Us Trade Agreement China

Internationally, the end goal of the Trump administration`s trade war was to change China`s trade policy, while the use of tariffs and the negative economic effects of the trade war have also come under fire. Among U.S. industries, U.S. businesses and agricultural industries opposed the trade war, although most farmers continued to support Trump. Among U.S. politicians, some disagree with Trump`s tactics, but most agree with the goal of putting pressure on China. [20] In late November 2019, none of the leading Democratic presidential candidates said they would lift the tariffs, including Joe Biden and Elizabeth Warren, who both agreed that the U.S. must confront what they see as China`s unfair trade policy. [21] Mr. Trump said his deal was a blessing for farmers who have been among the hardest hit by the trade war. The deal involves significant commitments from China to buy agricultural products as well as aircraft, pharmaceuticals, oil and gas.

“I think this may be a useful pause in the downward spiral of U.S.-China relations,” Susan Shirk, a professor at the University of California, San Diego, said of the trade deal. After agreeing on the first phase of a trade deal in December 2019, Mary E. Lovely, of the Peterson Institute for International Economics and a professor at Syracuse University, said the ceasefire was “good news” for the U.S. economy and said she was optimistic that the talks would help combat China`s “unfair” intellectual property practices. [324] [325] One conclusion of the data is obvious. Americans suffered when China`s retaliation devastated U.S. exports. Trump`s tariff hike has raised prices for U.S.

consumers and costs for U.S. businesses. Its politically motivated purchase commitments may have created more problems than they have been solved. After the election, the US will need a new approach to solving its trade problems with China. Global economic growth slowed amid the trade war.

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