The trade conflict between the U.S. and China that began in 2018 may have simply forced Beijing to redirect its exports to the rest of the world, Steve Keen, the author of "Debunking Economics" and the world's first crowdfunded economist, told Radio Sputnik's Loud & Clear on Wednesday.
For the first year, China has promised to buy$12.5 billion in agricultural products and another $19.5 billion in the second year. "What the President (Trump) said this morning is "we are going to do it next week".
"This is something that's going to be so special, however, to our manufacturers, our farmers, our bankers, our service people", he said.
The deal, part of what is expected to be a broader pact, includes, among other aspects, a commitment from Beijing to purchase $200 billion of US goods over the next two years in exchange for an agreement from the U.S.to suspend planned tariffs on Chinese products. Over the next two years, China could potentially purchase up to $50 billion worth of agricultural products annually, according to USA officials.
Earlier, top White House economic adviser Larry Kudlow told Fox News the agreement would add 0.5 percentage point to United States gross domestic product growth in both 2020 and 2021.
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"Never done before, this is historic", Kudlow said.
Republicans are eagerly on board, noting that Phase One will "level the playing field".
SHAPIRO: China is also promising to provide greater protection for American companies' intellectual property and make some other changes.
The trade war had lasted for months and began when the United States imposed tariffs on Chinese imports in 2018. "The licensing and subsidies will come in phase two". They were exhausted of being forced to share technological know-how as a cost of doing business there. "That will be tough".
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"The overall signal from the phase one agreement is much larger than the content of the deal itself", Wei Jianguo, a former Chinese vice commerce minister, told the Global Times.
"The numbers are clear", said Kudlow. The Trump administration paid out $28 billion in aid to farmers in the last two years. "Until those tariffs are off, it will slow their ability to fulfill $40 billion in purchases". And that energy, we are the strongest energy power in the world today. We've had numerous studies now that have shown it's American importers who are the ones paying these tariffs, notwithstanding the president's claims to the contrary. "Even though China has huge domestic wheat stocks, they were buying more U.S. wheat because they needed it to meet growing demand for higher quality wheat foods", said Vince Peterson, President of U.S. Wheat Associates, the organization funded by farmers and the U.S. government to promote wheat exports.
"They need it, they want the American goods and services to help Chinese economy and the Chinese consumer", said Kudlow. We didn't complete it.
The often rancorous trade dispute has hurt agriculture, manufacturing and other sectors of the USA economy, and the uncertainty it has engendered has anxious business leaders. "Which is half more than anybody thought a year ago".
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