The U.S. is beginning to resemble China on trade rather than the other way around, according to a former top trade and economic adviser to Presidents George H.W. Bush and Bill Clinton.
Broadman, who also served as chief of staff on George H.W. Bush's Council of Economic Advisers, suggested that since the Trump campaign's focus in both 2016 and 2020 is on eliminating the bilateral trade deficit on goods, the administration's sole focus would be on demonstrating to Trump's base that the promise been fulfilled. However, he dismissed the merchandise bilateral trade deficit as an "economically meaningless metric.
"With a booming economy, low unemployment, and rising wages, it's clear that the President's policy of fair and reciprocal trade along with lower taxes and deregulation are working," Deere added.China has been a trade adversary for successive U.S. administrations and other major Western powers, who have accused the world's second-largest economy of flouting World Trade Organization rules since it joined the agreement in 2001.
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