bodog poker review|Most Popular_customs (China’s imports)

Alena Sanabria — Fri, 15 Jan 2021 17:25:34 +0000

January 15 marks one year since the U.S. and China signed a bilateral agreement, known as the Phase One deal, establishing new rules on trade.

After a full year, and as a new administration and Congress assume power, it’s important to evaluate the effectiveness of the deal at achieving its goals.

It’s not a pretty picture.

The dispute between the U.S. and China came with a hefty price tag. Americans have paid tens of billions in extra taxes to trade with China since 2018, as well as billions of dollars in subsidies to farmers. At the same time, it did nothing to further U.S. strategic objectives.

January 15 marks one year since the U.S. and China signed a bilateral agreement, known as the Phase One deal, establishing new rules on trade.

After a full year, and as a new administration and Congress assume power, it’s important to evaluate the effectiveness of the deal at achieving its goals.

It’s not a pretty picture.

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The incoming Biden administration will be tasked with setting the future course for trade with China. First steps should undoubtedly focus on the elimination of tariffs imposed on $360 billion in imports from China and retaliatory tariffs China has imposed on U.S. goods.

Cutting tariffs will help businesses to keep essential employees and help to keep prices down. Both things help families stretch each dollar a little further.

The Phase One deal stems from an investigation conducted by the Office of the U.S. Trade Representative in August 2017 under Section 301 of the Trade Act of 1974.

It found that China’s policies regarding technology transfer cost the economy $50 billion annually. In response to the findings, the U.S. imposed tariffs on $50 Bodog Poker billion worth of imports from China. China retaliated, and the dispute escalated from there.

Those tariffs on imports from China could have a lasting effect on the economy. One study found that in the short term, tariffs of 25% on $250 Bodog Poker billion worth of imports from China would cost a family of four $767 a year and reduce existing jobs by more than 900,000.

By the end of 2019, the average tariff rate for Americans to purchase from China had increased from 3.1% to 21%. The cost for the Chinese people to purchase from the U.S. increased from 8% to 21.1% over the same period.

After several months of escalating tensions, the two sides reached the Phase One deal, which slightly lowered average tariff rates to 19.3% and 20.3%, respectively.

The Phase One deal contains substantive chapters on intellectual property, technology transfer, agriculture, financial services, and exchange rates, as well as enforcement mechanisms to ensure that both sides lived up to the agreement. China also agreed to significantly increase its annual purchases of goods from the U.S.

Outgoing U.S. Trade Representative Robert Lighthizer contends that the Phase One deal has been a success. Lighthizer recently told the Wall Street Journal: “We changed the way people think about China. We want a China policy that thinks about the geopolitical competition between the United States and an adversary—an economic adversary.”

It’s unclear how effective the deal’s rule changes have been, but China certainly won’t fulfill the Phase One purchasing commitments for 2020. Far from it.

At the same time, the deal has come with immense costs. The deal did not mean the end of high tariffs, as most of the tariffs imposed leading up to the deal remain in place today.

Americans have paid $74.2 billion in extra taxes to import from China since 2018. That does not include the harm that American farmers and other industries have faced due to retaliation by China. American families also footed the bill for the government to spend more than $24 billion between 2018 and 2019 on subsidies for farmers.

President-elect Joe Biden has signaled that he intends to have a multilateral strategy vis-a-vis China, and Katherine Tai, Biden’s presumptive nominee to succeed Lighthizer as U.S. trade representative, has advocated for a more strategic approach for U.S.-China trade relations.

Tai said in August that Bodog Poker “[trade policy] has got to be about what we are going to do to make ourselves and our workers and our industries and our allies faster, nimbler, be able to jump higher, be able to compete stronger, and ultimately be able to defend this open democratic way of life that we have.”

There’s no doubt that the U.S. and China are engaged in strategic competition. The use of punitive tariffs, however, has proven a poor instrument to effect change in China.

Americans have been hurt by the trade war with China, and the price of that dispute grows each day. Cutting tariffs should be a key component of Biden’s strategy towards China.

To read the original piece from the Daily Signal, please click here

Tori Whiting is the Jay Van Andel trade economist in the Thomas A. Roe Institute for Economic Policy Studies at The Heritage Foundation.

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bodog poker review|Most Popular_customs (China’s imports)

Ann Marie Caton — Fri, 25 Sep 2020 16:16:47 +0000

This PIIE Chart, originally published on May 18, 2020, tracks China’s monthly purchases of US goods covered by the phase one deal between the United States and China.

Hexuan Li provided outstanding data assistance, and William Melancon and Oliver Ward assisted with graphics.

On February 14, 2020, the Economic and Trade Agreement Between the United States of America and the People’s Republic Of China: Phase One went into effect. China agreed to expand purchases of certain US goods and services by a combined $200 billion over 2020 and 2021 from 2017 levels. This PIIE Chart tracks China’s monthly purchases of US goods covered by the deal, relying on data from both Chinese customs (China’s imports) and the US Census Bureau (US exports). It then compares those purchases with the legal agreement’s annual targets, prorated on a monthly basis, above two baseline scenarios (see methodology below). As set out in the legal agreement, one 2017 baseline scenario allows for use of US export statistics and the other allows for Chinese import statistics. Note that prorating the 2020 year-end targets to a monthly basis is for illustrative purposes only. Nothing in the text Bodog Poker of the agreement indicates China must meet anything other than the year-end targets.

