China’s manipulative trade practices have caused the loss of 70,000 factories and 5 million jobs in the U.S., according to Peter Navarro, Assistant to the President and Director of the Office of Trade and Manufacturing Policy. Pat Buchanan explains at his blog that Navarro is focused on stopping China’s “seven deadly sins,” of trade manipulation, which are:
- Intellectual property theft
- Forced technology transfers to Chinese companies
- Hacking American computers
- Dumping goods into American markets to put U.S. companies out of business
- subsidizing state-owned enterprises
- currency manipulation
- and shipping fentanyl to America
Pat goes on to explain that President Trump is the only one who has taken on the Middle Kingdom, and if the president holds the course, America will win the trade war. He writes (abridged):
Ten weeks of protests, some huge, a few violent, culminated Monday with a shutdown of the Hong Kong airport.
Ominously, Beijing described the violent weekend demonstrations as “deranged” acts that are “the first signs of terrorism,” and vowed a merciless crackdown on the perpetrators.
China is being pushed toward a decision it does not want to make: to use military force, as in Tiananmen Square 30 years ago, to crush the uprising.
Yet this is not the only internal or border concern of Xi’s regime.
Millions of Muslim Uighurs in China’s west are in concentration camps undergoing “re-education.”
The vaunted Chinese economy is growing, at best, at half the double-digit rate of a decade ago, not enough to create the jobs needed for hundreds of millions in the countryside seeking work.
And talks have been suspended in the U.S.-China trade dispute, at the heart of which, says White House aide Peter Navarro, are Beijing’s “seven deadly sins” in dealing with the United States:
China steals our intellectual property via cybertheft, forces U.S. companies in China to transfer technology, hacks our computers, dumps into our markets to put U.S. companies out of business, subsidizes state-owned enterprises to compete with U.S. firms, manipulates its currency, and, despite our protests, ships to the USA the fentanyl drug that has become a major killer of Americans.
Such practices have enabled China to run up annual trade surpluses of $300 billion to $400 billion at our expense, and, says Navarro, have caused the loss of 70,000 factories and 5 million manufacturing jobs in the U.S.
With President Donald Trump threatening 10% tariffs on $300 billion more in Chinese exports to the U.S., Xi must decide if he is willing to end his trade-war tactics against the U.S.
Only Trump has taken on the Middle Kingdom.
If the American people and Congress are willing to play hardball and accept sacrifices, we can win this face-off. The U.S. buys five times as much from China as we sell to China. The big loser in this confrontation, if we stay the course, will not be the USA.
Read more here.