It wasn’t too long ago that the doom-and-gloom Liberal media was proclaiming the end of the American economy and a beginning to a China-dominated period of financial muscle.
In late May, Bloomberg heralded that the latest trade war with China had utterly defeated Trump with the headline:
Trump Blinks on China Tariffs. That’s a Start.
Some of his critics need reminding that trade war isn’t in anyone’s interest.
Then, in early August, opinion columnist extraordinaire at the New York Times, Paul Krugman, assured us that:
“If the bond market is any indication, Donald Trump’s escalating belligerence on trade is creating seriously increased risks of recession.”
Krugman smugly referred to the president as Tariff Man and told us to fear him.
Finally, two weeks ago, there was The Hill newspaper and its assurance that:
Trump blinks as trade war threatens consumers
These were not the only examples, of course, but you get the picture. A few weeks ago, an announcement by the Treasury Department appeared to be only a blip on the radar when they designated China a “currency manipulator.”
U.S. Treasury Designates China as a Currency Manipulator: https://t.co/7OnySGjzH1
— Monica Crowley (@TreasurySpox) August 5, 2019
What should have sent shockwaves through the media captured no more than a yawn amongst most. Which, of course, made complete sense, considering that the idea that China was cheating on currency would lead to the conclusion that Trump was right all along.
And indeed, he was. As it turns out, while China was busy punishing farmers and American agriculture in an effort to push the envelope with Trump, the president was busy inking a very expansive agriculture trade deal with Japan. That single deal, in essence, nullified the entire spate of retaliatory tariffs by China, causing them to…well, blink!
Fox News Channel:
China signaled Monday it is now seeking a “calm” end to its ongoing trade war with the U.S. and President Trump voiced optimism about a deal, as Asian markets crumbled and China’s currency plummeted to an 11-year low following the latest tariffs on $550 billion in Chinese goods announced last Friday by the Trump administration.
“I think we’re going to have a deal,” Trump told reporters.
Trump threatened to declare a national emergency that would result in American businesses freezing their relationships with China. Trump’s tariff barrage on Friday was a response to China imposing its own retaliatory tariffs on $75 billion in U.S. goods.
In response, Chinese Vice Premier Liu He told a state-controlled newspaper on Monday that “China is willing to resolve its trade dispute with the United States through calm negotiations and resolutely opposes the escalation of the conflict.”
Gordon Chang, Asia Analyst at Fox News, made it clear what was meant by a “calm” end to the trade war. “It means that China has surrendered.”
Chang explained that there was a variety of problems that accompanied this surprising announcement. He mentioned the conflicts and protests in Hong Kong, the fact that their GDP is still only registering at a feeble 1% growth, and also that the efforts by President Trump to force American businesses back into the US through tax incentives has largely been successful as business owners there are shuttering their doors and packing up to leave China. He also threw in the fact that Trump even mentioned at the G7 conference today that China has lost 3 million people from its workplace.
President Trump and Xi Jinping
In addition, he mentioned the looming threat of a massive trade deal with both the UK (following Brexit) and the European Union. The fact that since Trump renegotiated the old NAFTA agreement with Canada and Mexico, China has moved down two spots to number three as a trading partner with the US. That has also damaged the negotiating power in this current trade war.
While Chang assured the viewers that this is not the end, that China will attempt once again to back out of any deal that they cut, he said that it may be a while before they can do so because of all the uncertainty in their own market and domestic affairs.
Will the apologies from all the naysayers on the Left be pouring in any time soon? That’s a really stupid question. But rest assured, Trump supporters will make sure that every comment section in every negative headline to come will be full and overflowing with the truth.
Source: Fox News Channel / Bloomberg / The Hill / The New York Times
