Let’s be skeptical when the administration says a China trade deal is nearly done and it’ll be great, says Paul Brandus.
I applaud President Trump for trying to wring trade concessions out of China. For years—decades—the United States has been far too kind to Beijing, and they have taken full advantage. Kudos to the president for trying to do something about it.
To compensate those farmers for losing all this business, the administration has tried to buy them off with billions in assistance—courtesy of the U.S. taxpayer. So let’s be skeptical when the administration says a trade deal is nearly done and it’ll be great. I hope they’re right. But if they’re handling far bigger matters—cyber theft, forced technology transfers and all the rest—like they’ve handled soybeans, watch out.
But the biggest dispute remains enforcement mechanisms. U.S. trade hawks like Trump’s trade chief Robert Lighthizer want Washington to have the ability to stick Beijing with new and unilateral tariffs against Chinese imports if it is determined that Beijing isn’t keeping to its end of any deal. Myrow notes that China sees this as an infringement upon its sovereignty, and is “disinclined to give on this issue.
Trump’s analysis seems flawed in that he thinks China’s economic troubles are all because of him and his tariffs. He says billions are pouring into the U.S. Treasury because of those tariffs, but for the umpteenth time, importers pay tariffs when goods cross the border—not China—and those costs are almost always passed in to consumers.
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