Can the US economy grow without a China trade deal?

Can the US economy grow without a China trade deal?


MANIPULATOR. BEIJING AND WASHINGTON STILL IN THE TRADE STALEMATE WITH CHINA DIGGING IN FOR A DRAWN OUT FIGHT. THIS COMES AS NEW DAY A TAKE FROM THE TREASURY DEPARTMENT SHOWS THE U.S. COLLECTED $63 BILLION SO FAR IN TARIFFS SINCE JUNE OF LAST YEAR. JOINING ME RIGHT NOW, WORLD BANK GROUP PRESIDENT DAVID MALPASS TO TALK MORE ABOUT ALL OF THAT. IT’S GREAT TO SEE YOU THIS MORNING. THANKS SO MUCH FOR BEING HERE.>>HI, MARIA. GOOD TO BE ON. MARIA: HOW SHOULD WE VIEW WHAT’S GOING ON WITH CHINA? WE KNOW THAT NOW THE CHINESE ARE TRYING TO LIMIT THE DECLINES BY KEEPING THAT SEVEN LEVEL IN THE YUAN. BUT THE PRESIDENT AND TREASURY HAS CALLED THEM OUT AS THE CURRENCY MANIPULATOR. WHAT SHOULD VIEWERS UNDERSTAND?>>I’M NOT INVOLVED IN THE FX POLICIES AT THIS POINT BUT WHAT I CAN OBSERVE IS THAT CHINA HAS SLOWED SOME AND THE STATEMENTS THAT THEY’VE BEEN MAKING HAVE BEEN IN THE DIRECTION OF STABILIZATION. I THINK THAT’S GOOD. THEY ARE PART OF THE G- G-20COMMUNICA THAT COMES OUT WHEN THE G-20 MEETS. IT’S TO RECOGNIZE THE GROWTH AND INVESTMENT FROM CURRENCY STABILITY IN GENERAL. CHINA IS FULLY PART OF THAT AS A CONCEPT OF GROWTH. I THINK THAT’S GOOD. BUT CLEARLY, THEY FACE A LOT OF CHALLENGES IN THEIR INTERFACE WITH THE REST OF THE WORLD. THEY HAVE STATE-OWNED ENTERPRISES. THEY’VE GOT BASICALLY STILL IN MANY WAYS NONMARKET ECONOMY THAT’S BEEN TRYING TO MOVE MORE TOWARDS MARKETS BUT HAS A LOT OF ROOM TO GO. MARIA: CAN THE U.S. GROW WITHOUT A DEAL FROM CHINA? I MEAN T TWO I MEAN THEWO I MEAN THE TWO LARGEST ECONOMIES, DO YOU EXPECT THAT — LET’S SAY WE DON’T GET A DEAL WITH CHINA, THAT THE U.S. IS GOING TO BE AT A DISADVANTAGE?>>YOU KNOW, I WAS HEAVILY INVOLVED IN THE TRADE DISCUSSIONS, SO I DON’T WANT TO SPECULATE ON THE DEAL. BUT FROM THE STANDPOINT OF U.S. GROWTH, IT’S HELD UP WELL. A CHALLENGE FOR THE WORLD IS GROWTH OUTSIDE THE U.S. HAS SLOWED DOWN. YOU MENTIONED AT THE TOP OF THE SHOW THE INDUSTRIAL PRODUCTION IN GERMANY DOWN 1%, 1.5% AND SO EUROPE HAS BEEN SLOW AND ADDING TO THAT CHALLENGE IS THE AMOUNT OF NEGATIVE INTEREST RATE BONDS THAT ARE SITTING ON THE ECONOMY. I THINK THOSE ARE A BIG DRAG WHEN YOU’VE GOT A POLICIES THAT END UP WITH NEGATIVE INTEREST RATES. MARIA: THREE CENTRAL BANKS OVERNIGHT LOWERED INTEREST RATES, NEW ZEALAND, THAILAND, INDIA AND THEN YOU’VE GOT THE GLOBAL MONETARY POLICY BASICALLY IS LOW. THE EU NOMINATING CHRIS SALENA JORJVA TO MANAGE THE IMF. WHAT ARE YOUR THOUGHTS ON THE CHANGES THAT WE’RE SEEING AS ECONOMIES ACROSS THE WORLD BASICALLY HAVE THIS RACE DOWN TO ZERO ON INTEREST RATES?