BFF-18 China ‘theft’ of US jobs and wealth must ‘come to an end’: Trump

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China ‘theft’ of US jobs and wealth must ‘come to an end’: Trump

WASHINGTON, Feb 6, 2019 (BSS/AFP) – President Donald Trump on Tuesday told
Congress that Washington’s aggressive trade negotiations with Beijing would
mean an end to China’s alleged “theft” of US jobs and wealth.

In his annual State of the Union address, Trump also called on China to
make the kind of far-reaching “structural” changes to industrial policy that
analysts say Beijing is likely to resist.

The world’s two largest economies have 24 days left in a three-month truce
in their trade war before US duty rates are due to rise sharply — an
escalation that economists say could be a powerful negative shock to the
global economy.

“We are now making it clear to China that after years of targeting our
industries, and stealing our intellectual property, the theft of American
jobs and wealth has come to an end,” Trump said in his annual State of the
Union address.

Any agreement with Beijing “must include real, structural change to end
unfair trade practices,” Trump said.

Top US and Chinese officials last week proclaimed progress and comity after
two days of talks in Washington but they disclosed few details.

Washington and Beijing have slapped punishing tariffs on more than $360
billion in two-way trade, which has weighed on the two countries’
manufacturing sectors and sent jitters through global markets.

The US trade deficit has swelled more than 18 percent since Trump took
office, rising far faster than economic growth, and has hit record heights
with China in particular.

Trump also lauded signs of US economic strength, including robust job
creation and falling unemployment.

“We are considered far and away the hottest economy anywhere in the world,”
Trump said.

“Unemployment has reached the lowest rate in over half a century.”

The non-partisan Congressional Budget Office predicts the US economy will
slow this year and the year after that as the effects of 2017’s sweeping tax
overhaul continue to fade.

BSS/AFP/GMR/0924 hrs