President Trump has declared victory in the trade war with China -- but America has paid all the price.
That sound you may have heard Wednesday morning was that of a heavy truck spinning its wheels, as President Trump signed an agreement with China that imposes a cease-fire in a trade war that has achieved virtually nothing for Americans, except the imposition of enormous economic costs on U.S. consumers, farmers and manufacturers.
Notwithstanding Trump’s mantra that the tariffs are paid by the Chinese, trade experts are virtually unanimous in concluding that they’ve been paid entirely by Americans. As a result, according to in the troubled US-China economic relationship,” Chad P. Bown of the Peterson Institute for International Economics observed last month after the essentials of the deal were first announced.Even after the agreement, the average U.S. tariff on China imports will still be 19.3%, a modest reduction from the pre-agreement level of 21% and more than six times its level of 3% before Trump launched the tariff war.
The agreement incorporates a bilateral enforcement mechanism, but Trump has displayed profound hostility to other international trade enforcement bodies, notably the World Trade Organization, which could have been brought in to oversee China’s compliance.
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