Trump promised to shrink the trade deficit. Instead it exploded

07 March, 2019, 00:47 | Author: Darnell Patrick
  • Senior White House economic adviser Larry Kudlow speaks during a briefing at the White House in Washington

The newspaper, as well as Bloomberg News, also said Beijing had tentatively agreed to lower tariffs or ease certain restrictions, work quicker to open up its auto market and increase its purchases of USA goods. That, of course, is President Trump's aim.

The president has previously called the trade gap "unsustainable". The index has risen nearly 10 percent so far this year.

"I've supported the view that we should try to focus the [current] negotiations on opening up more Chinese markets", Dollar said.

Chinese negotiators have also offered to speed up the timetable for removing foreign-ownership limits on auto ventures and to reduce tariffs on imported vehicles to below the current 15 percent rate, according to the Journal.

In exchange for Chinese concessions, Washington would do away with most of the trade sanctions it imposed previous year, the report said.

Donald J. Trump on Twitter: "I have asked China to immediately remove all Tariffs on our agricultural products (including beef, pork, etc.) based on the fact that we are moving along nicely with Trade discussions...."Donald J. Trump on Twitter: "....and I did not increase their second traunch of Tariffs to 25% on March 1st".

US stocks lost ground after the country's trade deficit widened in December and the shortfall with China worsened, despite US President Donald Trump's tariffs. This looks like a smoking gun over tariff tensions with China which may well have cut back its US purchases. This is because increased income is likely to bring more consumption, which fuels the need for foreign goods, a fundamental of the trade deficit.

Weinstein said the President appears to be relying on a 2018 analysis of data from the 1990s, when the U.S. represented a larger share of the global economy and enjoyed more leverage over exporters in other countries.

Following the same trend as with China, US export growth to the EU was eclipsed by imports of European goods and services to America, which past year rose to $487.9bn.

China must reject United States demands to keep the yuan stable against the greenback as part of a trade deal, though it can commit to not maintain it at an artificially low level, former People's Bank of China adviser Yu Yongding wrote in an opinion piece last week. If the tariffs continue, about US$165 billion worth of trade would be redirected each year, they added. But that doesn't mean the trade war ends. The tariffs he threatened and then imposed on Chinese imports caused a rush by importers to get ahead of the new duties that fueled an increase in incoming traffic at West Coast ports a year ago.

Each country can inflict economic pain on the other, but the latest deficit numbers underscore that the potential magnitude of that pain is greater for the export-dependent Chinese economy.

Trump's tariffs also may cause United States companies to write off sizable investments in their Chinese factories as they scramble to shift operations to safer venues, said the study by Weinstein, Amiti and Redding. We had to dust them off.


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