OldenWisdom...قول بزرگ
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Basically, no real change and it is bound to fail. Face saving at best for both.
US and China sign deal to ease trade war
- Thread starter Yankee-stani
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Hamartia Antidote
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The change is China agreed to increase imports by over $100B/yr to offset the Trade deficit. Offsetting the deficit is the core issue in the Trade War.
Yankee-stani
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Donald Trump Signs “Phase One” Trade Deal With China
As expected, Donald Trump is hailing this as a huge triumph over China.
In reality, it is only a small improvement in trade relations with China that fundamentally preserves the global free trade status quo.
New York Times:
“WASHINGTON — President Trump signed an initial trade deal with China on Wednesday, bringing the first chapter of a protracted and economically damaging fight with one of the world’s largest economies to a close.
The pact is intended to open Chinese markets to more American companies, increase farm and energy exports and provide greater protection for American technology and trade secrets. China has committed to purchasing an additional $200 billion worth of American goods and services by 2021 and is expected to ease some of the tariffs it has placed American products.
But the agreement preserves the bulk of tariffs that Mr. Trump has placed on $360 billion worth of Chinese goods, and it maintains the threat of additional punishment if Beijing does not live up to the terms of the deal. …”
The trade deal with China is similar to everything Trump has done in office. He also also renegotiated NAFTA and the free trade deal with South Korea.
China has agreed to buy $200 billion more agricultural products, manufactured goods, energy and services over two years and Trump can reduce his tariffs before the 2020 election which Midwestern farmers have complained about, declare victory in his trade war and claim he has made progress on reducing the trade deficit, but ultimately it does little to change the status quo. This is not going to reverse the last 20 years of staggering trade deficits.
How has Trump’s slightly revised and rebranded trade deal with South Korea played out? The original free trade deal with South Korea was negotiated by George W. Bush in 2007 and went into force when Barack Obama was president in 2012. The first thing that Obama did after losing the 2010 midterm elections in the great Tea Party uprising was to go to South Korea to work on that trade agreement. Trump bitched about it and preserved it.
U.S. Trade Deficit With South Korea (In Millions)
2010: -10,054.5
2011: -13,199.7
2012: -16,616.4
The deal goes into effect in March 2012.
2013: -20,721.7
2014: -25,027.3
2015: -28,291.3
2016: -27,624.6
Donald Trump becomes president in 2017. There is going to be so much winning that your head is going to spin. He promises you will be tired of winning.
2017: -23,066.0
2018: -17,757.4
Initially, the trade deficit with South Korea declined after Trump became president. He denounced the South Korea free trade agreement as a horrible deal. He said “we’re getting destroyed in Korea.” In September 2018, Trump signed his new renegotiated and rebranded Trump free trade deal with South Korea.
2019 (Without December): -19,261.5
Source: U.S. Census Bureau
A year later, the trade deficit with South Korea has increased over what it was before Trump renegotiated the free trade deal. In 2018, the trade deficit with China under Trump swole to $419 billion dollars, which was its highest level ever. Similarly, illegal immigration to the United States more than doubled in FY 2019 although it has come down since then. George W. Bush, Barack Obama and Donald Trump produced the same result with South Korea.
Is it going to be any different with China this time? How about NAFTA 2.0 with Mexico and Canada? I doubt it.
As expected, Donald Trump is hailing this as a huge triumph over China.
In reality, it is only a small improvement in trade relations with China that fundamentally preserves the global free trade status quo.
New York Times:
“WASHINGTON — President Trump signed an initial trade deal with China on Wednesday, bringing the first chapter of a protracted and economically damaging fight with one of the world’s largest economies to a close.
The pact is intended to open Chinese markets to more American companies, increase farm and energy exports and provide greater protection for American technology and trade secrets. China has committed to purchasing an additional $200 billion worth of American goods and services by 2021 and is expected to ease some of the tariffs it has placed American products.
But the agreement preserves the bulk of tariffs that Mr. Trump has placed on $360 billion worth of Chinese goods, and it maintains the threat of additional punishment if Beijing does not live up to the terms of the deal. …”
The trade deal with China is similar to everything Trump has done in office. He also also renegotiated NAFTA and the free trade deal with South Korea.
