U.S. Trade Representative Ambassador Jamieson Greer:“This was, as the Secretary pointed out, a very constructive two days. It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought. That being said, there was a lot of groundwork that went into these two days. Just remember why we’re here in the first place — the United States has a massive $1.2 trillion trade deficit, so the President declared a national emergency and imposed tariffs, and we’re confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency.”
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17 sats \ 2 replies \ @Undisciplined 11 May
There have been many "national emergencies", but this might have been the dumbest one.
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51 sats \ 1 reply \ @Coinsreporter OP 11 May
I think US should enter the trade talks without this "emergency" thing. While the details on what the agreement looks like are awaited, I think it clearly gave an upper hand to China in talks.
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42 sats \ 0 replies \ @Solomonsatoshi 11 May
Trump needed to frame it as an emergency in order to use Executive Order powers to impose tariffs that otherwise would require much more complex implementation. He cornered himself when China called his bluff and made clear they would not cave to his threats- so much of the US economy is dependent upon Chinese supply chains that the farce Trump begat could not continue long without severe economic consequences for USA.
Similarly his threats to Putin have been met by refusal to comply.
The war in Ukraine continues, with China buying Russian oil and gas it will continue as long as Putin is still gaining territory.
The US is thus further exposed as a power in decline- one that can be and is being dismissed by both Russia and China as capable of calling the shots.
With Iran and Russia already selling their energy exports to China denominated in Yuan if the Saudis follow suit then it is the end of the petrodollar and the end of US empire.
The Saudis have already joined BRICS and mBridge.
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0 sats \ 0 replies \ @Msd0457890 12 May
Trump was only seeking to maintain his strategy of imposing tariffs on China, in order to seek greater benefits for himself, depreciating his own currency, the dollar. Personally, I believe he was only seeking to bring back the workforce and supposedly have it produced in his own country.
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0 sats \ 0 replies \ @Solomonsatoshi 11 May
USA cannot survive long without Chinese supply chains.
Trump is seeking to manage the decline of the US empire while it still has some leverage.
But mostly all Trump has is bluff and bluster.
China won the trade war at least a decade ago.
Now its just a matter of managing the inevitable transition to a post US exceptionalism world power structure...a much more multi-polar world and where China is already the most significant trading nation for manufactured goods and commodities.
The use of Yuan for trade payments will continue to expand in Asia, Africa and the middle east. Russia and Iran are already almost exclusively dependent upon Yuan liquidity.
The implementation of mBridge could result in a more rapid decline of the USD and US hegemony.
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