The information sent to me from inside UCAN includes emails between board members. One asks another if the deal is essentially money laundering. The other questions that description. Replies the first, “It doesn’t smell right.”
The two board members agree that Shames did not discuss the matter with the board before signing the contract, and that was a mistake.
Shames, Navarro, and Autry refuse to answer questions.
The subject matter is controversial. Many if not most economists would not get too tough with China. Trade wars bring international instability. China holds 26 percent of United States Treasury debt held by foreigners. Moreover, Nucor may have a tough time claiming that it is being wounded by Chinese competition. China is the world’s largest steel producer but consumes most of it domestically; American companies fear the excess will be exported at cheap prices. Nucor’s revenues zoomed 42 percent last year and should rise 28 percent this year, according to Standard & Poor’s.
I believe UCAN, which collects money from the public, and Navarro, a respected scholar, have a duty to come clean on this matter.