China has agreed to buy $200 billion more agricultural products, manufactured goods, energy and services over two years and Trump can reduce his tariffs before the 2020 election which Midwestern farmers have complained about, declare victory in his trade war and claim he has made progress on reducing the trade deficit, but ultimately it does little to change the status quo. This is not going to reverse the last 20 years of staggering trade deficits.
How has Trump’s slightly revised and rebranded trade deal with South Korea played out? The original free trade deal with South Korea was negotiated by George W. Bush in 2007 and went into force when Barack Obama was president in 2012. The first thing that Obama did after losing the 2010 midterm elections in the great Tea Party uprising was to go to South Korea to work on that trade agreement. Trump bitched about it and preserved it.
U.S. Trade Deficit With South Korea (In Millions)
2010: -10,054.5
2011: -13,199.7
2012: -16,616.4
The deal goes into effect in March 2012.
2013: -20,721.7
2014: -25,027.3
2015: -28,291.3
2016: -27,624.6
Donald Trump becomes president in 2017. There is going to be so much winning that your head is going to spin. He promises you will be tired of winning.
2017: -23,066.0
2018: -17,757.4
Initially, the trade deficit with South Korea declined after Trump became president. He denounced the South Korea free trade agreement as a horrible deal. He said “we’re getting destroyed in Korea.” In September 2018, Trump signed his new renegotiated and rebranded Trump free trade deal with South Korea.
2019 (Without December): -19,261.5
Source: U.S. Census Bureau
A year later, the trade deficit with South Korea has increased over what it was before Trump renegotiated the free trade deal. In 2018, the trade deficit with China under Trump swole to $419 billion dollars, which was its highest level ever. Similarly, illegal immigration to the United States more than doubled in FY 2019 although it has come down since then. George W. Bush, Barack Obama and Donald Trump produced the same result with South Korea.
Is it going to be any different with China this time? How about NAFTA 2.0 with Mexico and Canada? I doubt it.
http://www.occidentaldissent.com/2020/01/15/donald-trump-signs-phase-one-trade-deal-with-china/
As expected, Donald Trump is hailing this as a huge triumph over China.
In reality, it is only a small improvement in trade relations with China that fundamentally preserves the global free trade status quo.
New York Times:
“WASHINGTON — President Trump signed an initial trade deal with China on Wednesday, bringing the first chapter of a protracted and economically damaging fight with one of the world’s largest economies to a close.
The pact is intended to open Chinese markets to more American companies, increase farm and energy exports and provide greater protection for American technology and trade secrets. China has committed to purchasing an additional $200 billion worth of American goods and services by 2021 and is expected to ease some of the tariffs it has placed American products.
But the agreement preserves the bulk of tariffs that Mr. Trump has placed on $360 billion worth of Chinese goods, and it maintains the threat of additional punishment if Beijing does not live up to the terms of the deal. …”
The trade deal with China is similar to everything Trump has done in office. He also also renegotiated NAFTA and the free trade deal with South Korea.
China has agreed to buy $200 billion more agricultural products, manufactured goods, energy and services over two years and Trump can reduce his tariffs before the 2020 election which Midwestern farmers have complained about, declare victory in his trade war and claim he has made progress on reducing the trade deficit, but ultimately it does little to change the status quo. This is not going to reverse the last 20 years of staggering trade deficits.
How has Trump’s slightly revised and rebranded trade deal with South Korea played out? The original free trade deal with South Korea was negotiated by George W. Bush in 2007 and went into force when Barack Obama was president in 2012. The first thing that Obama did after losing the 2010 midterm elections in the great Tea Party uprising was to go to South Korea to work on that trade agreement. Trump bitched about it and preserved it.
U.S. Trade Deficit With South Korea (In Millions)
2010: -10,054.5
2011: -13,199.7
2012: -16,616.4
The deal goes into effect in March 2012.
