- In 2016, the United States exported $115,594,800,000, in good to China and imported $462,420,000,000 from China. [- $346,825,200,000]
- In 2018, the United States exported $120,148,100,000, in good to China and imported $539,675,600,000 from China. [- $419,527,400,000] – United States Census Bureau
Do the math. Since Trump has been President of the United States, the imbalance in trade between China and the United States has increased by more than $72.7 billion dollars.
The Balance.com says, “China can produce many consumer goods at lower costs than other countries can. Americans, of course, want these goods for the lowest prices. … If the United States implemented trade protectionism, U.S. consumers would have to pay high prices for their ‘Made in America’ goods. It’s unlikely that the trade deficit will change. Most people would rather pay as little as possible for computers, electronics, and clothing, even if it means other Americans lose their jobs.”
Then we learn from the South China Morning Post that “Donald Trump’s trade war tariffs on China failing to bring jobs and manufacturing back to the US
“There is a clear sign that in the trade war between the US and China, the winner is not going to be the US and it’s not going to be China,” Breteau said. The winners are “going to be Vietnam, Indonesia, Cambodia and very likely Mexico and Bangladesh”.
What is China doing to counter this loss? The World Bank tells us about the significant policy adjustments required for China’s growth to be sustainable. “China’s 13th Five-Year Plan (2016-2020) addresses these issues. It highlights the development of services and measures to address environmental and social imbalances, setting targets to reduce pollution, to increase energy efficiency, to improve access to education and healthcare, and to expand social protection. The 13th Five-Year Plan’s annual growth target is 6.5%, reflecting the rebalancing of the economy and the focus on the quality of growth while maintaining the objective of achieving a ‘moderately prosperous society’ by 2020 (doubling GDP for 2010-2020).”
In addition, according to McKinsey.com, “[Chinese] Consumers remain the key driver of China’s domestic growth (not the United States), creating 78 percent of GDP growth in the first nine months of 2018.” … For instance, “Sales of China’s fast-moving consumer goods (FMCG) grew by 6.3 percent in the third quarter from a year ago, and even supermarkets have grown by 5.0 percent. Across fresh foods, alcoholic beverages, cosmetics, and more, ten times as many consumers report trading up to higher-priced goods than down.”
Meet China’s New Middle Class representing 30-percent of the total Middle Class in China