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Free Trade vs. Balanced Trade
Not all trade is equal
Peter Navarro (Ph.D, Economics; Harvard) made five valid arguments:
Trade deficits subtract from GDP growth.
Requiring balanced trade would reduce barriers to U.S. products.
Balancing trade would increase fixed-investment and long-term growth.
Trade deficits give us debt, which will have to be repaid with interest.
Trade deficits endanger our national security.
“… over six decades of data, trade deficits correlated extremely strongly to lower – not higher, nor even neutral – economic growth… [and w]hen the economy grows in real terms, it grows more rapidly when a trade surplus is present.“
“… an analysis of key provisions [of Trump’s new trade deal with Mexico] finds limited improvements, some compromises, and quite a few flaws in this new agreement.“
Why It Is Good for Trump To Challenge the International Trade Establishment
Trump Putting ‘Free’ Back in Free Trade
On trade and tariffs, Donald Trump is right, and Mark Levin is wrong
“[Trump’s] trade and tariff strategy — risky as it is — seems to be working. The master negotiator is hammering out agreements — first with the Europeans and now with Mexico — that are better deals for American firms and workers. The threat of tariffs is leading to lower tariffs [at least in Europe & Mexico].
Time for U.S. to leave the WTO?
Mr. President, Stand Up to Dumping in International Trade
Dumping has long been illegal under U.S. law and international trade agreements
There’s No Such Thing As Free Trade With China As Long As China Continues To Cheat
How China Cheats On International Trade
China ‘has taken the gloves off’ in its thefts of U.S. technology secrets
“… at the end of World War II… [i]t became our policy, and then our unconscious attitude, to ‘help other countries get back on their feet.’ This attitude became a permanent part of our [international] trade policy-making, wherein we essentially opened our markets to other countries while accepting that their markets were closed to us… The [featured] chart [in this article] is a picture of the consequences of our defeat in the trade war [since WW II]… world leaders [decided] to admit China to the World Trade Organization (WTO) in December 2001. This gave China access to world markets and particularly to the American market. Since our system is heir to the English Common Law tradition, when we sign an agreement, we carry it out. No other culture takes this view, certainly not China. The Chinese have practiced mercantilism after signing the WTO agreement and getting access to our market, while the whole point of the WTO is to keep mercantilism out of world trade… By forcing a trading partner to move its assets, technology, know-how, intellectual property, and R&D to the mercantilist country in order to participate in its market, a country can build itself up at the expense of its trading partner. Following its accession to the WTO, China has been strip-mining the U.S. economy of high value-added industries and high-wage jobs by doing this. This is not due to any hatred of the U.S., but rather to advancing its own interests. It is a double loss for us because what happens is that as industry moves to China, we end up buying goods from China on borrowed money. The goods wear out, but the debt still needs to be repaid, and we have less of a production base to repay it.“
Chinese IP Theft Costs America Up to a Half-Trillion Annually
“Zhang and his Chinese cohorts saw in America’s kindness and generosity, weaknesses that could be easily exploited… This case is, unfortunately, not an isolated case… [G]lobalists and prior administrations also know that China has engaged in massive industrial espionage in the United States and their computer programmers hack corporate and government computers thousands of times.“
“The future of free and fair trade depends on rigorous enforcement of America’s multitrillion-dollar intellectual property industries. This is about jobs — millions of them — and the rule of law.”
Mercantilism: China’s Predatory Economics
“China’s ‘weapons of [U.S.] job destruction’ include massive illegal export subsidies, the rampant counterfeiting of U.S. intellectual property, pitifully lax environmental protections, and the pervasive use of slave labor. The centerpiece of Chinese mercantilism is, however, a shamelessly manipulated currency that heavily taxes U.S. manufacturers, extravagantly stimulates Chinese exports, and has led to a ticking time bomb U.S.-China trade deficit close to a billion dollars a day… Past administrations suffered from the delusion that allowing Chinese mercantilism to proceed unhindered would lead China to become democratic and encourage China to become a responsible stakeholder in the global political system. Alas, this has merely enabled China’s quest to become a totalitarian global hegemon.”
Add pharmaceuticals to the list of trade complaints
How China can win a trade war in 1 move: Rare Earths
Trade fraud sapping economies of developing countries