2013: -20,721.7
2014: -25,027.3
2015: -28,291.3
2016: -27,624.6
Donald Trump becomes president in 2017. There is going to be so much winning that your head is going to spin. He promises you will be tired of winning.
2017: -23,066.0
2018: -17,757.4
Initially, the trade deficit with South Korea declined after Trump became president. He denounced the South Korea free trade agreement as a horrible deal. He said “we’re getting destroyed in Korea.” In September 2018, Trump signed his new renegotiated and rebranded Trump free trade deal with South Korea.
2019 (Without December): -19,261.5
Source: U.S. Census Bureau
A year later, the trade deficit with South Korea has increased over what it was before Trump renegotiated the free trade deal. In 2018, the trade deficit with China under Trump swole to $419 billion dollars, which was its highest level ever. Similarly, illegal immigration to the United States more than doubled in FY 2019 although it has come down since then. George W. Bush, Barack Obama and Donald Trump produced the same result with South Korea.
Is it going to be any different with China this time? How about NAFTA 2.0 with Mexico and Canada? I doubt it.
As expected, Donald Trump is hailing this as a huge triumph over China.
In reality, it is only a small improvement in trade relations with China that fundamentally preserves the global free trade status quo.
New York Times:
“WASHINGTON — President Trump signed an initial trade deal with China on Wednesday, bringing the first chapter of a protracted and economically damaging fight with one of the world’s largest economies to a close.
The pact is intended to open Chinese markets to more American companies, increase farm and energy exports and provide greater protection for American technology and trade secrets. China has committed to purchasing an additional $200 billion worth of American goods and services by 2021 and is expected to ease some of the tariffs it has placed American products.
But the agreement preserves the bulk of tariffs that Mr. Trump has placed on $360 billion worth of Chinese goods, and it maintains the threat of additional punishment if Beijing does not live up to the terms of the deal. …”
The trade deal with China is similar to everything Trump has done in office. He also also renegotiated NAFTA and the free trade deal with South Korea.
China has agreed to buy $200 billion more agricultural products, manufactured goods, energy and services over two years and Trump can reduce his tariffs before the 2020 election which Midwestern farmers have complained about, declare victory in his trade war and claim he has made progress on reducing the trade deficit, but ultimately it does little to change the status quo. This is not going to reverse the last 20 years of staggering trade deficits.
How has Trump’s slightly revised and rebranded trade deal with South Korea played out? The original free trade deal with South Korea was negotiated by George W. Bush in 2007 and went into force when Barack Obama was president in 2012. The first thing that Obama did after losing the 2010 midterm elections in the great Tea Party uprising was to go to South Korea to work on that trade agreement. Trump bitched about it and preserved it.
U.S. Trade Deficit With South Korea (In Millions)
2010: -10,054.5
2011: -13,199.7
2012: -16,616.4
The deal goes into effect in March 2012.
2013: -20,721.7
2014: -25,027.3
2015: -28,291.3
2016: -27,624.6
Donald Trump becomes president in 2017. There is going to be so much winning that your head is going to spin. He promises you will be tired of winning.
2017: -23,066.0
2018: -17,757.4
Initially, the trade deficit with South Korea declined after Trump became president. He denounced the South Korea free trade agreement as a horrible deal. He said “we’re getting destroyed in Korea.” In September 2018, Trump signed his new renegotiated and rebranded Trump free trade deal with South Korea.
2019 (Without December): -19,261.5
Source: U.S. Census Bureau
A year later, the trade deficit with South Korea has increased over what it was before Trump renegotiated the free trade deal. In 2018, the trade deficit with China under Trump swole to $419 billion dollars, which was its highest level ever. Similarly, illegal immigration to the United States more than doubled in FY 2019 although it has come down since then. George W. Bush, Barack Obama and Donald Trump produced the same result with South Korea.
Is it going to be any different with China this time? How about NAFTA 2.0 with Mexico and Canada? I doubt it.
http://www.occidentaldissent.com/2020/01/15/donald-trump-signs-phase-one-trade-deal-with-china/
大汉奸柳传志
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A trade deal is not binding as long as it's not signed by the head of state(Xi himself)
A paper signed by the delegation is only as good as a memorandum.
