By Jon Dougherty
(NationalSentinel) After a relatively successful G7 conference in Biarritz, France, in which President Donald Trump came away with a new U.S.-Japan trade agreement worth billions, POTUS promised on Monday that his administration would be returning to the negotiating table with China in an attempt to deescalate and settled the current trade war.
In response to a question from a reporter, the president noted that he “China called last night,” and told top U.S. trade negotiators, “let’s get back to the table.”
“So we’ll be getting back to the table,” he added, CNS News reported.
Later, appearing at a different news conference with German Chancellor Angela Merkel, the president said China has called for a “calm attitude” to “resolve the issue.”
Asked if he believes it’s possible to reach a deal with China to either delay or cancel the latest round of tariff increases on Chinese products, announced by the White House on Friday, the president said. “Well, I think anything’s possible.”
I can say we’re having very meaningful talks, much more meaningful than I would say at any time, frankly, and I think for the most part it’s because we are doing very well.
China is a great country. I consider president Xi to be a great leader…and he’s a great leader, and look, they are losing millions and millions of jobs, they’re going to other countries, and if I were them I’d want to make a deal.
But in the meantime, the United States is taking in tremendous amounts of dollars, you know, billions and billions of dollars. And frankly there’s been no inflation and most of these products haven’t even gone up because China has been able to manipulate and also able to put cash into the system where the product can stay at the same price.
Otherwise it wouldn’t be a competitive product and they wouldn’t be able to sell it and they’d lose jobs.
But they lost a lot of jobs and they want to see a sensible solution, so it’s a really good chance. I think we’re probably in a much better position now than at any time during the negotiation to have something meaningful. And I don’t think we could have gotten here without having to go through this process.
And maybe I’m wrong, but I think we’re probably in a stronger position now to do a deal — a fair deal for everybody, and so we’re having very meaningful talks.
China’s Vice Premier Liu He responded with this: “We are willing to resolve the issue through consultations and cooperation in a calm attitude and resolutely oppose the escalation of the trade war. We believe that the escalation of the trade war is not beneficial for China, the United States, nor to the interests of the people of the world.”
No doubt the mainstream press will pick apart Trump’s words and ‘fact-check’ his claims, but while other outlets attempt to paint the G7 as “tense,” “unproductive,” and “controversial,” the president is not only right about the state of China’s employment and economy, he managed a huge new trade deal with a very important partner and long-time ally, Japan — who just happens to be a major regional competitor of China’s.
As we reported earlier, thanks to the president’s tariff regimen, China is taking economic hits:
Unemployment in China’s urban centers is far higher than it is in the United States, and it is rising: 5.3 percent, compared to the national unemployment rate in the U.S. under the Trump administration’s economic policies of 3.7 percent, a level most economists believe represents full employment.
China’s manufacturing sector alone, the WSJ noted, has shed more than 5 million jobs this year, with anywhere from 1.8-1.9 million of them – nearly 40 percent — due to the ongoing trade war with the U.S.
So, while China is shedding jobs in its manufacturing sector as a result of the trade war, the United States’ manufacturing sector has been adding jobs: 314,000 new manufacturing jobs since the president took office, or 170 percent more than his predecessor, President Obama, according to Forbes.
The Wall Street Journal also noted:
The jobless rate in Chinese cities returned in July to its highest level since regular reporting on the data began, as employers turned cautious. Other key economic readings for the month, including factory production, consumption and property investment, came in much lower than expected.
As for that Japanese trade deal, we reported:
U.S. Trade Representative Robert Lighthizer broke down the agreement into three parts, per Fox Business Network: Agriculture, Digital Trade, and Reduction of Industrial Tariffs.
“From our point of view it is extremely important for our farmers and ranchers and those who work in the digital space,” he said, noting Japan is “our third largest advocate to market,” Lighthizer noted.
Japan already imports $14 billion in agricultural products, and the USTR said the agreement would open up $7 billion more.
Within agriculture, Lighthizer said the new agreement is huge for U.S. beef, pork, wheat, dairy products, wine, ethanol “and a variety of other products.”
The U.S. already sells more than $2 billion in beef to Japan, and Lighthizer said a reduction in tariffs will “allow us to do so with lower tariffs and to compete more effectively with people” in Trans-Pacific Partnership (TPP) countries and Europe.
You may recall on the 2016 campaign trail, then-candidate Trump promised to make individual trade deals with countries based first on U.S. interests then on those of the other country. He also pledged to “confront China,” as The New York Times reported in June 2016.
Once more, he’s doing what he promised to do.
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