(TNS) On the heels of reports Thursday claiming that the Trump administration may be willing to forego the next round of tariffs on Chinese imports scheduled to take effect next month, former House Speaker Newt Gingrich said no matter what a final trade “deal” with Beijing looks like, the Chinese will “cheat.”
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And then we’ll be right back where we started.
USA Features News reported Thursday that “the U.S. and China will begin canceling tit-for-tat tariffs imposed against each other as part of the ongoing trade war as both sides get closer to a final agreement that will see a normalization of commerce.”
The site noted further:
According to a statement from the Chinese commerce ministry, an interim trade deal is anticipated and will include a U.S. promise to scrap tariffs that were scheduled to be imposed Dec. 15 on about $156 billion worth of Chinese imports including laptops, cell phones, and toys.
But rolling back tariffs isn’t necessarily the way to go, Gingrich said during an appearance on Fox Business.
“All of the problems are in the enforcement side,” he said. “The Chinese routinely sign things and then just cheat.”
Gingrich noted that “we tend to over-hype what we don’t know” regarding potential agreements with China, but there isn’t any real need for the Trump administration to act.
There is for China, however.
The U.S. “economy’s bounding along reasonably well, the Chinese are in much worse shape than we are, and when you combine their economic problems with…the collapse of their pork production…they are the largest pork producers in the world, and they’ve now been deeply hit” by an African swine flu epidemic that has cost them half of their pork, Gingrich added.
“To get [China] to really change is gonna be painful,” Gingrich continued. “And if we don’t get them to change, they’re going to continue to rip us off.
“We’ll get an initial agreement, then we’ll find out that they’re cheating, so then we’ll have to have a second round. I think you’ll see for the next 10 years a continuous cycle of we get a deal, they cheat, we have a new fight, we get a deal, they cheat. And I can’t imagine that they won’t.”
So, what’s the solution?
Moving all U.S. production out of China using a “one-time incentive” tax credit, which will free American corporations from restrictive Chinese trade practices, but also make it far more difficult for the Chinese to continue stealing American technology.
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