The United States and China are the two most powerful countries in terms of their annual economic output. Measured in gross domestic product, nominally, the United States has the more formidable gross economic output; measured in gross domestic product by means of purchasing power parity, China comes in first place in terms of overall economic output.
Despite what you – or anybody else, for that matter – might say or feel about United States President Donald Trump, it’s true that he has more experience in doing business than any of the other 44 people who have served the American populous as POTUS. As such, even though Trump inherited a highly successful business enterprise from his father, Fred Trump, and was born into wealth, making his eventual probability of success much more likely than his worse-off counterparts, it’s generally safe to assert that President Trump possesses a better, more well-trained business acumen than any other candidate to have acted as POTUS.
Building the Business Interests of the United States
For years, in order to do business with Chinese investors, manufacturers, or others, foreigners – and especially Americans – have been required to hand over some or all of their intellectual property, such as trade secrets. This unfair practice has been supported by the Chinese government, giving Chinese people and businesses an unfair advantage.
To combat against this long-standing unofficial protocol, as well as to strengthen the national economy of the United States, President Trump kicked off a trade war between the U.S. and China by initially enacting tariffs on just two products – washing machines and solar panels exported from China. Starting on Jan. 22, 2018, and followed by a second round also consisting of two tariffs on March 1, 2018 – incoming aluminum and steel tariffs, regardless of whether they came from China or elsewhere – the ongoing trade war was then kicked off by President Trump.
A New Trade Pact Could Come About
A pact between 16 countries could soon become the largest trade agreement in the world.
Leaders of countries throughout Southeast Asia have worked hard over the past few months to work toward all-around favorable terms so prospective constituents of the Regional Comprehensive Economic Partnership (RCEP) could finally effectively enter into a trade agreement with one another.
Unfortunately for potential members, India’s leaders aren’t playing ball, according to a recent report from Reuters, as Prime Minister Narendra Modi didn’t even mention the RCEP in speaking to other importance figures of governance at the currently-ongoing Association of Southeast Asian Nations in Thailand.
Dil Bole Oberoi