Liu He knows this. so he was not very serious, thus the exaggerated number.
Trump knows this. and he still parades on it.. Another 4 years in the WH is all he cares about right now.
Only the poor US farmers are being fooled, once again.
The biggest loser here is Australia , new Zealand and Canada, to some extend some Europe country
China Will Shift purchasing from these country, this sending message to US allies
As for financial market and insurance , they way too late in the game , good luck compete with Alibaba and tencent.
China Will Shift purchasing from these country, this sending message to US allies
As for financial market and insurance , they way too late in the game , good luck compete with Alibaba and tencent.
you are just creating a false dichomoty, based on false premises on top, because you want to claim the results as Chinas loss.
Factually its simply not one-sided and logically there is no implication that China "needs" anyone, implying a exetential dependency, because of a choice to not abondon the opportunity continue trillions of sales to a third party over any other outcome.
The reality is that the US regime started this tradewar in first place not China.
And this deal just allows the status quo to proceed as it seems to irk the USA, obviously not China. You know, the whole "unfair" and "exploiting" massive trade deficit that flipflopping U.S. fanboys and China haters keep lamenting over? To justify implementing every protectionist policy you complain about China was using and manipulation even exceeding that? Only to claim the exact same trade decifit as a power position and longer arm over China, as contradictive and obviously oversimplifying naive that claim is.
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Hakikat ve Hikmet
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Looks like the global companies are shifting to China so that they can easily dump the USA later....
It’s the time to panic....
It’s the time to panic....
This is an agrement with the U.S.A. not a responsible and trustworthy country.
They are the ones in question to fail following their agreements and are in fact almost guaranteed to not follow it and go back on their word just like they recently did with Iran and attack China once the ruling elites in the U.S. ended the ceremonial sharade of elections and return back to distract and entertain their population with demonizing China and throwing strones into Chinas way.
Han Patriot
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This wasn't what you said previously though, China since day 1 had wanted to discuss increasing imports, but Trump wanted EXTRAJUDICIARY monitoring of Chinese companies. That was the sticking point.
Hamartia Antidote
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No, that wasn't what you said previously.
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Han Patriot
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Ahhh adjusting the goalpost huh... Hahah
The biggest loser here is Australia , new Zealand and Canada, to some extend some Europe country
China Will Shift purchasing from these country, this sending message to US allies
As for financial market and insurance , they way too late in the game , good luck compete with Alibaba and tencent.
It does not work that way at all...not everyone export farm product to China, so what you are suggesting is that, say China cut 10% iron ore import from Australia to offset the 20% more import of farming product. So during that time, China make 10% less steel?
Also, it only works when you have a trade deficit (You import more than your export), which China does not have to most nation. Doing what you say will only lead to another trade war. Or Chinese product will be abandoned worldwide..
wrong, what can China get from Australia , China can get it from US.
From Example in first 5 month 2019 Australia supplied 53% of China LNG imports , the US has been long want to supplied China LNG , they even start to build the infrastructure until Trade war coming and they Force to halt the project. same can be Said for farm Product.
Of course there is cons for this.
China forced to accept sub standard product from US.
So dont blame China, Beijing have been long warns Australia for her anti China Politic.
Geo-politic and military Australia tied with US
While economy tied with China. And Australia must choose
Well if having a massive trade deficit with China can be spun into "USA can sanction more Chinese products so China is in the weak position", then our sour grapes can certainly spin keeping the massive trade deficit in place and dropping sanctions put on China into a "clear victory".
lol. How is it you can use LNG to support your point, when the US ask you (correction, forced you) to buy Farming Product. China do not import a lot of Farming Product from Australia. Australia don't have much what China need, and again, you have not even touch on how you can dictate term when you export more to Australia. You can stop buying whatever amount of farming product from Australia. But then you will get hit with A LOT MORE cancelled contract on Chinese Export to Australia.
As I said, item is not interchangeable and you only have negotiate power when you are the one with deficit.
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