Quantcast
Connect with us

Trump busted taking credit for trade deal that China proposed over two years ago

Published

on

In the midst of a terrible few weeks of scandals and bad news, President Donald Trump managed to announce a piece of good news for his agenda: his administration has tentatively announced a partial resolution to the trade war with China, in which the nation will make a large purchase of U.S. exports and Trump will agree to reduce some tariffs on Chinese goods.

ADVERTISEMENT

The deal will likely calm down unstable markets, and reduce the risk of a recession in 2020. But even now, according to Shawn Donnan in Bloomberg, experts remain unconvinced this deal will fix Trump’s trade problems — or that it is even a sign that he is getting what he wants at all.

“The surge in Chinese purchases of U.S. farm products that is the biggest win for Trump in the agreement unveiled Friday is one that was first offered by Beijing more than two years ago,” wrote Donnan. “It will be accompanied by unspecified commitments on intellectual property and currency and will go some way to repairing the damage done to U.S. agriculture since tit-for-tat tariffs began more than 18 months ago.”

“But even if it gels in the way that Trump outlined Friday, the agreement is far smaller in scope than what the president himself once envisioned, or what was on the table when talks broke down in May,” added Donnan. “It also leaves major questions hanging in the wind amid a broader relationship showing plenty of signs of souring — ranging from the Chinese furor over an NBA executive’s backing for the growing protests in Hong Kong to the administration’s invocation for the first time this week of human rights to crack down on Chinese tech companies and visas for officials.”

“This deal hardly resolves any of the major underlying sources of trade and economic frictions between the two countries,” said former IMF China expert Eswar Prasad.

The bottom line is that the deal is potentially a win for Trump and for the nation — but there remain a number of unanswered questions and conflicts that have yet to be resolved.

ADVERTISEMENT


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Adam Schiff moves to implicate Pence in the Ukraine scandal as Republicans go off the rails

Published

on

In the panoply of contradictory and incoherent defenses of Donald Trump, a favorite of Republicans has been to harp on the claim that witnesses to Trump's extortion scheme against Ukraine were all "second-hand" or "third-hand." This has always been confounding, as the official summary readout of the famous phone call between Trump and Ukrainian President Volodymyr Zelensky shows Trump clearly conditioning military aid and U.S. support on Zelensky giving a public boost to Trump's conspiracy theories about former Vice President Joe Biden and other Democratic leaders. The witnesses so far have simply affirmed what the written record demonstrates amply.

Continue Reading

Breaking Banner

Why saying ‘OK boomer’ at work is considered age discrimination – but millennial put-downs aren’t

Published

on

The phrase “OK boomer” has become a catch-all put-down that Generation Zers and young millennials have been using to dismiss retrograde arguments made by baby boomers, the generation of Americans who are currently 55 to 73 years old.

Though it originated online and primarily is fueling memes, Twitter feuds and a flurry of commentary, it has begun migrating to real life. Earlier this month, a New Zealand lawmaker lobbed the insult at an older legislator who had dismissed her argument about climate change.

Continue Reading
 

Breaking Banner

Republicans are getting scared about Gordon Sondland’s Wednesday impeachment testimony: report

Published

on

Ambassador Gordon Sondland may be the most dangerous witness for President Donald Trump in the impeachment hearings so far, and that's in part because he has a lot to lose.

And according to CNN's Shimon Prokuecz, his scheduled testimony for Wednesday morning is making Republicans nervous:

Multiple GOP sources say they are most worried about what Gordon Sondland will do tomorrow - and whether he will turn on the President. The fear, Republicans say, is that he could undercut the last GOP defense. @mkraju

Continue Reading
 
 
Help Raw Story Uncover Injustice. Join Raw Story Investigates for $1 and go ad-free.
close-image