Retailers rejoice! No more shortcuts to due process: President Trump’s election defeat is slowly becoming identified and trade adviser Peter Navarro is running out of time for Trump. Ronald Reagan asked if his scenario is bigger than it was 4 years ago and, frankly, if he works in retail or production, fewer jobs are available today, and his business has probably turned upside down!
Peter Navarro’s Office of Commerce and Manufacturing may be expelled from the White House when the incoming administration takes over; can be moved to the outskirts of Washington or, perhaps, to the basement of the Department of Commerce. It will disappear from Mr Navarro’s grudges, and a thoroughly reflected image will nevertheless set the tone for trade.
President Trump enjoyed promoting success in foreign industry and investment. Although the goal was good, most of the claimed victories faded at night. Consider Foxconn’s proposed $10 billion (13,000 employees) investment that never took place in Wisconsin, or Jack Ma’s million jobs that never materialized either.
Attempting to announce a new victory in this year’s first presidential debate, President Trump said of the production sector: “I have regained 700,000 jobs. They (Obama/Biden) have not recovered anything.
With a simple investigation, Trump’s team can claim a general expansion of around 450,000 production jobs, however (due to the pandemic), the sector will end up (its four-year count) with a net job loss. the Obama/Biden administration created more than 900,000 jobs in the sector.
Of course, there are problems in China’s industry that continue to have a direct effect on the retail and logo network in the United States. Fashion is affected, as about 40% of all clothing and 65% of all shoes come from China. In retrospect, were price lists the right way forward?Has the Phase 1 agreement with China succeeded?Were all Trump’s foreign industry dramas a victory for America?
On November 15, China concluded its own industrial agreement called the Global Regional Economic Association (RCEP), which covers 30% of the world’s population and 30% of the world’s GDP. Commerce Secretary Wilbur Ross called it a “very low-level treaty. “
Everyone knows that when you say something is of poor quality, it just means it’s not as smart as if it were a full note. However, if you have a mild fever, isn’t it still a clear indicator that you’re?Perhaps the same intrinsic also extends to global trade.
China’s RCEP agreement includes 14 countries (plus China) and revolves around ASEAN members plus Australia, New Zealand, South Korea and Japan, with the most attractive dynamic being the closest relationship to china, Japan and South Korea. door left open for India’s accession (which would bring the agreement to 48% of the world’s population).
The RECP will eventually put price and quota lists on 65% of the products advertised in the region, there is no doubt that it is a GREAT deal, where, arguably, it is not up to the task is its lack of interference in the spaces. human rights, intellectual property, economic liberalization and environmental standards, however, a “low-level treaty” is not a way to describe it.
During candidate Trump’s first crusade, Peter Navarro helped as an economic and industry adviser. Navarro officially joined Trump’s management on inauguration day and was eventually director of the Office of Trade Policy and Manufacturing. He did not like China and had published an e-book called Death through China. Navarro was also not a fan of the Trans-Pacific Partnership (TPP) that was created through the Obama administration, and probably encouraged President Trump to complain about it on the first crusade, when the candidate continually criticized the TPP. Many logical trade providers have opposed attacks, but most have taken refuge. The U. S. Chamber of Commerce stood firm and said in a tweet: “Under Trump’s industrial plans, we would see higher prices, fewer jobs, and a weaker economy. “
On his first day in the Oval Office, President Trump (in dramatic style) broke the Trans-Pacific Partnership Agreement, his action was totally abrupt and he repealed seven years of negotiations and 19 official meetings. The TPP would have been the largest and highest. comprehensive industry agreement never created. A wonderful good fortune for all parties involved covered 12 negotiating countries covering 40% of the global economy. More importantly, this would have wonderfully helped the United States to be a major player in the Asia-Pacific region, and has probably slowed China’s regional expansion.
