Mr. Trump told the press his group of negotiators still talk to Chinese negotiators, but neither side offers the concessions needed to end the trade war. Mr. Trump wants China to change the way they interact with its international companies like Huawei. And he wants China to buy more American products. Plus, he also wants China to stop manipulating their currency on the foreign exchange market.
China agreed to buy more farm products, and they will buy other American products. But China won’t change its internal business laws to appease Mr. Trump. China also wants Trump to remove the tariffs after both sides agree to a new trade deal. But Trump wants to keep the tariffs in place to make sure China lives up to the agreement.
Policing the agreement will be hard, according to the New York Times. Even if President Xi signs a new trade deal local governments may ignore the deal, and that has U.S. officials concerned. But China won’t sign a new trade agreement if Mr. Trump plays a role in the agreement. The Chinese know Trump doesn’t keep his word, and he keeps changing the deal based on the information he gets from advisors like Steve Mnuchin, Larry Kudlow, and Wilbur Ross.
Mr. Trump’s economists don’t tell the president the bad economic news. Kudlow claims he doesn’t see signs of a recession even though the recession signs keep blinking red around the world. Commerce Secretary Wilbur Ross said he thinks all the talk about a recession doesn’t make sense because the unemployment and inflation numbers are low. Even though an inverted bond yield curve is a solid indicator of a pending recession, the Trump administration denies there’s an economic threat looming over Americans.
The president claims his economy is still the best in the world. But he wants to cut payroll taxes to stimulate the economy, according to the New York Times. He won’t drop the tariffs because American’s pay them, and that money helps reduce his out-of-control national debt.
Trump wants his Fed Chairman Jerome Powell to cut interest rates by 100 points in September. He blames Powell for his eroding economy but he still claims a recession is not in America’s future. Forcing the Feds to cut interest rates now won’t help the economy, according to Boston’s Federal Reserve Chairman President Eric Rosengren. But the stock market rallied when Trump said Powell should step up and cut rates by one percent.