Trump's Trade Wars - another disaster
POSTED BY: captaincrunch
UPDATED: Tuesday, July 7, 2020 08:51
VIEWED: 14929
PAGE 5 of 17
Quote:
Originally posted by second:
The U.S. is on track to post its biggest deficit in a decade.
Trump’s America First economic policies are designed to shrink the US trade deficit. But according to Janet Yellen, the former chair of the Federal Reserve, the deficit is on track to get bigger by the end of 2018.
Speaking at a conference in Beijing, Janet Yellen said that the steady rise in US interest rates is pushing up the value of the dollar, which will likely cause the US trade gap to widen further.
www.bloomberg.com/news/articles/2018-11-13/yellen-says-fed-more-to-bla
me-for-wider-trade-deficit-than-china
Trump has so far focused on confronting what his administration deems unfair trade practices, erecting trade barriers against countries like China — ostensibly to offset the benefits of these tactics, or possibly to compel the countries to abandon the practices (the administration has never made its rationale all that clear). In her remarks in Beijing today, Yellen offered an implicit rebuke of this logic.
“I do not see unfair trade practices in China, or anywhere else in the world, as what is responsible for the US trade deficit,” said Yellen. “The US trade deficit reflects the fact that Americans spend more than we produce, and we import excess goods and services from the rest of the world to satisfy that demand.”
In other words, other factors influence America’s trade balance more than Chinese protectionism or China’s "unfair" trade practices. Ironically enough, the president’s fiscal stimulus is widening the deficit. The combination of tax cuts and increased spending has juiced demand. And since it takes time for domestic businesses to expand to meet said demand, imports have surged at a faster pace than exports. Beyond that, though, the trade balance reflects the fundamentals of an economy. To shrink the trade gap, Trump’s policies need to encourage a higher rate of savings. But his tax cuts and budgets policies are doing just the opposite. Instead of investing in America, Americans are buying things that don’t sustain long-term growth — consumer goods made in China, for instance.
More at https://qz.com/1461846/
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at www.mediafire.com/folder/1uwh75oa407q8/Firefly
Can anybody dig up the post where Second says that there will be no recovery during the next crash because the FED hasn't raised interest rates and they can't be lowered anymore this time?
I'm not saying that either that idea or this one right here is wrong even. Just figured we should have both sides of the interest rate story here so we could have a good laugh about how it's all Trump's fault.
Cause, yanno... everything is Trump's fault.
Do Right, Be Right. :)
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Quote:How is Trump's Trade War? Is he winning? No.
Originally posted by 6IXSTRINGJACK:
Can anybody dig up the post where Second says . . .
US trade deficit with China grows to a record and it’s likely even worse than the data shows.
China’s trade surplus with the U.S. — closely watched amid a bitter trade dispute between the two countries — grew 17 percent from a year ago to hit $323.32 billion in 2018. That’s the highest on record. The deficit that the U.S. has with China is likely even bigger since China calculates the numbers by excluding goods that end up in the U.S. via other countries.
www.cnbc.com/2019/01/14/china-2018-full-year-december-trade-exports-im
ports-trade-balance.html
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at www.mediafire.com/folder/1uwh75oa407q8/Firefly
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Quote:
Originally posted by second:Quote:How is Trump's Trade War? Is he winning? No.
Originally posted by 6IXSTRINGJACK:
Can anybody dig up the post where Second says . . .
US trade deficit with China grows to a record and it’s likely even worse than the data shows.
China’s trade surplus with the U.S. — closely watched amid a bitter trade dispute between the two countries — grew 17 percent from a year ago to hit $323.32 billion in 2018. That’s the highest on record. The deficit that the U.S. has with China is likely even bigger since China calculates the numbers by excluding goods that end up in the U.S. via other countries.
www.cnbc.com/2019/01/14/china-2018-full-year-december-trade-exports-im
ports-trade-balance.html
China's 2018 trade surplus with U.S. highest on record going back to 2006
https://www.msn.com/en-us/money/markets/chinas-2018-trade-surplus-with
-us-highest-on-record-going-back-to-2006/ar-BBScTVD
2018 worst year for the stock market in a decade. 2018 worst year for Chinese trade defect in over a decade. Government shutdown over a wall most Americans don't want. Syria pull out against the advice of everyone. Way to go Donny...
And how about a round of applause for jack jsf kiki and sig the trolls who post bullshit and lies supporting him. Dummies one and all.
T
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The "disaster" occurred in stages, beginning with Nixon and his visit to China, and continuing thru Bush I, Clinton, Bush II, and Obama, as their policies progressively "offshored" manufacturing in favor of financial speculation as a source of profit.
Can Trump reverse the disaster?
Not even in three terms as President. In order to grow manufacturing at home, he would need to do far more than tariff imports and give tax cuts to corporations, "hoping" that they would invest that money in factories instead of stock buybacks. He would need to cut out the Fed and the banks, and DIRECTLY provide loans and credits to critical manufacturing facililties, and he would need to do this over at least 15 years ... because you can't reverse 40 years of depredation in a dozen years.
What he HAS done is call attention to this very important problem. Hopefully, other politicians and pundits will start paying attention, too, and start crafting policies to reverse our decay.
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Pity would be no more,
If we did not MAKE men poor - William Blake
"The messy American environment, where most people don't agree, is perfect for people like me. I CAN DO AS I PLEASE." - SECOND
America is an oligarchy http://www.fireflyfans.net/mthread.aspx?tid=57876 .
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Chinese Trade Official Laughs Out Loud at Trump
It all started when Trump was asked a question about how long he thought that the so-called memorandums of understanding would last in an agreement with China. Earlier reports noted negotiators have been writing up several MOUs in key areas that would make up the outline of a larger deal. It was an easy enough question but Trump decided to suddenly expound on his feelings about MOUs in general.