>>WELL, LET ME START WITH CHRISTALINA, SHE’S BEEN MY CEO FOR THE WORLD BANK. I KNEW HER QUITE WELL BEFORE I CAME TO THE WORLD BANK AND THOUGHT VERY HIGHLY OF HER AND MY OPINION HAS GONE EVEN HIGHER IN WORKING WITH HER VERY CLOSELY OVER THESE LAST FEW MONTHS. SO I THINK IT’S GOOD CHOICE FOR EUROPE. IT BRINGS IN A SMALL EASTERN EUROPEAN COUNTRY LEADERSHIP THAT HAS BEEN VERY STRONG. THE EASTERN EUROPE HAS BEEN A SUCCESS STORY WITHIN THE DEVELOPING WORLD AND SHE’S VERY GOOD AT FINANCE, AT COUNTRY, AT DONE INDUSTRY CONE INDUSTRY COUN INDUSTRY COUNTRNDUSTRY COUNTRYDUSTRY COUNTRY USTRY COUNTRY UNDRY COUNTRY UNDERSTANDING AND RELATIONSHIPS AROUND THE WORLD. I THINK IT’S A GOOD CHOICE FOR THE IMF. WITH REGARD TO THE INTEREST RATE POINT THAT YOU MADE, ONE OF THE CHALLENGES IS THAT CENTRAL BANKS ARE STILL BUYING A LOT OF THESE LOW INTEREST RATE BONDS. SO THE EUROPEAN CENTRAL BANK IS STILL BUYING BONDS, EVEN THOUGH THE YIELDS ARE SUPER LOW. AND SO ONE OF THE CHALLENGES THAT POSES IS IT BENEFITS THE UPPER END OF THE ECONOMY. GOVERNMENTS ARE THE ISSUERS OF MOST OF HE MOST OF TE MOST OF THESE BONDS SO YOU HAVE THE ODD SITUATION WHERE UNDER THE REGULATORY POLICY, GOVERNMENTS ARE FAVORED AND UNDER THE CENTRAL BANK POLICY GOVERNMENTS ARE FAVORED. AND SO IT’S NOT IDEAL. IT’S NOT AN IDEAL POLICY FROM THE STANDPOINT OF TRYING TO BRING INCLUSIVE GROWTH, PEOPLE UP FROM THE BOTTOM WHICH IS A WORLD BANK OBJECTIVE. MARIA: WHAT DO YOU THINK THE IMPACT OF CHRISTINE LAGARDE COMING FROM THE IMF GOING TO THE ECB WILL BE? THESE GOING TO BECOME THE PRESIDENT OF THE EUROPEAN CENTRAL BANK. THERE’S BEEN COMMENTARY ABOUT THAT, SAYING SHE’S NOT AN ECONOMIST. SHE’S MORE OF A POLITICIAN. WHAT KIND OF A SENTIMENT WILL THAT BRING WITH HER IN THE CHAIR AT THE ECB IN TERMS OF STIMULUS? WILL SHE BUY EQUITIES, FOR EXAMPLE?>>I DON’T KNOW WHAT HER POLICIES WILL BE. BUT I KNOW THAT SHE REALLY IS LOOKING TO HAVE A EUROPE THAT CAN GROW FASTER. YOU KNOW, THEY’VE REALLY SLOWED AND THEY DON’T HAVE THE POLICY REFORMS THAT WOULD MOVE THEM FORWARD. ONE THING I’VE LEARNED OVER THIS 40 YEARS DOING DEVELOPMENT ECONOMIES IS LEADERS MATTER AND THE POLICIES MATTER. THEY HAVE A CHOICE OF WHETHER THEY WANT TO CHANGE TO MORE GROWTH ORIENTED POLICIES. SO ONE OF THE CHALLENGES