Crypto Czar David Sacks Says Trump Was 'Right About This' As He Slams Washington's Bipartisan Consensus On 'Unfettered Free Trade'

David Sacks, the South African-American tech investor widely recognized for his role in building companies like PayPal (NASDAQ PYPL), appeared on a recent episode of the All-In Podcast, where he delivered a biting critique of America's decades-long support for free trade.

What Happened: Sacks argued that the bipartisan consensus on globalization neglected to take its long-term consequences into account, and praised President Donald Trump for posing a challenge to that orthodoxy.

In his view, both Republicans and Democrats in Washington approached "unfettered free trade" as an unquestioned good. He mentioned massive trade deficits, the rise of China's economic power, and the offshoring of millions of U.S. factory jobs as proof of the policy's drawbacks.

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Why It Matters: Sacks said that general opinion has changed, in part because Trump reframed the conversation. He highlighted Trump as "one of the few public figures" who warned about the consequences of open markets and unfair trade practices. According to him, "most people today would say he was right about this."

With China now facing up to 245% tariffs as per the latest update from the White House, Sacks' comments indicate a turning point in how free trade is approached in Washington. While Trump's tariff policies have been polarizing, Sacks sees them as a necessary shift for the benefit of the U.S. economy.

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