Looks like President Donald Trump has pulled off another victory.
Former President Barack Obama didn’t bother to push our trade deficit with China so they were never pressed to make any changes that could be better for our economy, but it’s been a big issue to Trump since before he became president and he wasn’t letting it go.
And now that persistence appears to have borne fruit.
From Daily Caller:
The U.S. and China have finally reached an agreement on trade, defusing rising trade war tensions, White House officials announced Saturday.
Following two days of bilateral consultations on trade, representatives from Washington and Beijing reached a consensus on trade, with the latter agreeing to take “effective measures to substantially reduce the United States trade deficit in goods with China,” a joint statement explained.
An increase in exports to China would “meet the growing consumption needs of the Chinese people and the need for high-quality economic development,” as well as “help support growth and employment in the United States,” according to the statement.
In particular, China intends to import more agricultural and energy products from the U.S. The representative from Beijing agreed to work with the U.S. government to ensure the protection of intellectual property rights.
The U.S. had a 375.2 billion trade deficit with China in 2017 and demanded a $200 billion dollar reduction. While it’s not clear yet by exactly how much it was reduced, a good reduction would be a great help.
The Trump administration decided to impose hard-hitting tariffs on foreign-made steel and aluminum in March, prompting China to impose roughly $3 billion in tariffs on American products. That same month, the administration also announced plans to impose about $50 billion in punitive tariffs on Chinese products for Chinese theft of American intellectual property. China threatened to retaliate with tariffs of equal weight, leading President Donald Trump to threaten China with $100 billion in additional tariffs.
And that’s what it means by putting America first.
It doesn’t mean being racist or being isolationist.
It does mean that as the President you realize that you are the president of the United States and have been charged to look out for its interests and defense.