IS FOR EUROPE TO FIND THAT DIRECTION AND GET OUT OF THE RUT THAT THEY’RE IN. MARIA: YOU’RE RIGHT. BUT AREN’T THESE ISSUES AROUND FUNDAMENTAL FEDERAL POLICY AS OPPOSED TO — TALKING ABOUT NATIONAL POLICIES, AS OPPOSED TO OF MONETARY POLICY, RIGHT. SHE’S TAKING THE HELM AT THE ECB. THERE ARE ISSUES AROUND LABOR, AROUND THE WORKWEEK IN EUROPE, I MEAN, THOSE ARE POLICIES THAT WOULD LIKELY BE DEALT WITH COUNTRY BY COUNTRY AND ISN’T THAT THE REAL PROBLEM?>>AND ALSO THE EUROPEAN UNION. SO SOME OF IT IN EUROPE IS COUNTRY BY COUNTRY AND THEN THERE’S ALSO THE ISSUE OF DOES THE EUROPEAN UNION AS A GROUP CHOOSE A DIRECTION THAT’S MORE TOWARD GROWTH. YOU’RE RIGHT THAT IT’S — A LOT OF IT IS TO DO WITH STRUCTURAL REFORM. THE CENTRAL BANKS ARE TRYING TO HAVE — PROBABLY TRYING TO HAVE A MONETARY POLICY THAT FITS IN WITH THE EUROPEAN POLICIES OF THE NATIONS. SO EVERYONE CAN ENCOURAGE THAT DIRECTION OF MORE GROWTH, NOT ONLY IN EUROPE, BUT IN CHINA AND I WORK A LOT ON DEVELOPING COUNTRIES. IN FACT, MOST OF MY TIME ON THAT. AND I’D LIKE TO SEE COUNTRIES DO MUCH BETTER, GOOD DEVELOPMENT OUTCOMES IS A GOAL. THAT MEANS INCLUDING WOMEN, FOR EXAMPLE, IN THE ECONOMY. I’VE BEEN HAPPY TO SEE SOME OF THE POSITIVE CHANGES IN THAT DIRECTION. THAT REQUIRES LEGAL REFORMS BY GOVERNMENTS THAT THEN ALLOWS AND ENABLES A BETTER ENVIRONMENT FOR GROWTH. MARIA: WHAT ELSE HAVE YOU BEEN WORKING ON AT THE WORLD BANK. GIVE US YOUR PRIORITIES.>>WELL, PRIORITY IS GOOD DEVELOPMENT OUTCOMES. I’D LIKE TO SEE QUITE A FEW COUNTRIES AROUND THE WORLD DO BETTER, AND DO WELL. THAT MEANS MORE INVESTMENT AND THAT USUALLY MEANS A BETTER PRIVATE SECTOR ENVIRONMENT AND YOU CAN LOOK AT EACH PART OF A COUNTRY’S LEGAL SYSTEM AND SAY WHAT IS IT THAT’S NOT ENCOURAGING ENOUGH FOR PRIVATE SECTOR INVESTMENT. SO WE HAVE A LOT OF PEOPLE LOOKING AT THE SPECIFIC POLICIES OF COUNTRIES AND THEN WORKING WITH THE COUNTRY TO TRY TO FIND BETTER PATH FORWARD. ONE GOOD NEWS I’LL POINT OUT IS AROUND THE WORLD MANY DEVELOPING COUNTRIES OR SEVERAL HAVE FOUND GOOD, STRONG LEADERS THAT REALLY WANT TO MAKE CHANGES IN THEIR COUNTRY AND BRING PEOPLE UP FROM THE BOTTOM, ALLOW PRIVATE SECTOR GROWTH IN THEIR COUNTRIES AND SO I’M ENCOURAGED BY THAT. THERE ARE OPPORTUNITIES TO TAKE — FOR THE WORLD TO ENCOURAGE AND TAKE ADVANTAGE OF IT THERE. MARIA: WE’LL SEE. IT’S BEEN CERTAINLY TOUGH FOR EUROPE TO GENERATE ANY GROWTH. SO WE’LL SEE IF ANY POLICIES CHANGE. DAVID, IT’S GOOD TO SEE YOU THIS MORNING.

