Trump’s breakthrough on trade rules

Though under pressure from the Mueller investigation seemingly trying to establish a link between Russian influence on Trump and the pornstar Stormy Daniels who claims a one night stand with Donald a decade ago, Trump seems to have kicked yet another goal.

Following Trump’s pressure on China and others to bring about greater “fairness” in international trade rules, China has blinked with promises to reduce tariffs and open the economy to greater investment.  The Australian’s Cameron Stewart, a critic of Trump, gets the message.  Predictably, John Kehoe, the AFR’s man in Washington, called upon his fellow visceral anti-Trumpers to label President Xi’s the promises a nothing burger and empty promises.  The AFR is fortunate in having, in Jennifer Hewett, a more balanced writer doing the op eds on the issue.

Another who misses out on the developments is Julie Bishop.  Taking a break from attending sporting occasions with her beau, Australia’s Foreign Minister is giving a speech today at La Trobe University, in which ‘Ms Bishop will again denounce the Trump administration’s move toward a “full-scale trade war” with China while laying out a “clear-eyed” map of challenges under the federal government’s foreign policy white paper.’  Bishop herself is little more than a mouthpiece but her words are a dreadful commentary on those formulating Australian foreign and trade policy.

Trump, couches much of his rhetoric on trade in unfortunate terms that emphasise bilateral deficits and even multilateral deficits.  This makes him a target for those of us who see these macro outcomes, especially the latter, as largely a function of capital inflows attracted to the US as a safe investment location and spurred on by the US budget profligacy and consequent inadequate domestic savings.

Even so, Trump points to massive imbalances in treatment of copyright and in tariff and non-tariff barriers.  His actions, may have been radical but they seem to have turned around an international trade system that has been increasingly geared to tilting the balance of advantages away from the US.  They also constitute a warning to the increasingly sclerotic EU (supported by residual Obamaites) with its attempts to distort trade rules so that they incorporate the Paris Treaty emission controls.

 

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15 Responses to Trump’s breakthrough on trade rules

  1. Xi said the same thing last year, this is empty rhetoric. You lot are so desperate for a win these days that you will latch on to any throwaway comment that could be construed as mildly positive and pretend it is a stunning victory. Sad!

  2. John Constantine

    Their turnbullites will never waver from donating the blood and treasure of the Australian taxpayer to their Clinton crime cartel, and will sign whatever capitulation document the European union puts in front of them, committing to endless war reparations and decolonisation and deindustrialisation and economic genocide in return for a nice cocktail and exclusive invitations for our elites.

    Their chinese communist party to become the worlds new colonial power, and our foreign policy is to support the chicoms to progress western decolonialisation.

    What a brilliant idea Julie bishop.

  3. OldOzzie

    Xi Jinping’s push for openness is a stunning victory for Donald Trump – Cameron Stewart

    Chinese President Xi Jinping’s historic push for a new era of openness to foreign investment is a stunning victory for Donald Trump and a great outcome for Australia. Trump pushed China to the brink with threats of sweeping new tariffs worth $US150 billion ($194bn) and now Xi has blinked, delivering an outcome that helps avert a major trade war and will benefit countries such as Australia.

    It comes only a day after a second potentially vital breakthrough for Trump in Asia, with North Korean leader Kim Jong-un confirming for the first time that he is willing to discuss the denuclearisation of the Korean peninsula in an extraordinary meeting with Trump in the coming months.

    The developments suggest that Trump’s forthright if unorthodox approach to foreign policy is securing outcomes in Asia that his more cautious predecessor Barack Obama could only dream of.

    Xi’s speech not only promised greater openness to foreign companies, investment and lower tariffs, but he directly addressed Trump’s main concern of China’s whopping $370bn trade surplus with Washington.

    “We want to increase imports and have a greater balance of international payments under the current account,” Xi said.

    This is the outcome the Trump White House was hoping for when it pursued its high-risk strategy of confronting China over its trade surplus and its history of closed markets and its thieving of intellectual property.

    In recent days the Trump administration has been playing down the prospects of a trade war with China, even as Beijing has threatened to match any new US tariffs dollar for dollar.

