According to the Census Bureau, the international trade numbers for the first nine months of 2022 indicate that the United States has run up a $309.23 billion trade deficit with China. That number is up about 22% – or $55.723 billion – from the first nine months of last year and puts the US on track to have a 12 month trade deficit with China (2022) of $412.2 billion – The highest total on record.
In all of 2021 the United States exported only $151.442 billion in products to China, while importing $504.935 billion meaning that the trade deficit for all of 2021 was $353.493 billion. Experts believe that trade deficit will continue to rise.
In 2019, President Donald Trump addressed the issue of the trade deficit with China and began a trade war with the communist country. Despite a plethora of mainstream news reports that the deal was a failure, Trump was making progress. Before Trump started imposing billions of dollars worth of Tariffs, the trade deficit with China (2019) was $345 billion. In 2020, that deficit was reduced to $308 billion – or about 10% – with experts saying the deficit would continue to fall.
In addition, a Tokyo-based investment bank said that because of the tariffs being imposed by Trump, there was a massive number of companies leaving China which was negatively impacting the Chinese economy. Nomura research analysts Sonal Varma and Michael Loo said,
“It is not just short-term trade diversion; medium-term production relocation has also started. Trade diversion occurs when companies divert production from China. Production relocation is the establishing of new supply chains.
Companies leaving China took off to Vietnam, Taiwan and Thailand Mexico and the U.S. in the wake of U.S. tariffs on Chinese exports.
This week, while Joe Biden was attending the G20 summit in Bali, Indonesia, he met with Xi Jinping, the general secretary of the Chinese Communist Party.
A report in The New York Times suggested that the Chinese government was happy with the outcome of the Biden-Xi meeting. Its headline said: “After the Biden-Xi meeting, Beijing signals optimism over relations with Washington. An upbeat photo in China’s main newspaper and comments by the foreign minister suggested that Beijing believes its relationship with Washington could improve.”
Keep in mind, Xi Jinping was not as pleased when Trump was making the trade deals that benefited the United States.
Many are speaking out against the Joe Biden saying he should not be trying to make the Chinese Communist Party happy by giving them hundreds of billions of American dollars, but should instead address the human rights violations made by the Communist regime.
A 2021 report made by the state department described the human rights violations of the Chinese Communist Party,
“Genocide and crimes against humanity occurred during the year against predominantly Muslim Uyghurs and members of other ethnic and religious minority groups in Xinjian,” said the State Department. “These crimes were continuing and included: the arbitrary imprisonment or other severe deprivation of physical liberty of more than one million civilians; forced sterilization, coerced abortions, and more restrictive application of the country’s birth control policies; rape; torture of a large number of those arbitrarily detained; forced labor; and draconian restrictions on freedom of religion or belief, freedom of expression, and freedom of movement.”
Today, new reports of abuse comes in as the Chinese people are protested against new Covid restrictions being imposed.
