United States Trade Agreement With China

Trade war was on the agenda of the G20 summit in 2018. [335] For Mr. Trump and other supporters, the approach to past trade agreements, which has allowed the outsourcing of businesses and led to the loss of jobs and industries. Critics say this is the kind of controlled trade that the United States has long criticized, particularly with regard to China and its control over its economy. Since the 1980s, Trump has supported tariffs to reduce the U.S. trade deficit and encourage domestic production, and said the country was “ripped off” by its trading partners; The imposition of tariffs has become an important part of his presidential campaign. [4] A context of the Council of Foreign Relations stated that while many economists and trade experts did not believe that trade deficits were hurting the economy, others felt that persistent trade deficits were often a problem and that there was a substantial debate about the size of the foreign government trade deficit and the policies to be adopted to reduce it. [5] Almost all economists who responded to the Associated Press and Reuters polls said that Trump`s tariffs would do more harm than good to the U.S. economy,[7] and some economists have argued for alternative ways for the United States to deal with its trade deficit with China. [5] [8] [9] [10] [11] Economist Sheng Hong, director of the dissolved think tank Unirule Institute of Economics, said it would be good for China to yield to the US demand for fair trade, arguing that the “Chinese model” of state capitalism was incompatible with its policy of market reform and damage to the Chinese economy.

[258] In the midst of the closure of Unirule, after Hong was accused of threatening state security, Hong Beijing`s inability to contain internal criticism was compared to “driving in a car with a dirty windshield”. [258] The president`s approach could pay off politically. He will embark on a re-election campaign with China`s commitment to strengthen its intellectual property protection, make large purchases of U.S. products and follow other economic changes that will benefit the U.S. economy. In the end, the first phase agreement disappointed because it seriously damaged the U.S. economy with the trade war, while it failed to make significant progress in the fundamental resolution of structural imbalances in U.S.-China trade relations. Related Content Order from Chaos The United States and China need to relearn how to coordinate in the Ryan Hass crises Thursday, March 19, 2020 Order of Chaos Reopening the World: The fastest way to end this crisis is China`s Ryan Hass Tuesday, June 16, 2020 2020 Jul 29 Past Event Global China Webinar: China`s Growing Regional Influence Assessment and Strategy 9:00 AM – 10:30 AM EDT Online Only in The Six months since the signing of the deal have the prospects that China will achieve its purchasing targets, considerably tempered. According to Bloomberg`s calculations, based on data from the Chinese Customs Administration, China had purchased only 23% of the total purchase target for the year in the first half of 2020. While some of it is due to blood circulation problems caused by COVID-19, much of this deficiency is due to the impracticality of the agreement from the beginning.

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