RLK: So there’s a significant impact [on the US]. The US hope is that China will be pressured to make changes in its policy. Now the [tariff] policy is not just [targeting] the trade deficit. The policies are, what are called, China’s closed market, intellectual property protection, industrial espionage, tech transfers and JVs (to get the Chinese market) and government support for tech. And for each of these, China has responses. China says it was doing what was appropriate under the WTO because it was a developing country. Now that it’s advanced, it’s opening markets.
China has a “negative list” telling people [companies] what it cannot do, making it much easier; China is also opening further in autos and financial services. But they need to be pushed more. Even economists in China recognize that, that coming out of this, if we have cool heads and smart brains, both sides can be better off.
HOST: So are there other ways to do this? You listed that Trump wants to close a trade deficit. He’s hitting back at these closed markets. He wants to prevent the stealing of intellectual property. What is an effective way to do this besides heaping these tariffs on China?
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