China Seems to be Getting the Better of Trump in the Trade War Thus Far
The Trump Administration seems to be putting questions regarding China's trade practices on the back burner, possibly because America will need their help with negotiations with N. Korea next month. It might be, however, that China simply refuses to make the concessions that Trump has asked for.
From Heather Long, The Washington Post via SFGate: It was easy to miss the U.S.-China trade statement that the White House released Saturday, right in the midst of royal wedding mania. But it's hard to hide that China looks as if it's winning President Donald Trump's trade skirmish - so far.
On Friday, Trump's top economic adviser, Larry Kudlow, was telling reporters that the Chinese had agreed to reduce the deficit by "at least" $200 billion. China quickly denied that, and, a day later, the official statement didn't have a concrete number, a seeming victory for the Chinese.
What about the IP fight? The real battle against the Chinese was supposed to be over intellectual property theft, which the Trump administration says has been going on for years and costs the U.S. economy $225 billion to $600 billion a year. Trump was supposed to get the Chinese to stop stealing U.S. business secrets and technology. On this front, the statement was brief and lackluster, saying that both sides agreed to "strengthen cooperation" (diplomatic speak for not doing much) and that China would "advance relevant amendments" to its patent law. It remains to be seen whether that happens (and whether China enforces any new laws).