100 thoughts on “Can the US economy grow without a China trade deal?

  1. Capitalism won't invest in this country the wages are to high,the world is there home they go where the money is to be made.They have no allegiance to anybody.

  2. Yes since our stock market and economy is driven by massive federal spending. Our economy is addicted to federal spending. If you reduced it in order to reduce the National debt it would ultimately send our stock market and economy into a noise dive. Our entire existence as Americans relies on the ability of the federal government to raise the debt ceiling in order to keep making massive 2000 page Omnibus spending bills. This is a very big part of the swamp. What’s conservative about a 2000 page Omnibus spending bill? What’s conservative about raising the debt ceiling? When does the swamp draining start?

  3. Sure it can, start bringing those manufacturing jobs back over. To many American companies are taking advantage of cheap labor and lower environmental standards, while they charge the American twice as much for their products.

  4. How about less about making money more about how much. In 1 year does this county make. . lets spend it on clean healthy air water food .no more kicking this just do it

  5. 🤣🤣🤣🤣Trump has screwed the FARMER !!!! BYE BYE FAMILY FARMS.
    Oh did you hear President Trump's feelings got hurt because nobody liked him in Dayton and el Paso. Poor Trump he's crying right now because his little feelings got hurt.

  6. What about the 8 million dollars a day america gives israel since 1947 will trump bite his masters hand!!!

  7. What they are not talking about very much is businesses leaving China due to the tariffs. Some of those businesses are coming back to the U.S. and that translates into jobs that left for China over the past 30 years. No body is talking about the connection between the Opioid crises and high unemployment rate, as a direct result of job losses to China. Without a job, your self worth deteriorates and drugs help to fill that void of self worthlessness. IMHO.

  8. Of course America can survive without China.A lot of Asian nations.Especially in Southeast Asia that can replace China as a manufacturing country for US.

  9. Who needs to buy tap crap….. ooooops! It's 2019….. Chinese Crap….
    The caps now make good products….and a part of the G7…and western man…..lol

  10. You act like China is the only nation who would make trade deals with the US. If anything China's economy wouldn't grow as quickly without US's economy. They need others WAY more than we need them. The US can make trade deals with Japan, UK, Mexico, Brazil, Russia, France, etc.

    This is equivalent of saying McDonald's is going to collapse because one regular customer stops going indefinitely.

  11. President Trump stands up for the United States his actions speak louder than his words unlike the past presidents! 💪💪💯✌

  12. Hell no. Americans wont survive at all. Last time i got something that said proudly made in America.. Then i seen the inside of the Tag. It Said. Made In China😖😆.. We need China Trade.

  13. How can China fight this. Balanced trade is common sense. China has a 500 billion dollar yearly trade surplus with the US. That represents millions of lost American jobs. The US would be better off NOT trading with China.

  14. I didn't watch the video, just read the title question, and the description of the vid.

    I have a 2 questions.
    😎👍

    Considering China, companies in it, and ALL OTHER countries have been scrambling around making NEW trade deals with themselves and leaving the U.S. out of them… because of trumps unpredictable "next tarriff" on countries, and the ones he's imposed already….

    Will the U.S. economy tank in the next 2-6 years and make the great depression look like a paid vacation for labor workers???

    And..2)…
    What's the names of all those major companies "moving back" to the U.S. that trump never names???

  15. The price of chicken is going up.

    You heard it here first.
    😎👍

    ICE arrested 700 illegal chicken killers in Mississippi chicken kill'n plants.
    Owners have been reprimanded, and sternly warned.
    While the low wage chicken killers that made them $millions were arrested, hauled off, and prepped for exile.

    Gotta love this country.

    China???
    Folks better get to thinking south of the boarder.

    Chicken production in Mexico…just got a boost.
    🤣🤣🤣🤣🤣🤣🤣

    Just like auto manufacturing has.

    China??
    Lol.

  16. I see Americans are more and more conservative. America is losing her mind. 'America First!' 'Make white people great again!'
    What's going on with America?It's not America I know.

  17. The question is can the Chinese economy grow without a deal with the U.S. They need us way more than we need them

  18. Most American and even foreign countries depend upon China to make components in their products like for instance in Japan Nintendo and Sony use China to make their video game platforms and I'm sure there are components made in China in Ford, Chrysler, and GM vehicles. And lets not forget about those Samsung and iPhones which are made in China I don't think Americans can live without their smartphones they practically live on them.

