About time we quit being a microwave society. Short term pain for long term gain. China has been acting like a bunch of cheats for ever, we have to stand up to them. We need to do it in a smart way though. We need to get our allies to punish them as well and not let china just replace us with our allies as trading partners. It use to be a conservative view to look in the long term instead of the short term. Now if we would impliment these views on national debt and taking care of infrastucture I would start to believe that real conservatism is coming back.
Under the current trade deals we have...
the longest period of positive job growth in the history of the country.
the 2nd longest period of economic expansion in the history of the country (will be the longest in 2 months)
record low sustained unemployment
more jobs than people to fill them
record setting financial markets till the trade war started.
Which of these things would you like to get rid of with the new trade deals?
The Chinese reneged on dozens of crucial items at the last moment. I know the Chinese flood the Left wing Universities, the Left wing Think tanks and several Left wing politicians with cash so you feel compelled to carry their water at every opportunity, but Trump is right here.
As Trump and the Chinese were finalizing the trade agreement, at the last minute China had deleted its commitments to change laws to resolve core complaints by the United States:
- theft of U.S. intellectual property and trade secrets;
- forced technology transfers; competition policy;
- access to financial services; and
- currency manipulation.
Trump's not going to put up with that though his response is measured. Last year we purchased $540B in goods from China. Trump didn't tariff all of it, but he did put 10% tariffs on $200B of it, and if the Chinese don't fulfill their previous pledges, those 10% tariffs are going to 25%, and not at a distant date, but THIS Friday.
The Chinese, at the last possible moment, stripped the binding legal language from the draft, removing their binding commitment to change Chinese laws essential to verifying compliance. They are used to US Administrations more interested in the signed deal, the smiles and handshakes for the cameras even if nothing is actually accomplished to further the interests of the US worker.
Trump's not going for that. They are either going to reassess their position or tariffs are going to 25% on less than half of what we purchase from them.
The administration said the latest tariff escalation would take effect at 12:01 a.m. Friday, hiking levees on Chinese products such as internet modems and routers, printed circuit boards, vacuum cleaners and furniture. So if you had your heart set on a Chinese vacuum cleaner, you might want to pick it up tomorrow.
China has backtracked on nearly all aspects of the US draft trade agreement