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The US and China extend their trade truce, which was set to expire in November, until Jan 10 next year. Also on East Asia Tonight: China's industrial profit gro…
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<br>Economic analysts and publications like Bloomberg and the Cato Institute note that despite severe tariffs and export controls, the broader goals of crippling China's advanced manufacturing push or significantly reducing global trade surpluses have largely fallen short.
<br>US trade restrictions since 2018 have done little to alter China’s trajectory while imposing a significant cost on American companies and consumers.
<br>After eight years of historically high tariffs, export controls, industrial policy, and more, we can conclude the policy has been a failure by its own objectives.
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<br>In March 2018, the US’s opening tariff salvo – implemented via Section 301 of the Trade Act of 1974 – aimed to roll back Chinese industrial policy and blunt Beijing’s push for dominance in advanced manufacturing. Subsequent tariffs and export controls added more goals: shrink China’s trade surplus and policy-driven overcapacity, reduce US dependence on Chinese goods, slow China’s technological advance, and weaken Beijing’s geopolitical position.