Australian ambassador to the US, Joe Hockey has delivered a speech heavily criticising the economic strategy of United States President Donald Trump.
Delivering the high-profile Cherry-Price Lecture at Missouri’s Westminster College, Mr Hockey said the United States risked damaging its enormous economic influence.
Mr Hockey specifically singled out Mr Trump’s strategy of economic isolationism, instead of stressing the importance of free trade with other counties.
“Now more than ever the United States should be leading the world in debate in favour of free and fair trade,” he said.
“The United States, of course, was leading the charge to deliver the Trans-Pacific Partnership. It walked away from its own leadership.”
Ambassador Joe Hockey said the United States had a lot to lose by continuing on the path of economic isolationism. Source: AAP
Mr Hockey said the United States would not prosper by shutting itself off from the rest of the world.
“The United States is the most innovative nation on earth but, like every market leader, it will be beaten if it thinks it can do it all on its own," he said.
He also said Mr Trump’s approach to trade was not sustainable in the long term, and there were more than just economic benefits to be had.
“Through free trade, we also have deeper and more meaningful relationships with other countries. It brings nations together, brings differing cultures together," he said.
US President Donald Trump has notoriously spruiked an "America first" approach to global trade. Source: ABACA
"History proves that economic isolationism is a precursor for war. Plentiful trade is a facilitator of peace.”
The United States had a lot more to gain by remaining committed to international trade, Mr Hockey added.
“You are still the world’s largest economy. Your dollar is the world’s reserve currency. Your capital markets are the engine room for global commerce.
“So I find the debate here in the United States on free and fair trade rather baffling.
“Being open to the world made America great in the first place. It will keep you great.”
Mr Hockey, a former treasurer under Prime Minister Tony Abbott, finishes his term as Australian ambassador to the United States next year.
