Monday, 20 May, 2019

China Asked to Pare $375B Trade Deficit By $1B

Trump signs the executive order for the reinstatement of the Mexico City Policy n the Oval Office of the Trump signs the executive order for the reinstatement of the Mexico City Policy n the Oval Office of the
Patty Aguilar | 08 March, 2018, 00:33

What they are saying?: "The increase in the trade deficit to a nine-year high. suggests that net trade will once again be a drag on economic growth in the first quarter, and will only add fuel President Donald Trump's protectionist rhetoric in recent weeks", said senior USA economist Michael Pearce of Capital Economics. Its major imports from China are overwhelmingly consumer goods, where the predictable effect of tariffs will be to increase costs to American citizens, as Gadfly's Tim Culpan points out. Even if the plan is completed and implemented, however, it would be a microscopic step toward Trump's goal of evening things out. "Our relationship with China has been a very good one, and we look forward to seeing what ideas they come back with". We must act soon!'

"China has been asked to develop a plan for the year of a One Billion Dollar reduction in their massive Trade Deficit with the United States", Trump wrote in the second tweet.

Trump's new focus on intellectual property theft is fanning the flames of conflict, as it addresses a topic all but unique to China.

What happened: The deficit in January was 16% higher compared with the same month in 2017, when President Trump took office.

If you ask most economists, they will tell you that running a bilateral trade deficit with China is not a big problem.

"Trump's economics team is trying to turn back the clock on trade, but we doubt they will succeed as they are interfering with the business decisions made by thousands of American companies over the years", said Chris Rupkey, chief economist at MUFG in NY.

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Beijing recognises that farmers are, generally, a core Trump constituency and realises that focussing trade reprisals on their industry will be detrimental to the United States president.

In February 2018, after Washington placed tariffs on Chinese-manufactured washing machines and solar panels, the Chinese Government began an antidumping investigation into United States sorghum imports.

German Economy Minister Brigitte Zypries said: "I hope Trump changes his mind". A quarter of USA chip exports go to China, but that constitutes just 3.8 percent of the People's Republic's total imports of integrated circuits.

The president said he wanted the United States to have a good relationship with China, but Beijing needed to treat the United States fairly.

While the prospect of an end to the limits has raised fears of strongman rule, economic bureaucrats are trying to convince the world that China will open to trade and investment flows and is willing to integrate further into the global economy. For years, USA businesses have complained about Chinese misappropriation of trade secrets and copyrighted works, as well as flagrant violations of patent and trademark rights. "But if there is, there is", he said.

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