According to the agreement, China has committed to purchase no less than an additional $63.9 billion of covered goods from the United States by the end of 2020 relative to these 2017 baselines. Defining the 2017 baseline using Chinese import statistics implies a 2020 purchase target of $172.7 billion (red in panel a). Defining the 2017 baseline using US export statistics implies a 2020 target of $142.7 billion (blue in panel a).

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Through August 2020, China’s year-to-datebodog casino from the United States were $56.1 billion, compared with a prorated year-to-date target of $115.1 billion. Over the same period, US exports to China of covered products were $47.6 billion, compared with a year-to-date target of $95.1 billion. Through the first eight months of 2020, China’s purchases of all covered products were thus only at 50 percent (US exports) or 49 percent (Chinese imports) of their year-to-date targets.

For covered agricultural products, China committed to an additional $12.5 billion of purchases in 2020 above 2017 levels, implying an annual target of $36.6 billion (Chinese imports, panel b) and $33.4 billion (US exports, panel c). Through August 2020, China’s imports of covered agricultural products were $11.0 billion, compared with a year-to-date target of $24.4 billion. Over the same period, US exports of covered agricultural products were $9.6 billion, compared with a year-to date target of $22.3 billion. Through the first eight months of 2020, China’s purchases were thus only at 43 percent (US exports) or 45 percent (Chinese imports) of their year-to-date targets.

For covered manufactured products, China committed to an additional $32.9 billion of purchases in 2020 above 2017 levels, implying an annual target of $110.8 billion (Chinese imports) and $83.1 billion (US exports). Through August 2020, China’s imports of covered manufactured products were $41.5 billion, compared with a year-to-date target of $73.9 billion. Over the same period, US exports of covered manufactured products were $33.2 billion, compared with a year-to-date target of $55.4 billion. Through the first eight months of 2020, China’s purchases were thus only at 60 percent (US exports) or 56 percent (Chinese imports) of their year-to-date targets.

For covered energy products, China committed to an additional $18.5 billion of purchases in 2020 above 2017 levels, implying an annual target of $25.3 billion (Chinese imports) and $26.1 billion (US exports). Through August 2020, China’s imports of covered energy products were $3.5 billion, compared with a year-to-date target of $16.9 billion. Over the same period, US exports of covered energy products were $4.8 billion, compared with a year-to-date target of $17.4 billion. Through the first eight months of 2020, China’s purchases were thus only at 27 percent (US exports) or 21 percent (Chinese imports) of their year-to-date targets.

For all uncovered products—making up 30 percent of China’s total goods imports from the United States and 39 percent of US total goods exports to China in 2017—the phase one agreement does not include a legal target. Through August 2020, China’s imports of all uncovered products from the United States were $22.2 billion, 28 percent lower than over the same period in 2017. (US exports of all uncovered products to China through July were $19.1 billion, 30 percent lower than over the same period in 2017. The August data for uncovered products will be available on October 6, 2020.)

Though the agreement also sets targets for China’s purchases of certain traded services from the United States, those data are not reported on a monthly basis and are not covered here. The agreement also contains targets for 2021 not illustrated here.

Note on Data Release: This update is based on August 2020 data released on September 25, 2020 for both Chinese imports and US exports. (The preliminary data on US exports to China subject to monitoring under the agreement are now released prior to the total release scheduled for October 6, 2020.) The next update will be based on September 2020 data to be released on October 25, 2020 (Chinese imports) and October 26, 2020 (US exports).

METHODOLOGICAL APPROACH

Assessing progress toward meeting the phase one targets for goods trade requires information from both US export statistics and Chinese import statistics, given that the agreement’s Chapter 6, Article 6.2.6 states “Official Chinese trade data and official US trade data shall be used to determine whether this Chapter has been implemented.” One implication is that there are two sets of monthly data to track (Chinese imports and US exports). A second is that there are two different annual, and hence monthly, targets, since the 2017 baseline level of Chinese imports differs from the 2017 bodog sportsbook review baseline level of US exports. Finally, the products covered by the purchase commitments are set out at the 4-, 6-, 8-, or 10-digit level in the agreement’s Attachment to Annex 6.1; these are then mapped to the US or Chinese trade statistics for 2017 and for 2020.

For US goods exports, the agreement is estimated to cover products that made up $78.8 billion, or 61 percent, of total US goods exports to China ($129.8 billion) in 2017. Of the 2017 total exports of covered products, exports worth $20.9 billion were in agriculture, $50.2 billion were in manufacturing, and $7.6 billion were in energy. Products uncovered by the agreement—and thus with no targets for 2020—made up 39 percent ($51 billion) of total US goods exports to China in 2017.

For Chinese goods imports, the deal is estimated to cover products that made up $108.8 billion, or 70 percent, of total Chinese goods imports from the United States ($154.4 billion) in 2017. Of the 2017 total imports of covered products, imports worth $24.1 billion were in agriculture, $77.9 billion were in manufacturing, and $6.8 billion were in energy. Uncovered products made up 30 percent ($45.6 billion) of total Chinese goods imports from the United States in 2017.

For both the US export data and the Chinese import data, the 2020 phase one targets of additional trade (on top of 2017 baseline) are $12.5 billion (agriculture), $32.9 billion (manufactured goods), and $18.5 billion (energy). These targets are found in the agreement’s Annex 6.1.

Chad P. Bown, Reginald Jones Senior Fellow since March 2018, joined the Peterson Institute for International Economics as a senior fellow in April 2016. His research examines international trade laws and institutions, trade negotiations, and trade disputes. With Soumaya Keynes, he cohosts Trade Talks, a weekly podcast on the economics of international trade policy.

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