    All aside China employees lost cost laborers and Chinese companies had even been caught in the act of employee child labor.

  19. Low and Middle class wages are stagnant and people wonder why, all American made companies went under thanks to the Asian markets, I say we don't trade with any country that we run a deficit too, especially countries like China, Japan, South Korea.

  20. The US government should buy up surplus soy beans and other beans and grains from US farmers. China has more food in long term storage than most of the rest of the world combined, as if China anticipates WW3 or imminent food shortages. The US should store surplus food in long term packaging. Eg. many beans and grains can store for over 30 years if properly packaged, say in Mylar bags or #10 cans. Food stored in typical retail plastic and paper boxes only keep for a few years, at most. The US Government should stockpile long term storage of beans and grains, and other food like sugar and soy protein powder for strategic and emergency uses, and also encourage citizens to do the same. Today, China is the biggest 'prepper' on earth, so US should also factor in long term food storage into the new cold war with China. US must prepare for the upcoming global population explosion in the third world, and the effects of global warming on agriculture, and store up food now, while it is cheap.

  21. What a dumb title and question.
    Of course the US economy will grow without China. So will China's grow without US.
    The only difference is ours will grow at 2% and theirs at 6%.

  22. As an American I can personally say I have no problems with paying more to keep China out of America. We don't need their kinds of problems in our world, shake hands and peacefully let them sell their goods to other nations. I'm tired of hearing about it, The Chinese are not Americas friends and we should have never allowed them into our markets. They have robbed the world of everything thinkable and are proud of it.
    They have no God therefore have no shame in lying,stealing and cheating anyone they do business with. And they raised their people to be the same. I want nothing to do with or their products. I will pay more, I don't care. Root them out Trump.

  23. If USA feels cheated… go home and lock the doors. China will not be in a hurry, believe me. It seems from all this propaganda press, USA and trump is like a desperate aging fat woman in deep endless debt while on opied. China is already looking at other partners to do business with. We, Americans are just obstructionist and can't compete…. crying alone at home. Get the dildo out and just satisfy ourselves if you feel cheated. 😪😢😭💀

  24. I needed a wire snipper, went to the Ace and compared a $12 made-in-USA tool with a $10 made-in-China. Easy choice – bought the USA tool and it's worked fine. Also a garden hose and watering pail, made in USA. Most of Ace's inventory is made in China, but every now and then there's a Stanley or Craftsman product still manufactured here.

    If only electronics could be made here as it once was — if you're buying any kind of phone, tablet, laptop, PC, nanny cam, recording device, desk lamp, headphones… ALL are made in China. Bring the factories home and let's prove we can do just as good a job for the same money. It might require some tax breaks and incentives and union concessions… but that's how these products were offshored to begin with, lured overseas by tax incentives and a promise of no labor strikes.

    Enriching China is a losing game. They are not our friends, and as long as they are ruled by a paranoid Communist oligarchy, they will never be friendly.

  25. For all you morons saying yes America can grow without China, clearly you don't understand what will happen, so let me break it down for you. ALL those goods you buy at walmart made in China for $10.00 will jump up in price to about $25.00. Ask some farmers what is happening with their crops and their profit margin are during tRump's easy to win trade wars.

  26. No china no cheep products no cheep products , more work for Americans ,lazy Americans don’t like hard work and low pay , Americans Lose …China wins

  27. You can say goodbye to cheap electronics and plastic goods. Somethings aren't worth fighting for and this is one of them. Why because it puts a few Americans out of jobs? Who cares, get a certificate in something useful.

  28. I think this will be a win-win situation for both China and the United States. 1: If China has a good deal, then the United States would have a lot of money to earn. And 2: If China does not have a good deal, not only that both would not earn money, but it would reduce the pollution to the whole world. So that’s a win-win situation…

  29. If America stops buying products from China Americans will want cheep and good products, well American companies won’t succeed making cheep products with high pay employees it just doesn’t work America juices other countries that’s why your phones , TVs, radios , and mostly anything in your house is cheep… nothings free I wish Americans would start making products that are good American made like they so call it but I won’t pay a lot so I rather pay China’s tv ( other countries people will say )

  30. 63 billion from American tax payers… This is after the tax "cuts" where the average American pays more in taxes. Thanks Trump! America is getting greater by the day… All… This… Winning 🤩😍🤩😍!

