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The other day, President Trump tweeted: “Talks with China are going very well!”
The press has hammered him mercilessly for being tough on trade.
Guess what? It is working.
Trump’s trade policy is focused on these key elements, as it succeeds at the overarching thematic of his presidency, namely, making America great again.
Attention - America—first
His attention is all about putting America—first.
Trump is a free trader by instinct and as he has stated he has no plan to return to the failed Smoot-Hawley plan of the 1930s, rest assured.
Reality - Tariffs
The economic reality is that tariffs usually don’t work.
Countries retaliate, and all parties loose in a trade war.
Course - Past - US
Of course in the past, the US has always backed down—caved in.
REALISTICALLY - Trump - Trade - Viz - China
So what REALISTICALLY can be done by Trump on trade viz a viz China and other predatory/mercantilist nations?
On the supply side, surely the US must constantly get more competitive.
Research - Development - Innovation - Manufacturing - Access
This includes more research & development, constant innovation, advanced technological manufacturing, improved access to capital, renewed skills training and benchmarking.
A pro-growth and deregulated environment, is being earnestly followed by Trump, and will lead to prosperity and rising standards of living and increased wages for all Americans.
Demand - Side - Trump - Obama - Globalist
On the demand side, first, Trump has already cooled off on all the Obama globalist trade deals.
Now put them on ice permanently. The TPP with eleven Asian countries was a bad deal.
Trump - Had - Anyone - Pages
Trump killed it. Had anyone read all 5600 pages of it?
The one with the EU is no better. It is dead in the water.
China - Currency - Manipulation
Next, continue to confront China on its currency manipulation.
This is rarely discussed but is at the heart of our trade imbalance.
Treasury - Department - Report - Congress - Exchange
The Treasury Department biannual report to Congress on exchange rate practices of our trading partners confirms Trump’s analysis — that foreign countries are eating our lunch and that the US government is doing little or nothing about it. Under current procedures, by...
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Sorry Mr. Franklin, we couldn't keep it.