Trump's populism won't work, says former Treasury chief
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Lawrence Summers, the former U.S. Treasury Secretary, has warned that Donald Trump's threats to firms using Mexico as a manufacturing base will be counterproductive and could lead to the loss of hundreds of thousands of American jobs.
Summers told a panel at the World Economic Forum that the president-elect's "rhetoric and announced policies" over Mexico have led to a big fall in the value of the Mexican peso against the dollar.
That, he said, is a "dagger at Ohio," as it will make it even more attractive for firms to move to Mexico.
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The lesson of history, he added, is that "classic populism is invariably counterproductive for those in whose name it is offered as a policy regime."