The trade war the president of the United States has declared to China is doomed to failure — that is the opinion expressed by an article in the British Financial Times.
According to the author of the article, there are 3 reasons why the plans of the American leader will fail.
“Most countries now realize that the various economical arguments offered by Trump’s advisers are just a showdown. As long as Trump is in power, the U.S. cannot be relied on, and no sensible leader will join his crusade against China," says the article.
The second reason for Trump's future defeat is the dependence of US abroad policy on the government debt market, explains the author of the material.
"Trump had to quit advanced tariffs after a negative marketplace reaction (American government debt bonds – ed.). Thus Trump lost his leverage in trade negotiations. It cannot rise duties again due to the fact that the government bond marketplace will rebel again," the article says.
China alone is the 3rd reason mentioned by the author.
"At first glance China seems to be in a worse position than the US: they have lost access to 1 of their largest export markets and seem to be in diplomatic isolation. In fact, they are well prepared for war for economical exhaustion against the United States," the article stressed.
According to the author, Beijing is able to replace US request with home consumer demand: this policy was chosen by Chinese president Xi Jinping. In addition, the author believes that China can perfectly do without importing from the United States. 5 years of export control helped China accomplish large success in producing things without utilizing American technology, notes the material.
"If the nonsubjective of Trump's fresh trade war with China is to force Beijing to bend its knees before the United States power, the consequence will only be frustration and disappointment," concludes the author of the article.
On April 2, the president of the United States signed an implementing regulation imposing "mutual" customs duties on imports from another countries. Their base rate is 10 percent. For 57 countries, there have been increased rates since 9 April, which were calculated on the basis of the US trade deficit with a given country – so that alternatively of the deficit there is simply a balance. However, on April 9, Trump announced that more than 75 countries had not taken retaliatory action and requested negotiations, so basic import duties of 10% would be in force for 90 days for all but China.
After a series of steps in the trade war, the additional US ‘reciprocal’ work on Chinese goods reached 125%, the Chinese work on American goods besides amounts to 125%. In addition, the United States imposed a further 20% work on China on grounds of insufficient action to combat synthetic drugs.
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Media: Trump's trade war against China is doomed to failure
