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China signs one of the world's largest trade agreements-- thanks to Trump!


Toldya
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https://www.nytimes.com/2020/11/15/business/china-trade-rcep.html

 

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After eight years of talks, China and 14 other nations from Japan to New Zealand to Myanmar on Sunday formally signed one of the world’s largest regional free trade agreements, a pact shaped by Beijing partly as a counterweight to American influence in the region.

The agreement, the Regional Comprehensive Economic Partnership, or R.C.E.P., is limited in scope. Still, it carries considerable symbolic heft. The pact covers more of humanity — 2.2 billion people — than any previous regional free trade agreement and could help further cement China’s image as the dominant economic power in its neighborhood.

It also comes after a retreat by the United States from sweeping trade deals that reshape global relationships. Nearly four years ago, President Trump pulled the United States out of the Trans-Pacific Partnership, or T.P.P., a broader agreement than the R.C.E.P. that was widely seen as a Washington-led response to China’s growing sway in the Asia-Pacific region. Joseph R. Biden Jr., the president-elect, has been noncommittal on whether he would join the T.P.P.’s successor.

To some trade experts, this new agreement shows that the rest of the world will not wait around for the United States. The European Union has also pursued trade negotiations at an aggressive pace. As other countries sign new deals, American exporters may gradually lose ground.

 

It's not a coincidence that this was signed weeks after the US regained competent leadership.

 

Trump is probably lucky that he won't actually have to deal with the fallout from all of the shitty decisions he has made over the past four years. The GOP is going to blame Biden when the bailout money dries up and the hard times kick in, and the morons on this board will agree... but make no mistake, this is all Trump, and the consequences of what he has done to the US will be felt for generations.

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5 minutes ago, Toldya said:

https://www.nytimes.com/2020/11/15/business/china-trade-rcep.html

 

 

It's not a coincidence that this was signed weeks after the US regained competent leadership.

 

Trump is probably lucky that he won't actually have to deal with the fallout from all of the shitty decisions he has made over the past four years. The GOP is going to blame Biden when the bailout money dries up and the hard times kick in, and the morons on this board will agree... but make no mistake, this is all Trump, and the consequences of what he has done to the US will be felt for generations.

 

Good, let those other mother fuckers deal with China.

 

Why the literal fuck would America want to deal with China anymore?

 

If Trump alienated them, it was one of the best things he has done during his Presidency ...

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Just now, FivebyFive said:

Our economy needs global trade

 

America First is making America Last

 

Fuck that, and fuck you.

 

We could be completely self-sufficient.

 

The necessity for global trade is a fallacy created by those getting kickbacks for global trade

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11 minutes ago, Toldya said:

https://www.nytimes.com/2020/11/15/business/china-trade-rcep.html

 

 

It's not a coincidence that this was signed weeks after the US regained competent leadership.

 

Trump is probably lucky that he won't actually have to deal with the fallout from all of the shitty decisions he has made over the past four years. The GOP is going to blame Biden when the bailout money dries up and the hard times kick in, and the morons on this board will agree... but make no mistake, this is all Trump, and the consequences of what he has done to the US will be felt for generations.

Funnily toldshit, it has nothing to do with the US...since chinajoe may take over in Jan, I'm sure he'll throw out the baby with the bath water...business as usual, losing more jobs and billions in revenue completing what your party started in making this country a shithole banana republic...

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2 minutes ago, ROG62 said:

Funnily toldshit, it has nothing to do with the US...since chinajoe may take over in Jan, I'm sure he'll throw out the baby with the bath water...business as usual, losing more jobs and billions in revenue completing what your party started in making this country a shithole banana republic...

 

Wrong, FAG62.

 

https://phys.org/news/2019-03-war-results-substantial-losses-countries.html

 

Quote

In 2018, the U.S. imposed six waves of tariffs on a number of imports. The losses mounted steadily over the year, as each wave of tariffs affected additional countries and products from washing machines to steel and aluminum. The losses hit the hardest after the sixth wave, when the U.S. levied $200 billion in Chinese imports with a 10 percent tariff.

All told, about $283 billion dollars worth of imports—12 percent of total imports—were hit by duties. This was further exacerbated by retaliation from foreign countries, which raised tariffs of their own, affecting about $121 billion of U.S. exports.

 

Amiti, Redding, and Weinstein conducted a statistical analysis to understand the effects of these tariff waves.

Their estimates reveal $3 billion per month in added tax costs, and $1.4 billion in "deadweight losses," or income losses from foregone imports that could have been purchased at lower prices before the tariffs were imposed.

