia Group media company.