By Bloomberg News –
U.S. President Donald Trump famously tweeted that “trade wars were good, and easy to win” in 2018 as he began to impose tariffs on about $360 billion of imports from China. Turns out he was wrong on both counts.
Even before the coronavirus infected millions of Americans and sparked the steepest economic downturn since the Great Depression, China was withstanding Trump’s tariff salvos, according to the very metrics he used to justify them. Once China got the virus under control, demand for medical equipment and work-from-home gear expanded its trade surplus with the U.S. despite the levies.
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China’s trade surplus with the US soars as president’s term ends.
By Bloomberg News
12 Jan 2021 06:38
President Donald Trump. Image: Win McNamee/Getty Images
US President Donald Trump famously tweeted that âtrade wars are good, and easy to winâ in 2018 as he began to impose tariffs on about $360 billion of imports from China. Turns out he was wrong on both counts.
Even before the coronavirus infected millions of Americans and sparked the steepest economic downturn since the Great Depression, China was withstanding Trumpâs tariff salvos, according to the very metrics he used to justify them. Once China got the virus under control, demand for medical equipment and work-from-home gear expanded its trade surplus with the US despite the levies.
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How China Won Trump s Trade War And Got Americans To Foot The Bill Donald Trump famously tweeted that trade wars are good, and easy to win in 2018 as he began to impose tariffs on about $360 billion of imports from China. Turns out he was wrong on both counts.
Updated: January 12, 2021 7:07 pm IST
Compared with tariffs, an escalating conflict over technology is of more concern to China
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U.S. President Donald Trump famously tweeted that trade wars are good, and easy to win in 2018 as he began to impose tariffs on about $360 billion of imports from China. Turns out he was wrong on both counts.