US has a massive trade deficit of about USD 500 billion per annum with China. The Trump Administration has sought a reduction of USD 200 billion in trade deficit, which, according to media reports, China has rejected.
US President Donald Trump has indicated adopting a tough approach against China on trade disputes, as his high-powered delegation headed back home from Beijing after talks. Trump said that he would meet the delegation, led by Treasury Secretary Steven Mnuchin, today. Other members of the delegation included Secretary of Commerce Wilbur Ross, US Trade Representative Robert Lighthizer, Assistant to the President for Economic Policy Larry Kudlow, and Assistant to the President for Trade and Manufacturing Policy Peter Navarro. “Our high-level delegation is on the way back from China where they had long meetings with Chinese leaders and business representatives,” he said. “We will be meeting tomorrow to determine the results, but it is hard for China in that they have become very spoiled with US trade wins!” Trump tweeted.
US has a massive trade deficit of about USD 500 billion per annum with China. The Trump Administration has sought a reduction of USD 200 billion in trade deficit, which, according to media reports, China has rejected. Congressman Tim Ryan said Trump and his administration need a comprehensive, long-term strategy in protecting American workers and industries from China’s harmful practices. “China has been cheating the United States for years, and it’s time President Trump steps up and turn his talk into action. China has a long-term economic plan, a 20-year plan, a 30-year plan, a 50-year plan, a 100-year plan,” he said.
“We’re operating in a 24-hour news cycle and we better have a larger strategy as we start to take on this huge economic force,” Ryan said. Meanwhile, Senator Chuck Grassley urged Trump to help soybean farmers as China has halted purchase of American soya beans. “The US must stand up to China’s unfair practices. But as I’ve said before, if the federal government takes action on trade that directly results in economic hardship for certain Americans, it has a responsibility to help those Americans and mitigate the damage it caused,” he said. “In the short-term, the administration should be prepared to take action to help farmers if they are harmed by price collapses related to retaliation. In the longer-term, the administration should help find alternative foreign markets,” Grassley said.