The trade war also affected international supply chains. Based on the November numbers, $136 billion worth of imports and $29 billion of exports are either being lost or redirected on an annual basis in order to avoid the tariffs. Many U.S. companies responded to the higher prices of foreign competitors' goods by raising their own prices.

The researchers see similar patterns in other countries who have retaliated against the United States, like China and Canada, illustrating how the trade war not only reduces real income for the U.S. but also for other foreign countries.

The estimated costs of the trade war are quite large compared to any gains that are likely to be achieved, according to the research team. Assuming a successful trade negotiation would increase the royalties that China pays by 25 percent, it would take three years of these higher royalties to pay off the real income losses from the 2018 trade war.

 

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1 minute ago, FivebyFive said:

He isn't  even in the job yet

 

Biden will reverse the isolationism  that will paralyze our economy 

 

America First is shyt policy.  We live on a globe.

the economy the last 4 years was the best in US history.... Now Beijing Biden will sell the country out again.... In four years he will be out and we start all over again

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2 minutes ago, FivebyFive said:

He isn't  even in the job yet

 

Biden will reverse the isolationism  that will paralyze our economy 

 

America First is shyt policy.  We live on a globe.

He's been on the job for almost 50 years. People are already living in  boxes and tents...check out Seatle and just about any other major city.

 

So this trade deal means that some countries are still willing to be fucked by China. Most of our "industry" left the country years ago. We need industry. Then we can find a market.

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1 minute ago, FivebyFive said:

You have zero numbers

 

Well, lets see.

 

I have the numbers going into my bank account when Obama was president ... then I have the numbers going in when Trump was President.

 

Only numbers I need you worthless addict ...

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4 minutes ago, FivebyFive said:

Shame we have to regain market share.. Trumps  America First policy is killing us

It's a shame we have to regain the industry A little "America first" would have done a lot of good over the last few decades. What's killing us that it came too late.

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38 minutes ago, FivebyFive said:

Thanks to Obama

 

 

Yes...  all   Trump had to  do was  get  rid of everything he  did.  Whatever  Obama did, Trump did the  opposite 

 

and achieved  greatness

 

It is amazing to witness   you   lying  over and over  and over.

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1 hour ago, FivebyFive said:

Look. I am sick of bailing out Wall Street

 

Look at the bailout.. my grandson  will be paying for it

DJIA-Snapshot-201030.png

 

 

 

Iffn' you were smart, you'd be invested in it like the rest of us...

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1 hour ago, Toldya said:

That's right toldshit, tariffs come at a cost...so do trade deficits...

 

At $350 billion, the deficit will come perilously close to 5 percent of GDP, a widely accepted trigger point for currency instability. A deficit of this size could trigger concern among foreign investors about our ability to borrow sufficient funds to finance this level of spending. A sharp outflow of short-term capital would result, causing the dollar to collapse, at a minimum. Short-term interest rates could also increase dramatically, as they have throughout Asia, pushing the economy into a deep recession, or worse.
As long as foreigners are willing to hold an ever-increasing supply of dollars, then we can avoid this “hard landing” scenario. However, structural changes in the not-to-distant future (such as the successful creation of the euro) could weaken dollar demand and lead to a crisis, if our trade problems persist and deepen in the future.

The growth in imports, especially from low-wage countries, also puts downward pressure on the wages of U.S. workers. If the prices of these products fall, then this puts downward pressure on prices in the U.S. Domestic firms are then forced to cut wages or otherwise reduce their own labor costs in response.5

For the past two decades, our living standards have stagnated, and the level of income inequality in our society has increased dramatically. As a result, the real wages of production and supervisory workers have declined steadily since 1979.

Many economists who are proponents of free trade have now concluded that trade is responsible for 20 to 25 percent of the increase in income inequality over the past two decades.6 Our own research suggests that trade is responsible for 15% to 25% of the increase in income inequality that occurred between 1979 and 1994.7 However, existing research can only explain about half of the change in income inequality. Therefore, trade is responsible for about 40% of the explainable share of increased income inequality.

 

https://www.epi.org/publication/trade-deficits-consequences-policy-implications/#:~:text=A trade deficit reduces the,and do reduce national savings.

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13 minutes ago, tunafish said:

I am tired of your shit! You are a fucking troll that keeps changing the subject. No more feeding the troll.

86 ya bitch!

Everyone is tired of your shit. Nothing but hate, day after day. Your hate consumes you.

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