Drag from Trump’s trade wars continues to ripple through U.S. economy

Drag from Trump's trade wars continues to ripple through U.S. economy
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WASHINGTON (Reuters) – As U.S. President Donald Trump and Chinese Vice Premier Liu He prepare to sign a “Phase 1” trade deal, new data show that the costs of Trump’s trade wars are proving more widespread, deeper and longer-lasting than previously believed. FILE PHOTO: U.S. President Donald Trump, U.S. Secretary of State Mike Pompeo, U.S. President Donald Trump’s national security adviser John Bolton and Chinese President Xi Jinping attend a working dinner after the G20 leaders summit in Buenos Aires, Argentina December 1, 2018. REUTERS/Kevin Lamarque/File Photo Research from the U.S. Federal Reserve and other top economists shows that U.S. tariffs on Chinese industrial components and materials, which largely won’t be lifted by the deal, are proving especially damaging to American manufacturing competitiveness and jobs. The White House has scheduled a signing ceremony on Wednesday for what Trump is touting as “the greatest and biggest” trade deal ever made, with China expected to pledge to boost purchases of American exports by $200 billion over two years, including $80 billion more in manufactured goods, $32 billion more in farm products and $50 billion more in energy. China also has promised to open its financial services market, improve protections for intellectual property and forbid the forced transfer of technology to Chinese companies. But Beijing has a history of pledging reforms that don’t happen, and many consider the purchase targets unrealistic. The deal caps years of U.S. tensions with China that boiled over into a trade war 18 months ago, as Trump […]

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