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U.S.-China Trade Talks End With Strong Demands, but Few Signs of a Deal
For the first time the U.S. focuses on the huge trade deficit with China in a serious way. The trade negotiating team led by Robert Lighthizer has set forth its negotiating terms.
1. China must reduce its trade deficit with the U.S. by $100 billion in the first 12 months. In the next 12 months it must reduce its deficit by another $100 billion. In 2 years the trade deficit the U.S. has with China must come down by $200 billion. The issue is no longer just the tariffs on steel, it is about the core issue of balance in trade.
2. The U.S. says subsidies to state industries in the "Made in China 2025" program must stop. Here the focus is on gaining an unfair technological advantage with a combination of U.S. technology imports and subsidies to state advanced manufacturing industries to erode over time the U.S. technological lead.
3. China is expected to cut its tariffs by about two thirds on imported products so that the tariffs match that of the U.S.
This is the first serious negotiation the U.S. has conducted with China on the core issue of the trade surplus which is growing with a stronger dollar not declining. The surplus approaches $1 billion each day for about $365 billion a year, unsustainable from any perspective. The vital issue of the erosion of the U.S. technological advantage under the Made in China 2025 has turned this issue into one in which the U.S. is unlikely to back down. Especially now that Mr. Lighthizer is leading the negotiations and has the confidence of the president of the U.S.
Lighthizer is a veteran of negotiations from an earlier period -under the Reagan administration in a similar situation with another national competitor- then it was the Japanese. A relentless negotiator as the U.S. seeks to reverse a trade imbalance of stupendous proportions neglected by previous administrations.
Robert Lighthizer, U.S. Trade Representative and renegotiating the NAFTA Treaty in 2017-2018
05/19/2017
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