Todd Bishop
The China-US trade war has escalated again, and negotiations between the two countries in September have become question marks. Trump’s trade war has been widely questioned by the media, but he still insists that the United States has not been affected and has also harvested big packages from China.
Trump defends the trade war
US President Donald Trump said on August 13th on social networking Twitter that China has let the yuan depreciate sharply and has also injected a lot of money into the market system.
He also said that the United States is getting tens of billions of dollars from China, which is a spree.
Trump also stressed that prices have not risen and inflation has not increased. Farmers receive more compensation than China spends. The fake news media will not report this.
On the 13th, the Chinese and American representatives called again. Trump also said on Twitter that, like ever, they (China) said they would buy a large number of American farmers’ products. But so far, they have not done as they say. Maybe this time will be different.
On the same day, the United States also released some goodwill. The Office of the US Trade Representative announced the abolition of some of the $300 billion in goods in China, and also delayed the taxation dates for some products from September 1 to December 15.
Although questioned, Trump is still very persistent in the trade war. He also announced at the White House on August 9 that his trade war has won the support of the Democratic Party. He also believes that it is not necessary to reach an agreement. Without an agreement, the United States can continue to collect taxes and obtain a lot of funds.
Trump’s levy of 300 billion new tariffs is questioned
It is reported that the China-US trade escalated again before the war day, and the United States announced that it would impose additional tariffs on another US$300 billion of Chinese goods. The new tariffs will take effect on September 1. China also made a tough response, letting the renminbi against the US dollar break 7, and the United States subsequently listed China as a currency manipulator.
China has also stopped buying American agricultural products and cracking down on American farmers. In the context of China-US trade frictions, many farmers who used to be Trump’s “hardcore fans” are now in trouble.
The United States has postponed the lifting of the ban on Chinese company Huawei and suspended the license to sell products to Huawei.
The China-US trade war has escalated rapidly, and Trump’s trade war has also been widely questioned. CNN believes that Trump’s trade war with China is out of control.
The Wall Street Journal also published an editorial on August 8th saying that economic expansion is almost always due to policy mistakes. Trump’s chaotic trade offensive may slow the US economy and worsen it into a recession.
The editorial also said that since the United States upgraded trade frictions in 2018, the confidence and capital expenditures of US companies have gradually declined, which has begun to have a negative impact on US economic growth. At present, the US economic growth rate has slowed from nearly 3% to 2%.
The US “Time” Weekly also published on the 7th that the US government used trade as a political tool and was an unprecedented interference with global trade. The trade war is leading the world to crisis, and no one can retreat. The article mentioned that Morgan Stanley has issued a warning to global investors on the 5th that if the China-US trade friction continues, the global economy is likely to fall into recession within 9 months.
The New York Times also published an article in the Nobel Prize in Economics, Paul Krugman, on August 9th, saying that everything Trump did was meaningless. His views on trade are unstructured. His request is puzzling. He greatly overestimated his ability to cause damage to China and underestimated the damage that China could cause.
In addition, according to the Wall Street Journal, Trump’s $300 billion new tariff was unanimously opposed by its advisers, supported only by hawkish official Peter Navarro.
