China trade talks doing good

Donald Trump,US,trade gap

Mr Trump hit roughly half of Chinese imports with taxes past year, a move created to kick-start trade negotiations with the goal of increasing exports to that country and stopping the forced turnover of United States technology and theft of intellectual property. The tariffs are a major factor in the ongoing trade war between Washington and Beijing. He has made reducing the gap a primary component of his economic and foreign policy, launching a multi-billion dollar trade war with China while adding new tariffs to imports from allies in Europe, North America and other countries. Trump has made the goal of reducing the USA trade deficit, particularly the gap with China, a central part of his economic policy.

That said, China does appear at least open to prying open more of its financial sector, which has largely been closed off to US and European banks.

"We find that the USA tariffs were nearly completely passed through into USA domestic prices, so that the entire incidence of the tariffs fell on domestic consumers and importers up to now, with no impact so far on the prices received by foreign exporters", according to the report. With the USA economy doing well while other economies are faltering, and the Federal Reserve raising rates, the dollar has strengthened, making foreign products look cheaper and making our exports more expensive (i.e., less competitive) in other countries.

Media outlets and political pundits are having a field day criticizing Trump's protectionist trade policies for backfiring and hurting the USA economy, but not those of the countries it was directed against.

That's the bad news for the Trump administration and trade hawks.

In contrast to Gallup's finding of a 43 percent job approval rating for President Trump, the Rasmussen Reports daily Presidential Tracking Poll for Wednesday shows that 48 percent of Likely U.S. Voters approve of President Trump's job performance. USA stock futures were marginally lower. Sales overseas increased 6.3 percent to $2.5 trillion past year, also the highest level ever.

Researchers at the New York Federal Reserve examined this issue a year ago.

February's report was, however, in line with other labor market data, including weekly applications for unemployment benefits and manufacturing and services sector surveys that have suggested some moderation in job growth following hefty gains in January. This can lead to declines in both imports and exports. United States trade with China is dominated by the deficit in manufactured products.

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Cellphone imports increased $0.6 billion. In September, it imposed a 10 percent tax on an additional $200 billion of Chinese goods.

Trump's tariffs also may cause USA companies to write off sizable investments in their Chinese factories as they scramble to shift operations to safer venues, said the study by Weinstein, Amiti and Redding.

On a day-to-day basis, not very much.

But trade battles do have consequences.

The President has used similar studies to impose tariffs on steel and aluminum and has threatened to apply them to imported cars and auto parts.

"The assumption now is that trade wars will intensify, and that growth will suffer as a result".

While that reserve currency status does handicap the competitiveness of United States exports, it lowers borrowing costs for U.S. borrowers and enables Americans to enjoy a higher standard of living than they would if there were no trade deficits.

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