    Xi’s speech does not alone guarantee that there will not be a harmful spike in tariffs between the two countries, but it goes a long way to neutralising the issue and setting the scene for sober negotiations rather than rash actions.

    Cameron Stewart is also US contributor for Sky News Australia.

  4. Percy Porcelain

    Can’t believe I missed the link between Stormina Danielova and the Wussians. Only a genius like “two dogs” Meuller could have spotted it.

    BTW, have the 14 Wussian internet trolls who swung the US election result been apprehended and brought to justice?

  5. None

    Bishop is a waste of space. Too busy working out bonking destinations for herself and her beau on public dime to even keep an eye out on the Pacific. Guess the parties there aren’t good enough for Ms White Privilege.

    As for Trump, more power to his arm.

  6. struth

    Monty, pick up that bottom lip.
    Many of “your lot” are claiming it as a win too, although through gritted teeth.

    Get over it, loser.

  7. Entropy

    I hint it reasonable for Monty to be a bit jaundiced as the chinese ARE pretty good at telling gullible Gaijin what they want to hear. Just sayin’.

    That said, Monty will need to cast the very same skeptical gaze on any Chinese climate statements. Just sayin’.

  8. The simplest thing China could do would be to free their currency to find its market value. But that would mean ALL nations who trade with China benefit.
    China is looking for a way to address Trumps demands without giving the same benefits away to the other fvckwit nations.
    Why wouldn’t you take advantage of nations led by greedy but cowardly arseholes? That’s all China has been doing and I for one don’t hold them responsible.

    I said once before that China will come to the table, it’s just a matter of saving face while doing it. This is critical.
    The other problem is the ongoing witch hunt against Trump. It makes sense for China to go slow in coming to the table in case the witch hunt is successful. No replacement will have Trump’s determination on trade.

  9. struth

    Until we ferk off the U.N. China will be winning.
    Note the only problem for them is a superpower of western culture not tied to the Paris Agreement.

  10. Entropy
    #2683929, posted on April 11, 2018 at 10:28 am

    That said, Monty will need to cast the very same skeptical gaze on any Chinese climate statements. Just sayin’.

    Most Chinese (and Japanese for that matter) climate papers published during the 90’s and early 00’s were NOT in agreement with the AGW fraudsters of the West.
    Then China realised what a boon this climate scam was for them. Huge boost for their solar industry, wind turbine manufacturing and rare earth minerals mining, plus cash transfers from dickhead western nations for carbon abatement plans, not to mention the lower coal prices due to lower demand by the west.
    China started making billions from the scam and their climate science papers changed accordingly.

  11. mh

    The Kremlin could be hiding dangerous chemicals inside Stormy’s tits.

  12. mh

    Bishop herself is little more than a mouthpiece but her words are a dreadful commentary on those formulating Australian foreign and trade policy.

    Yes, and they are most likely Dastyari types.

  13. Abigail

    Moran says China trade policy has been turned around. In reality it’s heatibg up. But as usual Moran talks in cliches and rhetoric. Remarkable how the installation of a crook in the White House turns supposed conservatives into lovers of public spending, deficits, Putin and Xi.

  14. Makka

    Remarkable how the installation of a crook in the White House turns supposed conservatives into lovers of public spending, deficits, Putin and Xi.

    One of the great gifts of Trump’s presidency is the never ending anguish and head explosions on display from leftards. Not satisfied with having a traitor as POTUS ie the Kenyan Hussein, leftards are in perpetual hysteria that their criminal gal HRC , who sabotaged her Dem compadre Sanders and who backs her crim [email protected] husband, was smashed in the election. It’s a wonderful sight. Thanks Don.

  15. “Bishop herself is little more than a mouthpiece but her words are a dreadful commentary on those formulating Australian foreign and trade policy.” Those formulating Australian foreign and trade policy reside in Washington, DC; our elected representatives await their instructions. Sad. That Ms Bishop can claim $32,000 family travel for her not a partner, not a spouse, methinks a gigolo would be cheaper.

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