There has been significant criticism of President Trump’s tough stance on trade deficits and unfair practices both with China and America’s allies and neighbors. Opposition to the White House move has come not only from the usual political opponents, but even allies within the GOP. Indeed, Republicans who would never dream of endorsing unilateral disarmament in weapons negotiations appear all too willing to adopt that concept in economic relations.
Interestingly, much of the media, while criticizing the White House for confronting Canada and Europe for their trade practices and threatening retaliatory tmeasures, neglected to mention a key proposal Trump made at the recent G7 meeting: the elimination of all tariffs.
While bluntly confronting Canada and NATO partners and lumping them in with the adversarial Beijing regime may seem harsh, the reality is that the United States economy and job market has suffered significantly. Remedial steps are required.
The Alliance for American Manufacturing reports that “Unfair trade practices like dumping, export subsidies, and currency manipulation drove the loss of more than 6.1 million U.S. manufacturing jobs from 1998 to 2010. Today, there is no greater threat to the resurgence in American manufacturing than widening trade deficits and unfair trade practices that go unchecked. New trade agreements must give American workers and businesses tools to aggressively push back against unfair trade practices like currency manipulation, and create a level playing field. Trade agreements already on the books must be strictly enforced. And we need our policymakers to develop and implement a plan to end our trade deficit in manufactured goods, which directly threatens a potential resurgence for American manufacturing.”
U.S. agriculture faces a similar challenge. Mike Thompson, writing in Real Clear Politics notes that “As global trade continues to expand, it’s important to remember that ‘free trade’ only works if it is ‘fair trade.’ Trade is good for America when that trade is fair. Only when our farmers and other suppliers of goods and services compete on a truly level playing field with their foreign competitors can ‘free trade’ become reality…”
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Stan Ryan, in a Seattle Times article, provides specifics: “… with the stroke of a pen, new Canadian government pricing regulations implemented in February are poised to unfairly take away our markets. The current U.S. administration was correct to stand up against Canada for shutting down U.S. exports of ultra-filtered milk — used to make cheese and yogurt — from farms in the Midwest and Northeast. This sudden change in pricing threatened the livelihoods of U.S. dairy farms. The new Canadian National Ingredients Pricing Strategy, which indirectly subsidizes exports, will further hurt U.S. dairy exports of milk proteins. Since farms across the U.S. depend on a healthy global export market, Canada’s strategy poses a threat to America’s dairy farmers, especially those in the Pacific Northwest, by unfairly underbidding world market prices.”
By far, the greatest offender is China. The Clinton Administration vigorously pursued greater openness to trade with China, and the results proved harmful both to the American economy as a whole and to U.S. manufacturing employment in particular.
The U.S.-China Economic and Security Review Commission’s 2017 “Report to Congress” disclosed that “The hand of the state is… evident in how Beijing treats foreign companies operating in China and in the impact its trade-distorting policies have on its trade partners. Beijing’s discriminatory treatment of U.S. companies and ongoing failure to uphold its World Trade Organization (WTO) obligations continue to damage the bilateral relationship. The U.S. trade deficit in goods with China totaled $347 billion in 2016, the second-highest deficit on record. In the first eight months of 2017, the goods deficit reached $239.1 billion, and is on track to surpass last year’s deficit. U.S. companies are feeling increasingly pressured by Chinese policies that demand technology transfers as a price of admission and favor domestic competitors. According to a survey by the American Chamber of Commerce in China, 81 percent of U.S. firms doing business in China reported feeling less welcome in 2016 than they did in 2015…China’s foreign investment climate continues to deteriorate as government policy contributes to rising protectionism and unfair regulatory restrictions on U.S. companies operating in China. The newly implemented cybersecurity law illustrates this trend. The law contains data localization requirements and a security review process U.S. and foreign firms claim can be used to discriminatorily advantage Chinese businesses or access proprietary information from foreign firms.”
The Report Concludes Tomorrow
Picture: Shanghai (Pixabay)