There has been criticism of President Trump’s latest moves around a trade war with China. At the weekend hopes were raised that a trade war between the US and China could be avoided. US Secretary of the Treasury Steven Mnuchin said that the tariffs had been paused as both countries try to reach agreement.
According to the US, China has undertaken to reduce the trade deficit by as much as USD 200 billion, while China denies there is any such promise.
SEB’s head strategist, Johan Javeus, feels there is a risk that the economic policy in the US will have the opposite effect from that intended: increasing the trade deficit for the US. “The tax reductions announced are going to lead to people consuming more and, to a large extent, it will be goods that are not manufactured in the US,” he says. He also points out that attempts to change the course of trade between two countries usually take a very long time.
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