Perspective: The problem — and consequence — of Trump’s trade war with China
President Trump objects to China’s disregard for the rules of international trade, a view dominant among economists and business leaders. By Jared Bernstein Jared Bernstein Bio Follow Jared Bernstein, a former chief economist to Vice President Joe Biden, is a senior fellow at the Center on Budget and Policy Priorities and author of 'The Reconnection Agenda: Reuniting Growth and Prosperity'.
Finally, the most immediate reason for raising the tariff rate is the claim by our negotiators that their Chinese counterparts backed away from legislating enforceable, transparent rules to block these practices. But the “tariffs won’t work” critique is weaker and lacks a compelling case about what would work better. For those of us who’ve long watched U.S./China negotiations, it looks like Robert E. Lighthizer has pushed the Chinese further and harder than any of his predecessors. Our negotiators’ theory, which may well be correct, is that they can’t force China to play fair without at least temporarily hurting U.S. consumers and producers.
Also , he knows he can use trade negotiations as a tool to drive the near-term stock market up and down. Never has a president played the markets like this, and I strongly suspect that Trump will continue to use this tool to his political advantage.
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