The Commerce Secretary, Wilbur Ross is speaking in Washington about trade:
Key notes:
- Not all trade deficits are the same.
- Trade deficits and surpluses do matter.
- Artificial trade deficits are blamed for and shameful.
- China hasn’t abided by the rules since joining the WTO.
- China has stolen intellectual property and forced tech transfers.
- US locked into trade system with rules from different era.
- China and Europe are highly protectionist.
- China’s agricultural tariffs will come at a cost to China.
- (Off topic a bit) US Commerce Department issued 10 million patent in June.
- Gap remains wide between US and China demands on trade.
- He hopes strong Trump/Xi tiess to lead to trade deal.
- China tariffs would have small effect on US economy.
- Inflation effects of China tariffs would be more muted.
- Says ZTE move shows China’s dependence on US.
- ZTE is an enforcement action separate from trade.
- ZTE did do some inappropriate things;
- Question is are there alternative sanctions for ZTEZTE violated sanctions, made inaccurate statements.
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