At RealClearPolicy the organization No Labels present five facts about the U. S.-China trade war. Here they are:
- According to CNBC, one in five U.S. companies claims that Chinese companies have stolen their intellectual property within the past year.
- The South China Morning Post reports that profits of state firms are hitting record highs as the number of entities under government control have decreased.
- A major point of contention in U.S-China trade talks is the practice of “technology transfer,” in which the Chinese government forces U.S. companies to turn over their tech secrets to Chinese partners as a condition of gaining access to the country’s enormous market.
- Right now there is a heated race to pioneer 5G, or fifth-generation mobile networks, and China has the leading edge.
- According to the Economic Policy Institute, 3.4 million U.S. jobs were lost between 2001 and 2017 because of the U.S. trade deficit with China.
Read the whole thing.
In my view in order to maintain a healthy economy and a healthy society we need people working in primary production and factory workers as well as menials, professionals, artists, and rentiers. A society based solely on those latter four groups will not be a healthy one but that’s the direction in which we are heading.
I believe in free trade but one way free trade will destroy our country. We have put off the reckoning for far too long and the longer it has been delayed the more difficult it will be to reverse. If you have a better plan for that than tariffs, please propose it.