“I don’t like MOUs because they don’t mean anything. To me they don’t mean anything. I think you’re better off just going into a document. I was never … a fan of an MOU,” Trump said. It could have ended there but Lighthizer decided to jump in and although he didn’t look directly at the president, it certainly looked like he was contradicting his boss. “An MOU is a binding agreement between two people,” he said. “It’s detailed. It covers everything in great detail. It’s a legal term. It’s a contract.”
Trump looked annoyed as Lighthizer was talking and as soon as he was done, he said that Lighthizer's words were meaningless to Trump. “By the way, I disagree,” Trump told reporters and the gathered Chinese delegation. It was at that point that Vice Premier Liu He, the top Chinese negotiator, laughed out loud. “I think that a Memorandum of Understanding is not a contract to the extent that we want,” Trump said. “We’re doing a Memorandum of Understanding that will be put into a final contract, I assume. But to me the final contract is really the thing, Bob, and I think you mean that too.” And then he went on to note that “the real question” was “how long will it take to put that into a final binding contract?”
This appeared to be the latest instance of Trump seemingly being more worried about how an agreement was marketed than what it actually contained. It happened last year as well, when Trump was responsible for pushing a name change to the North American Free Trade Agreement, known as Nafta, to the U.S.-Mexico-Canada Agreement, or USMCA.
More at https://slate.com/news-and-politics/2019/02/robert-lighthizer-trump-me
morandums-understanding.html
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at www.mediafire.com/folder/1uwh75oa407q8/Firefly
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Lighthizer's an idiot.
Not only is it "A MOU", not "An MOU", but his definition is comically exactly the opposite of reality when he says “An MOU is a binding agreement between two people,” he said. “It’s detailed. It covers everything in great detail. It’s a legal term. It’s a contract.”
These old idiots need to learn how to Google.
Quote:
A memorandum of understanding (MOU) is a nonbinding agreement between two or more parties outlining the terms and details of an understanding, including each parties' requirements and responsibilities. An MOU is often the first stage in the formation of a formal contract.
https://www.investopedia.com/terms/m/mou.asp
Do Right, Be Right. :)
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Quote:6ixStringJack, the negotiation moved on without you: Lighthizer eventually ended up realizing there was no point in fighting the issue and made it clear the term MOU would no longer be part of the negotiations. “From now on we’re not using the word memorandum of understanding anymore. We’re going to use the term trade agreement, all right?” Lighthizer said.
Originally posted by 6IXSTRINGJACK:
Lighthizer's an idiot.
Not only is it "A MOU", not "An MOU", but his definition is comically exactly the opposite of reality when he says “An MOU is a binding agreement between two people,” he said. “It’s detailed. It covers everything in great detail. It’s a legal term. It’s a contract.”
These old idiots need to learn how to Google.Quote:
A memorandum of understanding (MOU) is a nonbinding agreement between two or more parties outlining the terms and details of an understanding, including each parties' requirements and responsibilities. An MOU is often the first stage in the formation of a formal contract.
https://www.investopedia.com/terms/m/mou.asp
Do Right, Be Right. :)
“OK,” the Chinese vice premier replied.
“Assuming you decide on an agreement … it’ll be a trade agreement between the United States and China,” Lighthizer told Trump directly. The boss was pleased.
“Good,” Trump said. “I like that much better.”
https://slate.com/news-and-politics/2019/02/robert-lighthizer-trump-me
morandums-understanding.html
6ixStringJack, you have got to remember that the negotiation is being done in two languages, not all English. And if the Chinese don't want to use the term MOU in the same way as investopedia uses MOU, then the Chinese will find another term to cover the idea that one part of the treaty, of a multipart treaty, is set in concrete and the negotiators don't talk about it anymore because they have agreed, even though other parts of the treaty are still being negotiated.
The concept is completely alien to a guy like Trump. Once the Trumps of the World make an agreement, they feel perfectly free to change anything they please. Nothing is ever set in concrete for a Trump. Everything is fluid. Which is why the Trumps of the World cannot be trusted to keep an agreement, even after they sign. Instead, the Trumps of the World go to court to bend things. Or they just plain cheat and lie.
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at www.mediafire.com/folder/1uwh75oa407q8/Firefly
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That's fine. I'm not speaking of the whole issue and facts that you brought up after my post.
Lighthizer was wrong. Dead wrong.
The entire article that Daniel Politi wrote was predicated on the erroneous belief that Lighthizer was correct when he said that.
Quote:
This appeared to be the latest instance of Trump seemingly being more worried about how an agreement was marketed than what it actually contained. It happened last year as well, when Trump was responsible for pushing a name change to the North American Free Trade Agreement, known as Nafta, to the U.S.-Mexico-Canada Agreement, or USMCA.
So, because his entire premise was bullshit, the summary statement he wrapped the article up with is bullshit.
Politi is an idiot too.
I'll refrain from calling you an idiot as well for posting the article. I have my suspicions that you were smart enough to know that this was bullshit, but you posted it anyways because you know that most of the people here are stupid enough to buy it.
Do Right, Be Right. :)
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6ix, the NAFTA renegotiations began on August 16, 2017. President Trump appointed U.S. Trade Representative Robert Lighthizer to represent the United States. That is the same Lighthizer negotiating with China. You might look at that USMCA deal before forming an opinion about Lighthizer's knowledge, Nafta, China, negotiating in general (how it is done, what is possible), Trump's trade policy (less imports, more exports, and Trump thinks he can decrease imports without decreasing exports. He cannot).
www.thebalance.com/donald-trump-nafta-4111368
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at www.mediafire.com/folder/1uwh75oa407q8/Firefly
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What is with the constant double speak?
Just say, you're right 6.
Do Right, Be Right. :)
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