Today’s paragraphs come to us from Dan Dimicco, former Chairman/CEO of the Nucor Steel Company and an adviser to President Trump…on whose behalf he has written a commentary which favors the stiff tariffs Mr. Trump has hit China with.
Here are a few key paragraphs:
There’s an important point to remember in the current U.S.-China trade conflict: Beijing started it. For the past 20 years, China has been at war with the U.S. economy, using massive subsidies, currency manipulation and intellectual property theft to continually erode America’s manufacturing base.
After years of this economic aggression, the Trump administration is now saying, “Enough is enough.” But when the president recently imposed 25-percent tariffs on roughly half of Chinese imports, Wall Street cried foul.
It’s doubtful that President Trump undertook the new tariffs lightly. In fact, he delayed them in January — to give Beijing more time to negotiate in good faith. But after many months of talks and the formulation of a 150-page draft agreement, Beijing did an about-face.
China’s leaders simply reneged on an initial commitment to start opening their markets and to halt such aggressive practices as IP theft, hacking and forced technology transfer.
That’s what finally forced President Trump’s hand. He is continuing tariffs on $50 billion worth of Chinese imports while also raising tariffs to 25 percent on another $200 billion worth of goods. Half of China’s imports to the U.S. are now covered by the tariffs.
Mr. Dimicco goes on to provide considerable detail, explaining what he considers the short and long term benefits of this policy. You might agree or disagree with his points. But try and find as concise, non-technical an explanation of the Trump policy, what it intends to accomplish and the results so far anywhere else.
I couldn’t, which is why Dan Dimicco is awarded Paragraphs Of The Day honors.