Renowned investor Jim Rogers, who co-founded the Quantum Fund with George Soros, issued a stark critique of the economic fallout tied to U.S. trade policies under President-elect Donald Trump’s “America First” strategy. Speaking with The Financial Chronicle last week, Rogers argued that trade restrictions aimed at nations such as China and India harm not only global economic stability but also the United States itself. He cautioned:

Mr. Trump’s ‘America First’ policy will hurt not just China, but the whole world. Trade regulations are not good for anybody. It is not good for the world and for his own country.

Highlighting domestic financial issues, Rogers pointed to inflation and mounting national debt as serious threats to the U.S. economy. He stressed: “The U.S. already has an economic problem, which includes inflation. Though central banks are cutting rates, the issue of inflation has not been resolved yet. It will come back with the trade war more aggressively.”

Foreseeing widespread repercussions, Rogers added: “The U.S. has a huge debt. When Mr. Trump will try to solve economic problems, he will make mistakes, and that is bad for the world. It will affect the entire world, and we will see the biggest recession ever.”

Proposing alternatives, Rogers advocated for reducing spending and debt over implementing trade restrictions. He remarked: “America should work on cutting its spending and debt. It should not restrict trade with China, India, or any other country. Restrictions on trade will make the situation worse.” Turning to investment approaches during economic downturns, Rogers stressed the enduring value of commodities like gold. He advised:

When turmoil comes, usually investors look for a safe haven … But the dollar is not a sound currency.

“In periods of recession, commodities like gold do well. People invest in commodities like gold to protect themselves,” he concluded.

The renowned investor has consistently warned about major economic downturns. In February 2018, he predicted the next bear market would be “the worst in our lifetime,” a concern he reiterated in June 2023, suggesting it could exceed the severity of the 2008 financial crisis. Rogers has frequently pointed to rising global debt and potential economic bubbles as significant risks. He has also expressed ongoing concerns about the U.S. dollar, warning that its role as the world’s reserve currency is diminishing due to substantial U.S. debt and the use of sanctions that weaponize the currency.

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