Sees compromise agreement with Beijing as loss of bargaining power
Washington. In response to recent reports that President Trump is moving towards an agreement with China, Dan DiMicco (CPA Chairman) and Michael Stumo (CPA CEO) issued the following joint statement:
“We urge President Trump to continue his strategy of strength and leverage in the US trade and geopolitical relationship with China. We know from the mistakes of past presidents that previous promises by Beijing were not kept.
“The President’s tariffs are working to rebuild the US economy, achieve leverage, and dampen China’s ability to erode America’s economic, military, and geopolitical strength.
“Fundamental change is needed. China must stop the dozens of acts and practices it uses to steal and otherwise wrongly acquire critical technology from our government and private companies. Our bilateral trade relationship must be rebalanced across a broad array of industries beyond commodities and semiconductors. China must quickly and convincingly shift from excessive reliance on the US consumer market for its growth to greater reliance on domestic consumption.
“Enforcement mechanisms must be clear, strong, and quick. China must agree not to retaliate if enforcement of any agreement occurs.
“We urge President Trump to continue focusing on the long term national interests of the American people and resist short-term pressure from Wall Street.”
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