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This is from Ben Sasse...a Republican Senator. I agree with every word he said
Ben Sasse knows his voters
And while I agree with his assessment of Trump, you just have to wonder who told Trump this was the way to galvanize his base
I know many Democratis voters think Republican voters choose to vote for people who really don't have THEIR best interests at heart and vote for policies that punish those same voters
But in this instance Sasse apparently has the perfect "don't blame me" comeback when he runs for reelection
Trump didn't ask for Congress's approval--apparently didn't ask for any input from any representative from an state that will be impacted by the tariffs...
He is acting totally on his own with the approval of Wilbur Ross and Peter Navarro
Ryan and McConnell have yet to raise their turtle heads and respond since they are on vacation
So should be interesting when they get back...
This is nonsense. For example , GM/Ford/Chrysler cannot even legally produce cars in China without entering into a joint venture with a Chinese state-owned company, where the Americans own less than 50%. Then the American companies have to transfer huge amounts of technology to the Chinese company.
It is not an open market.
Yes, very accurate - not even close.
They also don't respect patents or intellectual property rights. Did you know that Huawei completely copied early Cisco router designs and reverse-engineered their OS ? Guess who rules the network equipment market in China today (hint - it's not Cisco) ? Ever bought a bootleg DVD ? Guess where it was ripped ?
Here is some reading material about China's unfair trade practices. There are hundreds out there.
These are all from before Trump took office so it was OK to claim maybe something needed to be done.
I have always believed in the free market so I don't really know where I stand. But Trump's plans certainly are not the stupid decisions and gloom and doom that is being parroted here.
I think Trump dropped out of ITC, didn't he?
To strengthen our bargaining power or something like that
And we for sure aren't in the Trans Pacific where we might have had cumulative support from many players who deal with China and usually come off worse against China's power
The issue is not whether China plays the trade game to ITS advantage vs the countries it deals with but rather HOW the US goes about renegotiating and improving our trade relationship
Just wondering if China is going to reduce the buying of our T bills at time when the Fed is also going to be unwinding all that QE debt...
They also don't respect patents or intellectual property rights. Did you know that Huawei completely copied early Cisco router designs and reverse-engineered their OS ? Guess who rules the network equipment market in China today (hint - it's not Cisco) ? Ever bought a bootleg DVD ? Guess where it was ripped ?
Indeed. The Chinese judicial system's attitude towards foreign intellectual property is a joke.
It's not even a matter of "lax enforcement", it's almost as if they don't consider foreigners to have any property rights at all.
The Chinese have not innovated anything since gunpowder and silk.
IP theft is a concern over there, but there is probably a better way to tackle it than firing into a crowd with scattershot tariffs that will be responded in kind to destroy our export market.
The solution isn't to ignore the problem, but to address it while minimizing collateral damage. Trump doesn't care about that. He cares about trying to look "tough" and acting like a bull in the china (lowercase "c") closet.
The issue is not whether China plays the trade game to ITS advantage vs the countries it deals with but rather HOW the US goes about renegotiating and improving our trade relationship
Maybe President Trump's version of playing hardball will work better than what we have tried in the past. China depends upon the US buying it's products an awful lot.
The Chinese have not innovated anything since gunpowder and silk.
IP theft is a concern over there, but there is probably a better way to tackle it than firing into a crowd with scattershot tariffs that will be responded in kind to destroy our export market.
The solution isn't to ignore the problem, but to address it while minimizing collateral damage. Trump doesn't care about that. He cares about trying to look "tough" and acting like a bull in the china (lowercase "c") closet.
China has made two key mistakes
#1, they haven't let us export very much in terms of high-value products, so our producers won't lose much in a tariff war. (mainly just boeing and CAT)
#2, what they have imported from us, they need badly and are extremely price-sensitive to. Agricultural products to feed their population -- seeds, animals, soybeans/animal feed - things our nation has in massive quantities.
"the nation’s planners are reporting that almost 20 percent of China’s remaining arable land is contaminated."
"China needs to import as it is unable to produce everything from its limited farmland,” said Li Xiande, a researcher with the Institute of Agricultural Economics and Development, Chinese Academy of Agricultural Sciences, who said the country bought 106 million tons of cereals and soybeans abroad in 2016.
so while a trade war is stupid and hurts both sides, it is one that will hurt them more, and that does provide Trump with leverage to strike a new/better deal.
of course as to whether Trump will actually pull that off... let's just say I don't have much faith.
Maybe President Trump's version of playing hardball will work better than what we have tried in the past. China depends upon the US buying it's products an awful lot.
China’s top trading partners in terms of export sales:
1. United States: US$388.1 billion (18.3% of total Chinese exports)
2. Hong Kong: $292.2 billion (13.8%)
3. Japan: $129.5 billion (6.1%)
4. South Korea: $94.7 billion (4.5%)
5. Germany: $65.8 billion (3.1%)
For example , GM/Ford/Chrysler cannot even legally produce cars in China without entering into a joint venture with a Chinese state-owned company, where the Americans own less than 50%. Then the American companies have to transfer huge amounts of technology to the Chinese company. Then the Chinese company opens a subsidiary that's 100% Chinese owned, using the foreign technology it gained in the joint venture. That is the only way Americans can build cars in China.
The size of the trade imbalance is a direct result of Chinese policy. This is not an open market to foreigners.
No, that's not true, and that makes no sense whatsoever.
If China wants to buy our most sophisticated airplanes, for example, that's great. Everyone wants that.
If China mandates that Boeing must GIVE Chinese aircraft manufacturers Boeing's most sensitive technology, secrets, and intellectual property in exchange for allowing Chinese airlines to buy Boeings, that's not great. That's screwed up, it isn't free trade, and it needs to be dealt with harshly by the American government.
The question is not what it can produce but what it can invent, develop, design, finance, market and sell on its own.
Wrong. It doesn't want to buy high-tech products from the US. It wants to steal and/or coerce U.S. companies into giving their secrets to Chinese companies so Chinese companies can do the manufacturing and sell back to Americans.
So you think china should just let american and european companies come in and exploit their people and leave only poverty and pollution like they have done in the rest of the world. Imperialism ended, we live in a globalized world now. Nobody forces foreign companies to go to china, they desperate want to go there to produce their crap at the cheapest price to increase their profit, even if they have to share their technology with the chinese.
That the chinese then use that technology to sell products back to developed countries will be almost as similar but in much bigger span of time as the following. Modern science and technology is based on the development of math, geometry, etc discovered by the arabs, this science made its way into europe in the middle ages. This gave rise to many discoveries and finally to the scientific method everyone in the west is so proud of. Then you know the rest.
It would be illogical to say the arabs should have kept the science they developed to themselves. Just like it is illogical to say that only a few rich people can benefits from modern technology, mainly those who can afford to fund research in western laboratories.
Sharing technology is not something that should be dealt with harshly, in fact the opposite is the case. Copyright laws need to be loosened so we can all benefits from the discoveries in science, not only those who are rich, which more than likely made their money from the toil of the rest. To think that some people should live a better life because they are in a better condition to develop technologies while the rest have to work under denigrating condition like poverty and pollution is inhumane.
The problem has its root with the confusion of value. Price of good and wages all are mixed into the "free market", which is just an abstraction that is not really free nor is it really a market. Price in good and wages need to be measured in a total different way from the other because their value come from totally different aspects of life. Most people can't tell the difference.
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