Trump proclaimed his 2020 trade deal with China to be 'transformative.' It turned out to be an expensive flop.
The final tally is in, and the numbers are grim: Donald Trump’s huge trade deal with China — the deal he trumpeted as a “transformative” victory for the U.S. — turned out to be a massive bust.of agricultural and manufactured goods, services and crude oil and other energy.
Trump called the deal a “historical” agreement — and even bragged that China would buy not $200 billion in new goods and services but $300 billion. As Bown writes, however: “Today the only undisputed ‘historical’ aspect of that agreement is its failure.” If you’re looking for more evidence that Trump’s vaunted negotiating skills were a sham from the start, there you have it.
Trump launched his trade war under the influence of Peter Navarro, an intensely anti-Chinese economist on the White House staff. He consistently proclaimed that the tariffs would cost China billions, but that notion was ridiculed by trade experts, who were virtually unanimous in concluding that they’ve been paid entirely by Americans.by trade economists from the Federal Reserve and Columbia and Princeton universities reported that the trade war was costing the U.S. economy $1.
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