Trump's Wrongheaded China Policy
by Stephen Lendman (stephenlendman.org - Home - Stephen Lendman)
His unpredictable actions define him, his trade war with China, harming the US and global economy.
On Sunday at the G7 summit in Biarritz, France, he threatened to escalate conflict by declaring a national emergency that doesn't exist.
He falsely accused China of stealing "$300 billion to $500 billion (of intellectual property) a year, and when we have a total loss of almost a trillion dollars a year for many years."
After calling President Xi Jinping an "enemy," his tone shifted, saying: "Actually we are getting along very well with China right now. We are talking. I think they want to make a deal much more than I do. I'm getting a lot of money in tariffs its coming in by the billions."
His remarks show geopolitical and economic ignorance, his policies pushing the US and global economy into recession.
Asked if he has second thoughts about escalating trade war with China, he said: "Yup. I have second thoughts about everything."
Hours later, a White House statement said: "His answer has been greatly misinterpreted. (He) regrets not raising the tariffs (on China) higher."
Corporate America is responsible for large US trade deficits with China and other nations by shifting their operations to these low-wage countries.
Bipartisan US policymakers share responsibility by doing nothing to curtail this practice.
According to Public Citizen (PC), NAFTA and other "corporate-driven trade deals (resulted in the offshoring of) millions of middle-class jobs" and lower wages/less benefits for US workers.
PC estimated "nearly 50,000 American manufacturing facilities and nearly 4.5 million US manufacturing jobs" lost.
NAFTA and other trade deals provide incentives for US corporations to offshore jobs to low-wage countries.
Most remaining ones are low-wage/poor-or-no-benefit service jobs. The US was thirdworldized to benefit business at the expense of the public welfare — the trade deficit indicative of what's going on.
If Trump increases tariffs on Chinese imports as announced, "China will continue taking the necessary measures to ensure its rights and interests," a Foreign Ministry statement said.
On Monday, China's Vice Premier/chief negotiator Liu He said "we are ready to resolve the existing problem through consultation and cooperation. We strongly oppose the escalation of a trade war."
China's Global Times (GT) slammed "reckless US moves," escalating trade war counterproductively.
Beijing is too important on the world stage to be treated like a vassal state. "(N)o country can bring China to its knees and no country can make China lose focus," said GT.
Maximum pressure on China won't work. On Saturday, a Xinhua news agency commentary said US bullying tactics strengthened Beijing's resolve, "defend(ing) its legitimate rights and interests," adding:
"China strongly opposes US trade hegemony and will never compromise on its fundamental principles."
"The further some people in the United States go on their dangerous road of hegemony and bullying, the stronger the pushback they will encounter. In terms of counter measure, China means business."
VISIT MY NEW WEB SITE: stephenlendman.org (Home - Stephen Lendman). Contact at email@example.com.
My newest book as editor and contributor is titled "Flashpoint in Ukraine: How the US Drive for Hegemony Risks WW III."