Tariffs are the only instrument left for addressing China's systematic and excessive surpluses on its U.S. trades, writes Michael Ivanovitch.
trade, the White House asked for legislative changes in China's trade and economic systems under a permanent threat of sanctions.
of reneging on a "done deal." The Chinese simply retorted that they were in a negotiating process where nothing was agreed until everything was agreed.While both sides agreed at the G-20 meeting toand hold off any new tariffs for the time being, Washington and the media still seem to have problems in decoding China's conditions for trade negotiations.
The question is: When will the White House understand that the trade deal it wants with China is a mirage?wants a trade deal to calm down Wall Street, boost asset prices and maintain growing economic output, demand and employment. The Chinese see no reason to oblige, unless that's done on their terms. Both sides are miles apart from what the other wants.
And if the policy change on China trade is credible, U.S. industries would get a breather and an incentive to stand up and compete. A long shot perhaps, but that's an outcome import tariffs are supposed to produce.
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