Tariffs, trade war

Adding historical reference:

Video by Associated Press: May 18, 2000. Pres. Clinton and Chairman Greenspan hold a press conference prior to the vote for establishing PNTR - (Permanent Normal Trade Relations) with China.

Greenspan grossly miscalculates with his assessment — Clinton and his administration were indeed fully aware how dire the situation was, and they added a sort of caveat at the end of the speech:

Clinton says “the other point I would like to make is there is a serious National Security issue here - we do not know what China will choose to do in the future - and China will make that decision for itself - but we know that one decision will dramatically increase the chances of a constructive relationship with China in a stable Asia…and the other will increase the chances of a less happy outcome…”

"Decoupling is unworkable" - Xi Jinping

“China will firmly oppose decoupling”

Kind reminder to Xi, decoupling is very workable and, although slow, is in progress. :laughing:

“Xi emphasised the resilience of China’s economy, saying the country ‘offers powerful momentum’ for pandemic recovery” – let us not forget the country also offers powerful momentum for plunging the whole world into a debilitating pandemic.

The same lady who walked away from G20 summit when Russia minister spoke. That’s a country causing inflation, too, no?

Not news to me, but to others maybe

US Trade office prepping for another robust review of China tariffs:

Meanwhile in China, economy is hammered by zero-covid. Might be China’s strategy to sharply increase US trade Deficit while rallying local blame for the virus against the US.

https://www.macaubusiness.com/fears-mount-for-chinas-economy-as-leaders-dig-in-on-zero-covid/

Xi Jinping is doubling, tripling, and quadrupling down on Zero-Covid Policy - “Do not question it!” CCP is warning residents not to question the policy or bear consequences.

US is responding in kind – after waiting for the right moment to strike, the Fed has announced an expected 50 point rate hike, a massive blow to China’s projections. Real question is, is this what China wanted all along? As we look forward we need to assess the impact of the US Fed rate hike on global economies and if it exacerbates economic Decoupling between Allied and Axis powers.

[CHINA] remains determined to achieve seemingly conflicting goals of maintaining a “dynamic zero-Covid” strategy while achieving an economic growth rate of around 5.5 per cent for this year.

The US Fed’s rate hikes make China’s gross domestic product (GDP) growth goal even more difficult.

Chinese Hacker Army is stealing Trade Secrets!: (not really news)

Chinese government-linked hackers have tried to steal sensitive data from some three dozen manufacturing and technology firms in the US, Europe and Asia, security researchers said Wednesday, in findings that shed new light on Beijing’s alleged use of hacking to buttress its powerhouse economy.

Nope, the Ukraine war didn’t prompt this at all. Nope…
Trade gonna get local and not global. Globalization is kaputt.

Will the Biden Administration capitulate to the Genocidal Communist Dictatorship of China?

  • After surging in February, the growth rate of U.S. exports to China slowed to single digits in March 2022.
  • The year-over-year growth of U.S. imports from China also slowed, but not as much as U.S. exports did.
  • But none of that takes China’s new COVID lockdowns in its largest trade hub of Shanghai into account, which was imposed by China’s government on 28 March 2022

There are, in addition to intellectual property considerations, two principal reasons to keep the tariffs in place. First, the tariffs have contributed to a necessary “decoupling”— the term Chinese President Xi Jinping uses — of the U.S. and China and that disengagement is in the interest of America. Bicycles, for instance, may look non-strategic, but in a larger sense, they are important.

The People’s Republic of China has viewed the United States as its enemy — in May 2019, the official “People’s Daily” declared a “people’s war” on America — and all export revenues from the U.S. strengthen the Chinese party-state. Every purchase of a bicycle, for instance, gives China the funds for building a military that is configured to kill Americans.