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It is the one year anniversary of Trump's trade deal with China - Global Online Money Finder
Industries & Professions

It is the one year anniversary of Trump’s trade deal with China

President Trump (right) shakes hands with Chinese Vice Prime Minister Liu He after he signed the US-China Phase 1 trade agreement. Wikimedia

Predictions that the deal would end up being a big no-nonsense burger have largely come true. Now the focus is on President-elect Joe Biden.

Originally, the Trump administration announced its trade deal with China, which was signed in the White House on January 15, 2020 as the beginning.

As we discovered a year ago, the deal itself didn’t do much. While it prioritized increased purchases of U.S. goods, it failed to grapple with the issues that plagued American manufacturing for decades, including industrial subsidies, state-owned corporations, and currency manipulation.

AAM President Scott Paul, who cut no words, called it “totally inadequate.”

But the deal was only meant to mark the start of tough talks with Beijing that would ultimately improve the playing field for American workers. It was eventually referred to as the “Phase 1” trade agreement, which means that there would be additional phases.

That didn’t happen.

A year later, there is little to show for China’s commitment to buying $ 159 billion in US goods. According to the Peterson Institute for International Economics, China’s procurement amounted to only $ 58.8 billion as of the end of September 2020. And that failure had real ramifications when the US trade deficit soared to a 14-year high last November.

As the Wall Street Journal reports:

“I think the Chinese have fulfilled all of their obligations on the structural side. They weren’t able to quantitatively, ”said Craig Allen, president of the US-China Business Council, which represents large US companies doing business in China. “Overall, the US lost a lot of jobs in the process.”

President-elect Joe Biden has a lot of work to do on the trade front when Trump leaves office.

Right now, the Biden transition team is currently focused on ending the COVID-19 pandemic and boosting the troubled American economy by investing in infrastructure and clean energy. Even so, Biden’s campaign rhetoric strongly supported American manufacturing, and observers expect the new administration will continue to put pressure on China, but are seeking cooperation from foreign allies.

As the Washington Post reports:

“Biden and his advisors have drawn up a trade policy that reflects Trump’s focus on job creation and wants to use foreign trade to promote the US middle class.

“But unlike Trump, Biden describes most foreign nations as potential partners rather than adversaries who want to compete unfairly for commercial loot. The Democrat is likely to replace industrial policy with tariffs and seek revitalization of domestic factories with a $ 400 billion Buy America initiative and $ 300 billion clean energy research. “

It is also worth noting that Biden’s candidate for US Trade Representative Katherine Tai stated in a January 12 speech that she was committed to “fighting for American workers” and that “the president-elect’s vision is to make a deal with Workers’ centers implement policies. “

Although America is embroiled in domestic crises, Beijing is pushing its own plans to conquer the global market by whatever means necessary. Therefore, it is important that the US continue to work towards major structural change in China and maintain Section 301 and Section 232 tariffs until American workers can finally compete on an equal footing.

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