DETROIT (AP) — China is engaging in “predatory economics 101” and an “unprecedented level of larceny” of intellectual property, Secretary of State Mike Pompeo told a business audience Monday.
Pompeo made the remarks at the Detroit Economic Club as global markets reacted to trade tensions between the U.S. and China. Both nations started putting trade tariffs in motion that are set to take effect July 6.
He said China’s recent claims of “openness and globalization” are “a joke.” He added that China is a “predatory economic government” that is “long overdue in being tackled,” matters that include IP theft and Chinese steel and aluminum flooding the U.S. market.
“Everyone knows … China is the main perpetrator,” he said. “It’s an unprecedented level of larceny.”
“Just ask yourself: Would China have allowed America to do to it what China has done to America?” he said later. “This is predatory economics 101.”
The Chinese Embassy in Washington did not immediately respond to a request for comment.
Pompeo raised the trade issue directly with China last week, when he met in Beijing with President Xi Jinping and others.
“I reminded him that’s not fair competition,” Pompeo said.
President Donald Trump has announced a 25 percent tariff on up to $50 billion in Chinese imports. China is retaliating by raising import duties on $34 billion worth of American goods, including soybeans, electric cars and whiskey. Trump also has slapped tariffs on steel and aluminum imports from Canada, Mexico and European allies.
Wall Street has viewed the escalating trade tensions with wariness, fearful they could strangle the economic growth achieved during Trump’s watch. Gary Cohn, Trump’s former top economic adviser, said last week that a “tariff battle” could result in price inflation and consumer debt — “historic ingredients for an economic slowdown.”
Pompeo on Monday described U.S. actions as “economic diplomacy,” which, when done right, strengthens national security and international alliances, he added.
“We use American power, economic might and influence as a tool of economic policy,” he said. “We do our best to call out unfair economic behaviors as well.”
and the Trump Administration is practicing “How to Give Everything Away to the Russians 101” Amid Kompromat Tensions
Remember the adage: Everything Trump touches, dies.
The economy and trade were doing fine riding the trends that started with Obama.
Trump has now touched the economy and trade. Death - or near-death experiences - are all but a certainty.
Hey Secretary… does this worry you just the teensyist?
How does it feel to slowly have your soul sucked out of you? And to know that you are helping to suck the soul out of our country?
Lemme see … His boss started an ill-advised trade war that’s “easy to win” and now he’s upset that all of the targeted countries aren’t rolling over.
I’m sure all of the industries and farmers bankrupted by his policies will be most understanding.
#MAGMA*
*“Make America Great My Ass”
(h/t George Takei)