The present U.S. administration has only itself to blame for wasting nearly three years of its term of office without balancing trade accounts with China. Instead of focusing on changing America’s trade flows with China, Washington overreached into sovereign domains Beijing could not accept.
Hopefully, things are now back where they should have been three years ago: Washington and Beijing call it “phase one” of a trade agreement that should provide immediate and substantial relief to the damage currently inflicted by China’s excessive trade surpluses on American economic growth, employment creation and manufacturing output.
In spite of that, this administration deserves enormous credit for trying to put an end to decades of America’s trillion dollar trade losses, soaring net foreign debt, thoughtless outsourcing and cavalier handling of U.S. intellectual properties.
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