President Trump didn’t start a trade war with China – he’s trying to end and win the trade war that China launched against the U.S. As the president has frequently pointed out, the Chinese have been undermining the world trade system for years, and no country has been hurt more by China’s unfair actions than America.
America’s trade deficit with China is so large it almost defies comprehension. Since 2012, our yearly deficit in the trade of goods with China has consistently topped $300 billion. Last year, it was over $375.5 billion. In the first five months of this year it topped $150 billion.
A primary reason for this imbalance is that the Chinese have been blocking American manufacturers and food producers for years through discriminatory trade rules and prohibitively expensive import tariffs designed to keep U.S. products out of its domestic markets.
It’s not that American firms are unable to compete with Chinese companies. Rather, it’s because China systematically takes measures to protect its industries and businesses from having to compete with American companies on a level playing field.
The Chinese government gives huge subsidies to its own firms and excludes foreign companies from doing business in China. It regulates foreign firms unfairly, blocks imports through dishonest health and safety rules, and creates China-specific standards to prevent market entry.
In addition, China forces foreign firms to transfer their technology to Chinese companies and comprehensively loots commercial secrets, especially from American firms. – READ MORE
[divider][/divider]President Donald Trump went after China for being “vicious” to the United States on trade issues in a tweet storm Wednesday.
Every time I see a weak politician asking to stop Trade talks or the use of Tariffs to counter unfair Tariffs, I wonder, what can they be thinking? Are we just going to continue and let our farmers and country get ripped off? Lost $817 Billion on Trade last year. No weakness!
— Donald J. Trump (@realDonaldTrump) July 25, 2018
When you have people snipping at your heels during a negotiation, it will only take longer to make a deal, and the deal will never be as good as it could have been with unity. Negotiations are going really well, be cool. The end result will be worth it!
— Donald J. Trump (@realDonaldTrump) July 25, 2018
China is targeting our farmers, who they know I love & respect, as a way of getting me to continue allowing them to take advantage of the U.S. They are being vicious in what will be their failed attempt. We were being nice – until now! China made $517 Billion on us last year.
— Donald J. Trump (@realDonaldTrump) July 25, 2018
Trump has long been clear about how he feels on trade issues. On Tuesday, he tweeted, “Tariffs are the greatest!” adding, “Remember, we are the ‘piggy bank’ that’s being robbed. All will be Great!” – READ MORE
[divider][/divider]President Donald Trump revealed in an interview aired Friday that he is “ready” to put tariffs on every Chinese good coming into the U.S. if necessary.
“I’m ready to go to 500,” Trump told CNBC’s Joe Kernen in a “Squawk Box” interview. “I’m not doing this for politics, I’m doing this to do the right thing for our country. We have been ripped off by China for a long time.”
He stressed that while he bears no ill will toward China or its leadership, he is determined to address China’s unfair trading practices.
The president was referring to the roughly $500 billion worth of Chinese products exported to the U.S. each year.
Were he to take such an action, it would dramatically escalate the slowly intensifying trade spat between Washington and Beijing. – READ MORE
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