Washington, D.C. — Today, President Donald Trump announced a trade deal with Chinese leader Xi Jinping. Ryan Mulholland, senior fellow for international economic policy at the Center for American Progress, released the following statement:
Because of Trump’s trade and economic policies, American consumers are paying more for everyday goods, and American manufacturers are struggling to compete. American farmers have already lost billions of dollars’ worth of export opportunities, which have now been captured by foreign competitors, and the reputation of the United States has been tarnished around the world.
China still has near monopoly control on rare earth processing, it still dominates clean energy supply chains, and it continues to intentionally distort export markets in sectors such as steel and aluminum. Meanwhile, the Trump administration has gutted the United States’ innovation ecosystem and pushed its allies so far away that they are signing trade deals with each other—and often in opposition to the United States. If Trump’s deal is a “truce,” it is one that leaves Americans worse off than before Trump took office.
For more information or to speak with an expert, please contact Christian Unkenholz at [email protected].