China Trade Deal Takes Shape

US Trade Representative Robert Lighthizer

U.S. Agriculture Secretary Sonny Perdue said this week that U.S. trade negotiators had asked China to reduce tariffs on U.S. ethanol, but it was not immediately clear whether Beijing was willing to oblige. That reflected a deterioration of more than US$100 billion from the figure that Trump inherited from President Barack Obama.

And while the widening trade gap can be seen as an embarrassing data point for the President, it underscores how the asymmetry in the U.S. It is uncertain if Trump will remove all tariffs or have some remain in effect, stated The New York Times.

"I've supported the view that we should try to focus the [current] negotiations on opening up more Chinese markets", Dollar said.

The research also sheds light on one reason Trump might be eager to strike a trade deal with China, even if it simply ratchets down the current trade tensions, while saving more hard negotiations on Chinese industrial policy for later. The three economists are now working on quantifying the amount of investment that has been put on hold as a result of the heightened uncertainty caused by the trade wars, Weinstein said. He claims that the U.S. is being "ripped off" by other nations.

The US trade gap with the rest of the world jumped to a 10-year high of $621bn ($NZ916bn) last year, dealing a blow to President Donald Trump's deficit reduction plan. Economists from the University of California, Los Angeles; Yale University; and the University of California, Berkeley released the latest draft of an economic study this week that showed that Americans footed the entire tariff bill in 2018. In Trump's zero-sum view of trade, a deficit indicates that America is somehow losing or being taken advantage of-you know, in the same way that a grocery store is taking advantage of you by selling you food. The greater reliance on Chinese imports likely reflects an acceleration in economic growth a year ago from Trump's debt-funded tax cuts, which were created to increase spending by consumers and businesses.

Klopp urges Liverpool to keep calm and carry on
I want the smell in the locker room, I want to smell at the beginning of the game and during the game, that we can win. Obviously, we've got Chelsea at home, we've got Arsenal away, and Tottenham and Chelsea play each other on Wednesday.

There are clear indicators that the Chinese economy is taking a hit from American tariffs. USA and Chinese officials have recently signaled that they're close to some kind of agreement, although China has only bolstered its commitment to investing in and developing its technology sector and questions about how to enforce any trade rules remain.

Significantly, the analysis of import price data by Mary Amiti, Stephen Redding and David Weinstein also found that nearly all of the cost of the tariffs was being paid by US consumers and companies. They also were causing the diversion of $165 billion a year in trade leading to significant costs for companies having to reorganize supply chains. But that doesn't mean the trade war ends.

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.

The U.S. has threatened to place tariffs of 25 percent on $200 billion of Chinese imports if no deal is reached. When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so.

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