Commerce Secretary speaking in Washington
The Commerce Secretary, Wilbur Ross is speaking in Washington about trade.
- 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