President Trump has declared victory in the trade war with China -- but America has paid all the price.
That sound you may have heard Wednesday morning was that of a heavy truck spinning its wheels, as President Trump signed an agreement with China that imposes a cease-fire in a trade war that has achieved virtually nothing for Americans, except the imposition of enormous economic costs on U.S. consumers, farmers and manufacturers.
Notwithstanding Trump’s mantra that the tariffs are paid by the Chinese, trade experts are virtually unanimous in concluding that they’ve been paid entirely by Americans. As a result, according to in the troubled US-China economic relationship,” Chad P. Bown of the Peterson Institute for International Economics observed last month after the essentials of the deal were first announced.Even after the agreement, the average U.S. tariff on China imports will still be 19.3%, a modest reduction from the pre-agreement level of 21% and more than six times its level of 3% before Trump launched the tariff war.
The agreement incorporates a bilateral enforcement mechanism, but Trump has displayed profound hostility to other international trade enforcement bodies, notably the World Trade Organization, which could have been brought in to oversee China’s compliance.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
President Trump to celebrate signing of partial trade deal with China that leaves much unresolvedPres. Trump is set to celebrate the signing of a partial trade deal with China, even as the full details of the agreement remain secret and will leave unresolved many sources of ongoing trade tensions.
Weiterlesen »
President Trump signs partial trade deal with China, calling it a 'momentous step'President Donald Trump is set to celebrate the signing of a partial trade deal with China Wednesday, even as the full details of the agreement remain secret.
Weiterlesen »
Column: What did Trump know about Suleimani's supposed 'imminent threat' and when did he know it?Column: What did Trump know about Suleimani's supposed 'imminent threat' and when did he know it? (via latimesopinion)
Weiterlesen »
Taiwan president urges China to review policy after election winTaiwan President Tsai Ing-wen urged China on Wednesday to review its policy towa...
Weiterlesen »
Trump signs first stage of trade deal with ChinaPresident Donald Trump on Wednesday signed an initial trade deal with senior Chinese leaders that includes pledges from Beijing to more than double its purchases from American farmers in the first year.
Weiterlesen »