  31. bring all former american companies back to america. put people to work not robots. leave chineese made junk in china

  32. Since August 1st 2018, British Pounds declined 7.9% to US dollar, Euro declined 4%, Chinese Yuan declined 3.4%. It's all because DINIW went strong.

    US just pick up one by purpose and blame.

  33. Am I confused or are tariffs not paid for by your own people? Like, China isn’t paying anything for it, we are just slapping a tax on ourselves for anything we buy from them. So if we get steel from them for cheap, all the businesses that use that steel will have to pay even more for it, and it hurts our own businesses as well. If they’re going to slap tariffs down on anything from China, they should at least exclude all those materials we use in manufacturing, and only go for the things we don’t need or are not necessary for our businesses to continue

  34. To be honest, China will still be
    no. 1 with or without trade war after no of decades.Not U.S. nor even mention about Taiwan used by western world as a trump card to suppress development of China. Taiwan's GDP used to be 1/2 China now is only 1/20. Will it be back to half of China or 1/5 of China the answer is definitely no. The iconic industry in Taiwan is only semiconductor industry left as no. 1 in the world and a small place without much resources, well infrastructure, system, lifestyle, environment and strong economy and power and energy industry to support it's development so it's population is continuously declining and moving out. The reason why western world support Taiwan is due to the fact of their national interest not values or sincere relationship or any attractions from it. Ask most people in the world if you gonna choose a place to live or travel, would you choose China, Japan, South East Asia, Australia, U.S. and Europe or you gonna choose Taiwan? So sometimes you have to let go, and now it's time to let go Taiwan and it's good for everyone to prevent next war.

  35. We never needed China and we don't need them now. What happens to China when our 40,000 factories come back? It's a no brainier !

  36. China is suffering with an economic growth of 6.2% and the USA is great economically with the farmers sinking into bankruptcy owing to the trade war.

  37. When it comes to trade relations with China, understanding the details is important. Dealing with the Chinese is VERY different – it is NOT a linear process like Americans are used to. Trump is not "waging a trade war"…. he understands how to negotiate with China. My business contacts in China say that Trump is the 1st ever U.S. President that China hasn't been able to completely fool (they said "screwed over") into horrible trade policies for the U.S. They say that Chinese businesses are pressing the government there to give in to Trump because they are having a terrible time – profits are down big time and inflation is a huge concern.. He thinks they will hold off until the election (hoping Trump somehow loses) but that a deal will HAVE to be done if he is re-elected.

  38. Yes, let’s keep giving farmers billions of dollars of US tax payer money because insecure Trump. . The only moron that wants a trade war is in the WH.

  39. America didnt need China before free trade and doesnt need them now plenty of empty buildings in America start putting jobs back in Them especially our clothing manufacturing again let other countries worry about themselves.

  40. ☝️ a country must prioritize and protect its own products or products from co- territories / friends… 👍
    ☝️ a Government & Media must protect its own people and promote legal laws & sense of equality & balance…

  41. ☝️ a country must prioritize and protect its own products or products from co- territories / friends… 👍
    ☝️ a Government & Media must protect its own people and promote legal laws & sense of equality & balance…

  42. Definitely, Yes! ! The American people's prosperity will grow stronger and healthier without the corruption of the black infiltration from the CCP.

  43. The answer is “of course”, no-brainer. US does not make her economy growth from trading(s). US grows from generating domestic productions which support her citizens' spending, both domestic and international. When we talk about trade with China, this is more true. Numbers demonstrate that trading with China only moves US$ to China. Bigger the trade with China, more US$ is moved to there. Did we have economy growth 30 years ago when there was no product “Made in China” here? You got the answer.

  44. Economic growth is favored by peace, capital market, freedom of innovation and respect of individual properties including intellectual property.

  45. Decouple us from China. Move manufacturing anywhere else. Stop trading with China. It's an evil totalitarian state and those decades of thinking they'd liberalize have been a delusion the Chinese have only taken advantage of. Trump is right.

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