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Does The Us Have A Free Trade Agreement With China

WASHINGTON – U.S. President Trump signed his first trade deal with China on Wednesday, ending the first chapter of a long and economically damaging battle with one of the world`s largest economies. Mr. Trump said his deal was a blessing for farmers, who are among the hardest hit by the trade war. The agreement contains substantial commitments from China on the purchase of agricultural products, aircraft, pharmaceuticals, oil and gas. Economist Sheng Hong, director of the dissolved think tank Unirule Institute of Economics, said it would be good for China to yield to U.S. demand for fair trade, saying the “Chinese model” of state capitalism was incompatible with its policy of market reform and harmfulness of the Chinese economy. [258] In the midst of the closure of Unirule, after Hong was accused of threatening state security, Hong Beijing`s inability to contain internal criticism was compared to “driving in a car with a dirty windshield”. [258] The CEOs of U.S.

steelmakers Nucor Corp, United States Steel Corp, ArcelorMittal SA and Commercial Metals Co supported Trump`s steel rights against China[300] and the United Steelworkers Union. [302] [303] [304] [305] [279] Scott Paul, President of the Associated Alliance for American Manufacturing, also supported tariffs[286][306] and rejected proposals to cancel them in the face of the coronavirus pandemic. [307] In 2019, he criticized the stagnation of trade negotiations, saying, “Trump would have tore any Democrat apart for this result.” [308] James Andrew Lewis of the Center for Strategic and International Studies said the United States of China needs a commitment to respect international trade rules and standards and to extend mutual treatment to U.S. companies in China. [316] The United States has long been concerned that China is using industrial subsidies and state-owned enterprises to build and dominate important industries such as steel and solar panels. But China has refused to discuss these issues and the agreement does not address such a policy. Other areas that have been excluded are cybersecurity and Chinese control over how companies manage data storage and cloud computing. An analysis by Moody`s Analytics estimated that in August 2019, 300,000 U.S. jobs were lost or not created as a result of the trade war, including production, storage, distribution and retail.

[224] When Trump introduced tariffs on steel and aluminum in March 2018, he said, “Trade wars are good and easy to win”[53] but when the conflict continued to escalate until August 2019, Trump said, “I never said China would be easy.” [54] Internationally supported the Trump administration`s ultimate trade war goal of changing China`s trade policy, while tariff enforcement and the negative economic effects of the trade war were criticized.