That Was Then, This Is Now
Politicians can change positions faster than they can change lanes.
“Those are my principles, and if you don’t like them … well, I have others.” —Groucho Marx
Guess who said this: “China takes total advantage of the United States. They steal our intellectual property using cyber theft. Not only do they steal our intellectual property, they keep our good companies out, and say the only way you’re going to be able to sell your American products in China … is if you come to China, make them there, and give us the techniques and intellectual property.”
Elon Musk? Nope. President Trump? Wrong again. That was then-Senate Minority Leader Chuck Schumer (D-NY) in a 2018 radio interview. On another occasion that same year, Schumer said: “I’m closer to him (Trump) on trade than I was to either Obama, a Democrat, or Bush, a Republican, because we’ve got to get tougher on China. … But the president and his team have to stick with it, be strong, and not sell out for a temporary purchase of goods without addressing the real issue: the theft of American intellectual property which will cost us millions of American jobs in the long run.”
How about this one: “In terms of tariffs, it’s interesting to note that the average MFN (most favored nation) tariff for Chinese goods coming into the United States is two percent, whereas the average MFN tariff on U.S. goods going to China is 35 percent. Is that reciprocal?”
Same list of choices? Wrong again. That was Rep. Nancy Pelosi (D-CA) in 1996.
One more: “It’s also proper for advanced economies like the United States to insist on reciprocity from nations like China.”
That was President Barack Obama speaking in Johannesburg, South Africa, in 2018.
What changed and caused many Democrats who previously favored tariffs to now excoriate Trump over the tariff policies they once supported? Why, politics, of course. Politicians can change positions faster than they can change lanes.
On Wednesday, the president announced a 90-day “pause” in his implementation of tariffs. China was the lone exception as the trade war with that communist country continues.
The stock market reacted swiftly. The Dow Jones Industrial Averages immediately jumped by 2,500 points. NASDAQ rose 10 percent. The Dow is still 2,000 points under where it was when Trump first announced his tariff regime, but the market’s quick response should calm especially retirees with modest investments in their 401k accounts.
Some financial analysts believe Trump has the upper hand with China as that country’s economy is anything but strong. China’s leaders don’t want to lose face with the U.S. and if President Xi Jinping mishandles this war his leadership could be threatened.
President Trump might consider a nationally televised address in which he would explain in simple terms his goals and how all of this will play out.
So far all this razzle-dazzle hasn’t resulted in any foreign nations, especially members of the European Union, reducing or dropping their tariffs against U.S. products. They appear to be waiting to see what develops. They are not alone.
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