Here is Morrison’s opening:
China’s economy is now the largest on earth. Its industrial output is triple that of the United States. Its population, quadruple. To make matters worse, Chinese computing power is on par with ours and their scientific output is gaining fast.
This is no accident. Like Britain, China transitioned from an agrarian to an industrial economy by embracing mercantilism and piggybacking on America’s market.
America is becoming China’s economic colony. China’s slave. But it doesn’t have to be this way. As Britain did, China chose her fate. Now is the time for Americans to choose: do they want liberal free trade and “cheap” Chinese junk, or do they want conservative tariffs? Put another way, do they want an economic future?
President Donald Trump and Chinese President Xi Jinping agreed last week to a 90-day ceasefire in our ongoing trade war.
Trump will postpone the raising of tariff rates on some $200 billion worth of Chinese goods, which was scheduled to occur on January 1. In exchange, China agreed to buy “a very substantial amount of agricultural, energy, industrial, and other products from the United States to reduce the trade imbalance” according to a statement from Sarah Sanders.China also agreed to aid Trump in denuclearizing the Korean Peninsula and to designate fentanyl as a controlled substance, which will many argue will help America quell its opioid crisis. This is welcome news.
This ceasefire buys both nations time to discuss a number of issues, including the rampant theft of American intellectual property—which costs America some $600 billion in lost profits annually—and China’s variety of non-monetary market barriers.
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