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Have any of our Canadian fbgs posted this in the “what’s the worst trade you’ve been offered” thread?The Commish said:So, now we're back to fighting with Canada? Steel tariffs imposed, again. This is the out of the box thinking we need in an economy like this
Listening to Marketplace yesterday evening....China is approx 20% to completion of the agreement they signed in "phase 1". Oddly enough, the parties made it a two year arrangement. Once complete, it will be back to the levels it was when Trump took office. However, currently, they are roughly 9 months behind where they should be if this were to be spread out in equal installments over that 2 years....shocking right?
A L M O S T ! ! !
Greatest economy ever!*
Trump realizes that he got outplayed by Xi (duh), but can't back away. All of this was totally predictable.
Hmmmm... seems like China is playing the long game indeed. Who coulda predicted that?
We could spend hours going back through this thread, but what's the point? People won't accept that they were screwed by the person they voted for.
The new figures also show an increasing trade deficit with China, despite Mr Trump’s vows to reduce that figure. During the second quarter of 2020, US government figures showed the deficit with China increased $21.4bn to $75.8bn. Mr Trump campaigned in 2016 on getting much tougher on trade with China, and earlier this year struck a limited trade deal with Beijing after a bruising trade war between the two countries. But his actions appear to have had little effect. The US trade deficit in goods with China was $347bn in 2016. By 2019, that was only marginally lower at $345bn.Have you looked at the trade deficit with China specifically?
THE ONLY THING Trump has done was pass a tax cut that overwhelmingly benefited the very rich. That's it. It's why I don't get all of the "I like Trump's policies" from his supporters. Not only has he done almost nothing, he's gone in the opposite direction on the things he said he would do.
The other thing I don't get is the "Biden will tank the economy with his policies" shtick. Doesn't make sense. He wants to roll back the tax cuts Trump passed. If people will remember, companies were smokin' at the time, so much so that once the cuts came and they had the extra money, they decided to buy back their own stock. It was absolutely ridiculous, but people are somehow afraid of going back to that policy? Logic can't be found in many of these positions.
A throwaway comment about MAGA night which I shall not repeat
I can't get to it either, but it doesn't seem like it's something new that we haven't discussed. It's only a surprise to this administration that tariffs and this "war" is not working in our favor. They were ALWAYS going to say "well, it would have worked if you just waited long enough" while ignoring all the pain the short term is causing business owners here. You can go back to the beginning and middle of this thread and I'd be willing to bet all the things in this article are mentioned in some form there. It was clear in March/April of 2019 the "benefits" of this admin's actions had run their course....it was slightly longer than the "benefits" from the tax cuts.
USA trade deficit with China:I was waiting for this thread to get bumped
It's 50D chess when not only do they fulfill their end of the deal, but the trade deficit increases AND people think the master negotiator "won".
China is laughing at us right now...let's see if the new guy can do any better....that's a REALLY low bar, but I still have my doubts.
Keep going back....remember the Obama years that were an unmitigated "disaster"? If you don't want to do that, do you really consider "getting back to standard after two years of increase above the standard" to be an accomplishment?
well, Trump started the war with China in the middle of 2018 so both countries took a stance and as a result it went up for 2018 & 2019. I can see that. Trumps last year of -310 seems at least to me that his war was a success in that in his last year the deficit was lower than any year of Obama's presidency.
I think you need to dive into the link a little more. Obama's first 2 years were 273 and 295.
sorry, I meant his last four years which I think is more updated & relevant.
yes & in Obama's last four years:
I really don't understand what you're saying. I get the first part about only comparing Obama's last 4 years with Trumps 4 years, but then at the end you say:
Yes, there are a lot of structural components that go into relative trade balances.
Yep, slave labor tends to drive down the cost of production and gives that structural advantage.
Make no mistake...there's no "outrage". We can look at the trends and see the "unmitigated disaster" of Obama isn't significantly different than "the best ever job a President has done ever against China". And please, whatever we do, please ignore that the entire world was shut down for a good part of the 2020 numbers...that has NOTHING to do with the number. It's almost like there's a billion moving parts that make these numbers what they are.
no, said it wrong. meant to compare Obama's last 4 years which are more relevant to me as shows not what he inherited but how his trade policy evolved. so Trump's last year was -310,800 which is low & indicates that his trade negotiations were successful.
it took Trump 1 1/2 years to get it to -310,800. That number looks pretty good compared to the numbers he took over from the previous administration.
That was never going to happen. China buys whereever they get the best deal. His minions believe him being a billionare makes him this awesome trade negotiator. A dude that has experienced 6 bankrupties in his business dealings and other failed adventures is no smarter with his fabricated "art of the deal" than many others. Hit and miss real estate investments and stiffing many people for their work along the way doesn't make you a genius.
