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Donald Trump tweeted this week that the US-China trade war
is a beautiful thing to watch.
His view is that Washington is combating
China's sharp practises, while helping
attract massive amounts of money into the US
through investments.
But key data from the trade war is telling an almost
opposite story.
If you look at the numbers alone,
it is very difficult to make the argument
that the US is winning.
In the year to the end of June, US exports to China
slumped $33bn or 21 per cent.
Chinese exports to the US, by contrast,
actually grew a little, rising one per cent or $4bn.
In July, according to numbers just announced,
China's surplus with the US grew still further,
and over the first seven months of the year,
China's total surplus was worth a hefty $168bn.
This is exactly the outcome that Mr Trump
was determined to avoid when Washington
imposed a flurry of tariffs against China last year.
And the relative lack of pain being felt by China
could also go some way to explaining
why Beijing seems fairly nonchalant when it comes
to negotiations with the US.
It's clear that Washington wants to talk.
Larry Kudlow, the top White House economic advisor,
said this week that the US side was
preparing the Chinese negotiating
team to come over in September.
He also held out the possibility that there
could be some softening in Mr Trump's threat
this month to impose new tariffs on Chinese goods worth $300bn.
For now though, Beijing is not sounding too keen
to concede to Washington's demands.
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Why the US isn't winning the trade war with China | FT

25 Folder Collection
林宜悉 published on September 18, 2019
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