After the Chinese solar, and metal tariffs which set off a trade war which saw a $1.7 billion loss to the value of U.S. soybeans. (amongst other agricultural, cars, and planes produce)
Trump did an about-face May 13 with this tweet:
President Xi of China, and I, are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast. Too many jobs in China lost. Commerce Department has been instructed to get it done!
That’s right Trump said China is losing too many jobs [to America] and we need to sell that companies product here in the U.S. and lift previous sanctions levied against them.
ZTE had sanctions against it because the company has strong ties with the Chinese government and top security officials feel like the devices could be used for espionage. “The head of the FBI and other intelligence chiefs in congressional testimony this year urged American citizens to steer clear of products from ZTE and its Chinese rival Huawei. And just two weeks ago, the Pentagon banned the companies’ phones from being sold on military bases, saying they “may pose an unacceptable risk to Department's personnel, information and mission.””
So not only is this a complete 160 on Trump's stance on China, but it’s ignoring warnings from American officials. Trump supporters are calling this a way to diffuse the trade wars, while the anti-trump crowd is saying the reason for Trumps change of heart is personal gain. “About 72 hours before Trump developed a friendlier attitude toward Beijing, the Chinese government agreed to pump $500 million into an Indonesian theme park that will benefit the Trump Organization — and thus the president himself, since he refused to divest from his company when he took office.” (There are other theories in the link)
So is Trump creating jobs in China for personal gain or is he using his “personal relationship with President Xi” garner a better trade deal with China as Trump said in his Tweet?
ZTE, the large Chinese phone company, buys a big percentage of individual parts from U.S. companies. This is also reflective of the larger trade deal we are negotiating with China and my personal relationship with President Xi.
What are your thoughts?
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