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LIZ PEEK: Trump's major trade wins could be rocket fuel to US economy
Over the weekend, President Trump negotiated the grandaddy of all trade deals with the EU, imposing 15% tariffs on Europe’s imports
www.foxnews.com
Hats off to President Donald Trump, who is singlehandedly reordering global trade, in the face of enormous opposition. The president took office pledging to make trade fair again for Americans, and he is well on his way to achieving exactly that.
While the initial roll-out of his tariff program in April was clumsy, the subsequent negotiation of trade deals has been masterful. Much remains to be fully fleshed out for agreements concluded in weeks as opposed to the more customary years, but the essential ingredients are straightforward. The president and his team are working to lower the barriers to U.S. exports erected by countries around the world and, where our trading partners refuse to make concessions, charging them for access to our markets.
Here’s why he can force their hands: The United States is the world’s biggest economy, at $29 trillion; China and the EU come next, at roughly $19 trillion. The U.S. leads in sheer size and also in the magnitude of our consumer market, at about 70% of GDP, or $20 trillion. By comparison, the Chinese consumer accounts for only some 40% of that country’s GDP, or less than $8 trillion. About 52% of the EU economy comes from consumer spending, or less than $10 trillion.
Every country on Earth wants to export to the U.S. Consequently, our country has clout, and the president is determined to use it. He is removing tariffs that other countries have imposed on American-made goods coming into their countries and also fighting non-tariff barriers, such as illegal government subsidies, currency manipulation and arcane regulations set up by Europe and Japan, for instance, to exclude U.S. agricultural products and other goods. Our farmers are the most productive in the world – they can out-compete anyone, which has inspired tough protectionist measures from some of our trading partners.
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Over the weekend, President Trump negotiated the grandaddy of all trade deals with the EU, imposing 15% tariffs on Europe’s imports
LIZ PEEK: Trump's major trade wins could be rocket fuel to US economy
Despite criticism from economists, it's clear that Trump's trade policies challenge conventional wisdom as tariff revenues flow into the Treasury and companies consider US production.
www.foxnews.com
Hats off to President Donald Trump, who is singlehandedly reordering global trade, in the face of enormous opposition. The president took office pledging to make trade fair again for Americans, and he is well on his way to achieving exactly that.
While the initial roll-out of his tariff program in April was clumsy, the subsequent negotiation of trade deals has been masterful. Much remains to be fully fleshed out for agreements concluded in weeks as opposed to the more customary years, but the essential ingredients are straightforward. The president and his team are working to lower the barriers to U.S. exports erected by countries around the world and, where our trading partners refuse to make concessions, charging them for access to our markets.
Here’s why he can force their hands: The United States is the world’s biggest economy, at $29 trillion; China and the EU come next, at roughly $19 trillion. The U.S. leads in sheer size and also in the magnitude of our consumer market, at about 70% of GDP, or $20 trillion. By comparison, the Chinese consumer accounts for only some 40% of that country’s GDP, or less than $8 trillion. About 52% of the EU economy comes from consumer spending, or less than $10 trillion.
Every country on Earth wants to export to the U.S. Consequently, our country has clout, and the president is determined to use it. He is removing tariffs that other countries have imposed on American-made goods coming into their countries and also fighting non-tariff barriers, such as illegal government subsidies, currency manipulation and arcane regulations set up by Europe and Japan, for instance, to exclude U.S. agricultural products and other goods. Our farmers are the most productive in the world – they can out-compete anyone, which has inspired tough protectionist measures from some of our trading partners.
CLICK HERE FOR MORE