Supply chains are still in the hands of Chinese companies but have been “rejiggered” to Vietnam and elsewhere.
In the same way that Congress erred 20 years ago in granting “normalized” trade status to China, insiders are now pressing the Commerce Department to reclassify Vietnam as a “market economy.”
Akin to granting PNTR to China in 2000 WASHINGTON — The Coalition for a Prosperous America (CPA) called on the Biden administration to reject misguided calls to revoke the non-market economy status of the Socialist Republic of Vietnam — a nation where the economy remains highly controlled by the government. According to a report by…
China is getting its clothing market back. Weaker economies are leading to less demand and that, plus skill sets and manufacturing capacity, is what’s bringing apparel makers back to the mainland.
The July goods trade deficit shrunk somewhat but that is not going to stop a $1 trillion goods deficit in 2021. Plus, Vietnam surpasses Germany as major U.S.-bound exporter as China moves offshore to avoid tariffs.
Germany is as problematic as China. Authors Michael Pettis and Matthew Klein remind us why.
Our March deficit hits a record for the month. Southeast Asia deficits now rising with the U.S. to record highs.
Yellen takes a pass on calling Vietnam, others, currency manipulators. That puts the onus on Commerce and the USTR to do something about it. Will they?