| | | I'm surprised you think trade with China is fair, considering all they do to cheat us. I worked for a company where we had absolute proof of their theft of our IP and we successfully sued to block their copy cat company from selling those stolen products in the US. In the tech industry, we saw it all the time and it was a rear guard losing battle to fight the pervasive theft China was and still is engaged in. As for tariffs, China imposes far more restrictions on US imports than US imposes on China, not to mention usurious VAT & Duty taxes in importation. There is an absolute imbalance. At the minimum, we should be engaged in a tit for tat trade war with them. At the maximum, we should be cracking down hard on cyber theft and corporate espionage.
Here is a list of VAT & Duty import taxes by country, which shows China has VAT taxes of 17%, Duties of 0-35% (cars have a 34.2% import tax), and there's a 5-10% consumption tax on top of that. Talk about protectionist policies! The US comes nowhere close to China on this, which is why we have a huge trade deficit with them.
uscib.org
Here's an article on Chinese new import tariffs that impose very high tariffs on all sorts of goods. We don't have anything like this in the US:
theepochtimes.com
Here are just some of the ways China cheats on tariffs:
idealtaxes.com
Here's more on the difference on tariffs on cars, in China's favor of course:
forbes.com
Bottom line is that the US is getting completely screwed by China. Trump's instincts on this are dead on correct. Continuing the policies of appeasement is what is destroying this country economically. We have to fight back on trade to get a fair deal and a level playing field for US goods and services. I'll trust a billionaire business man over a career politician any day to get this job done. Oh and btw, even though Trump is involved in a lot of decisions, he has tapped Wilbur Ross to be his Commerce Secretary. Ross is a billionaire and knows more about commerce than politicians. Bolton is tough, I agree, but I'd rather have businessmen negotiating business deals.
Meet Wilbur Ross:
cnbc.com |
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