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Interview
Senior Manager Richenhagen: “Trump Has Little Idea About Economic Troubles”
German-American senior manager Martin Richenhagen gives Donald Trump damning testimony and advises against his choice, although he was not initially opposed to it.
The final outbreak begins in the US election campaign. After last night’s television duel, in which challenger Joe Biden scored well on issues such as mismanagement of the crown and the president’s climate protection, things will be difficult for the current president of the United States, Donald Trump.
More and more celebrities in the US profess their political beliefs and make election recommendations. In addition to country superstar Taylor Swift, Dwayne “The Rock” Johnson, who has never openly recommended a candidate, has revealed his support for Joe Biden.
At the same time, there are also rumors in his own party: Even Republican politicians like former Governor Arnold Schwarzenegger and former presidential candidate Mitt Romney are publicly distancing themselves from Donald Trump. And also in the economy there is resistance to the president of the United States, who wants to score points in the electoral campaign especially with his economic competition.
German-American manager Martin Richenhagen. Image: Shutterstock
Martin Richenhagen is one of the most important managers in the United States. He is the only German CEO of an American Fortune 500 company. Born in the Rhineland, he has been CEO of the American agricultural machinery manufacturer AGCO for 16 years, a global corporation which, with 20,000 employees and $ 9 billion in sales, is one of the largest in the industry worldwide and one of the the best-selling American companies.
Watson wanted to know from Martin Richenhagen what made him so openly opposed to the president of the United States, and if he could do better himself.
Watson: Mr. Richenhagen, before your career in business, you were a professor of religion. In an interview you said that if you were still a teacher you would have given Trump six in a row. That means he should repeat the class again and be president for another four years until he can.
Martin Richenhagen: (laughs) No. You can interpret that in another way. I wish there was no second term.
Why exactly do you think it is so inappropriate?
The president has deeply divided American society. It will not end either, it will get worse. This also has negative consequences for the economy, which is particularly important to me. Trump is hardly predictable and the economy needs predictability.
Was that what you expected when you ran or did you have higher expectations of him as president?
Of course, it was clear to me that this is a very unusual and colorful person. So I didn’t have high expectations of him. But at least I thought that a Donald Trump also deserved a chance. With the passage of time, however, I have been able to form a clearer picture and therefore I can afford to make a more serious judgment.
He claims to be a successful entrepreneur and advertises himself with “Jobs, jobs, jobs” in the election campaign. You’d think that, as the CEO of one of America’s largest companies, you should endorse someone like that …
Actually, he is not a businessman. We never notice it except on reality TV shows. We also did not meet him in business associations. It wasn’t until he was elected that he made a small effort to keep the economy going. I would call him a real estate speculator rather than a true businessman.
And its economic competition, for example in foreign trade?
Trump has little idea of the economic troubles. He considers himself an incredibly good negotiator and always likes to call himself a negotiator. So far I have not seen a negotiation that he has led that has resulted in a reasonable or even better outcome. The talks with Mexico did not go much further than previously agreed, and the negotiations with China are an absolute disaster. Dialogues with the EU are also characterized by threatening sanctions, tariffs and gestures.
Do you feel the negative effects of your policies on your company too?
We see this very strongly in our industry. We are an American public company and the American market is very important to us. Our American customers have suffered greatly from China’s reactions. When Trump began imposing sanctions on the Chinese, they reacted in an instant and immediately stopped buying soybeans, corn, chicken and pork from the United States. And that with an annual volume of US $ 45-50 billion. That was, of course, a disaster for our clients who make a living from farming. That led to a decline in the machine market at our company.
He has been in the US since 2004 and has served as CEO of AGCO for 16 years. Through this he has seen Presidents Bush, Obama and Trump. What were Trump’s predecessors like?
I also met all three personally and was therefore able to get a very good picture. In terms of economic policy, George W. Bush was probably the most efficient. There were different problems in terms of foreign policy and the Bush war in Iraq drew some criticism. Obama did not want to tackle urgently needed tax reform and was far more interested in Asia than in Europe.
Who did you find better personally?
My criticism of Trump is well known. Nobody really impressed me, but Barack Obama was a very nice figure. He had a good ethical and moral foundation and a good style. I would also like to attest to George W. Bush. He has been very underrated in Europe and has always been characterized as very stupid. Meanwhile, he has also written some good books. He is someone who can do much more than is recognized in Germany.
Do we have in Germany a glorified vision of the United States?
Yes. You saw it in the last American election. In Germany, everyone was of the opinion that Hillary Clinton would definitely win the election and were surprised when things turned out differently. Back then I was on a couple of TV shows and when I said I was going to be around they booed in the background. (laughs). The Germans don’t really understand the United States.
And what do we Germans not understand about Trump?
Trump discovered something that many predecessors neglected. He took care of the abandoned, the common people, the people of the country. People with not so good training and simple jobs or even no jobs. Even today, this means he has a comparatively stable foundation, which will now likely re-elect him.
You yourself live in Georgia, a so-called Bible belt state, which has always supported Republican presidents since the 1990s. Are you hostile there because of your criticism of Trump?
We live in a functional democracy in the US, and I’m not the only one criticizing Trump. Also, my criticisms are balanced, I don’t run around calling it stupid. However, when asked for my opinion, I express it. But as you can see from this conversation, I try to be objective. One can have different opinions in the United States and that too is tolerated.
Would Joe Biden be the best president?
No. That is the dilemma. Republicans have had no alternative to Trump and Democrats currently have no sensible alternative to Biden. Biden is likely to be more predictable than Trump, which is a bonus. However, his election campaign is largely run as an anti-Trump election campaign. Like Trump previously, he campaigned as an anti-Hillary and anti-Obama campaign. In terms of programming, there is still very little of Biden to be recognized.
Biden is likely to be more predictable than Trump. Image: keystone
I suppose little will change in trade policy vis-à-vis Europe. Democrats also uphold the “Buy American” idea (a program to promote the national economy, for example through public tenders in which US companies are preferred, editor’s note) for good. The trade deficit with Germany and inadequate contributions from NATO will continue to be a problem. But in tone it would probably become more sensible and elegant. However, Biden would likely raise taxes, and that’s never good for the economy.
Is there a party for you that you traditionally feel like you belong to?
I am traditionally independent, both in Germany and in the United States. In terms of attitude, I would describe myself as a liberal-conservative. I’m not particularly close to the left, the Greens, or the SPD. In the United States, however, in the past, the difference between Republicans and Democrats was not as great as you might think. I was fortunate to have met many politicians in Europe, China, as well as South and North America, including Bill Clinton, Bush Senior, and Jimmy Carter. And I don’t make distinctions based on party affiliation. There were also democratic presidents under whom the economy did very well.
They are obviously well connected and have strong opinions. Can you imagine going into politics yourself? At the end of the year you will retire as CEO of AGCO …
When I quit smoking at the end of the year, I will be 68 1/2 years old.
Donald Trump is 74 years old and Joe Biden is 77. Old age does not prevent the current US presidential candidates …
I find that one of the problems with politics is that politicians hang on to an office for too long and can’t stop. I think it is good that German Development Minister Gerd Müller voluntarily said that he would stop. But that’s a pretty rare example. Also, I can’t become president of the USA, I should have been born in the USA, and I am not particularly qualified to be a politician, I am too simple for that. My principle is that I say what I think and do what I say, and politicians rarely do that.
