Minor revisions and updates to the initial contribution figures of 26 October 2020 were made in light of the release of revised U.S. export data for September 2020. The European Union and China are two of the world`s largest distributors. China is now the EU`s second largest trading partner after the US and the EU is China`s largest trading partner. The trade war caused economic pain on both sides and diverted trade flows from both China and the United States. Heather Long told The Washington Post: “Economic growth in the United States has slowed, business investment has frozen, and companies have not hired as many people. Across the country, many farmers have gone bankrupt and the manufacturing and freight sectors have reached the lowest levels since the last recession. Trump`s measures have been one of the biggest tax hikes in years. During the 2016 presidential campaign, a consequential waiver of then-candidate Trump was to refer to U.S. trade with China and the agreements that allowed him to be the main cause of job losses in U.S. production and intellectual property. He said China was responsible for the “biggest theft in the history of the world” and lamented the U.S.
trade deficit with China, which saw $346 billion in 2016. He said: “We can no longer let China violate our country.” Building on Donald Trump`s image as the ultimate dealmaker, his campaign has released a strategy to reform U.S.-China trade relations, promising to “make a better deal with China to help American businesses and workers compete.” Trump has presented a four-part plan to reach a better deal with China: make China a monetary manipulator; to confront China with regard to intellectual property and forced technology transfer problems; ending China`s use of export subsidies and lax labour and environmental standards; and to reduce the U.S. corporate tax rate to make U.S. production more competitive. The RCEP does not deal with labour standards or environmental protection measures. Nor does it prevent so-day enterprises from gaining a competitive advantage by subsidizing the state. “We also need to be sure that the text of the agreement is the same in the Chinese and English versions – history has shown that differences become easy loopholes to exploit,” said Ker Gibbs, president of the U.S. Chamber of Commerce in Shanghai. John Bolton, then a national security adviser, said the reasons for President Trump`s prioritization of a trade deal on other considerations with China were highlighted during a private meeting with Xi Jinping at the G20 summit in Japan in June 2019.