* China is not part of the TPP deal that broke President Trump
The United States is part of China’s RCEP (now the world’s largest industrial agreement)
When President Trump left the Trans-Pacific Partnership, U. S. trade representative Michael Froman said, “There is no doubt that this action will be noticed as a massive and massive victory for China. “Adding to the commentary, former commentator John McCain said it was “a serious mistake” that he would “send a troubling signal of U. S. disconnection in the Asia-Pacific region at a time when we can least. “
Fast forward until 2020 and President-elect Biden will announce a new plan for the industry when he takes office. When asked about China’s RCEP agreement, he said: “We accounted for 25% of the world’s industrial capacity, the global economy. We want to align ourselves with other democracies, 25% or more, to establish road regulations. It opposes “China and others dictating the results, because they are the only exhibition in the city. “
If the United States makes the decision to resurrect the Trans-Pacific Partnership, President-elect Biden has established 3 preconditions:
1. “We will invest in American and make them more competitive”
2. “We will make sure that they are at the table and that environmentalists are at the table of all industrial agreements we sign”
3. “I am not in favor of punitive trade. The concept of putting our finger in the eyes of our friends and hugging autocrats doesn’t make sense to me. “
When Trump industry adviser Peter Navarro presented Trump’s China-opposing strategy, he published and promoted a list titled China’s Seven Capital Sins, which included: theft of intellectual assets, forced generation transfers, cyberattacks, product dumping, sight-owned businesses, currency. fentanyl to the United States. As with any list, there is a certain degree of fact in all this, but China, in fact, is neither greater nor worse than many of the countries we already deal with.
With regard to the theft of high-level assets, one would think that China is the only country where we have had a problem, but in fact there are 33 countries. With the technology factor forced, much of it volunteers through U. S. corporations (to gain market percentage in China) and little harmful In terms of cyberattacks, come from several countries and China is a big culprit, although it is not the most sensitive on the list, and is not the only player.
A closer look at the list indicates that product dumping is nothing new and that the United States already has a procedure for dealing with it. There are state-owned enterprises in China, but we (in the United States) also offer beneficiary subsidies to companies. State-owned enterprises seem troubling, incentives are not unique to China. The term currency manipulation was claimed through our U. S. Treasury (after a sudden increase in the White House) but countered through the International Monetary Fund, which said China was not a technical manipulator. Sending fentanyl to the United States is bad, however fentanyl is just one of many drugs that come to the United States from many countries. The back line of all this is that Peter Navarro may have easily claimed that China was somewhat guilty of seven sins, yet it needed the word “deadly” to make headlines. His only goal was to be sensational in supporting the promotion and aggravation of the industrial war in China.
To a large extent, President Trump has achieved his purpose of draw attention to China and working to improve our relations with industry; however, the show’s original concept was to increase our Chinese exports and decrease our imports, which would adjust the deficit, which was the celebrity to President Trump’s cause. In this express effort, we have completely failed.
Fact-checking will show that every year of the Trump administration, our exports to China have declined. We have gone from $127 billion in 2017 to $120 billion in 2018, $107 billion in 2019 and $76 billion (October 2020). Knowledge of the industry is especially unhappy with our “patriotic peasants” who have supported the president’s policy while his export activities are drowning. It is also unhappy that President Trump has called “weak and poorly controlled companies” that have opposed his pricing ideas. In the last analysis, it turns out that Peter Navarro promoted an industry policy that just didn’t work.
On May 14, 2019, President Trump tweeted, “Our wonderful patriotic farmers will be one of the greatest beneficiaries of what it is now. “
In January 2020, he reported that Chapter 12 agricultural bankruptcy in the 2019 calendar had reached a maximum of eight years.
As for the beloved retail and fashion communities, despite all the looming smart news related to Christmas sales 2020; retail bankruptcies are at a maximum of 10 years, defaults are 20%, mall vacancies are at a maximum of 20 years, and (according to the Bureau of Labor Statistics) about 750,000 fewer people in retail than those contracted on January 20, 2017 when President Trump swore.
Peter Navarro and President Trump will soon leave office, believing they are on the path to success. Chances are they distort the story a little bit, and they can even use the words of football coach Vince Lombardi:
“We didn’t lose the game, we just ran out of time.
I Chairman of the Board of Directors of American Apparel
I Chairman of the Board of Directors of American Apparel