Goody.
Does that mean they will let their currency float?
Market rate Renminbi would have solved a lot of this without tariffs.
But that’s what happens when you cheat. The other players in the game retaliate.
It is estimated the Renminbi is under-valued by at least 37.5% from a free float on the world market.
Our balance of trade is $130bil sold, to $505 bil purchased, for a deficit of $375 bil.
The pegged (essentially) Renminbi alone does not account for the full gap. The rest is complete lack of environmental regs, child and prison labor, government supports, theft rather than investment in IP and full-on tariff of imports. Even refusal of entry for some products.
Yeah, China does not want a trade war with us, it will crush them.