Sharyl: In simple terms, what is the U.S. beef with China?
Peter Morici: China doesn’t play by the rules, whether it’s trades, security
issues, what have you. It’s violating its neighbor’s sovereignty in the South China Sea, militarizing the area, uh, it’s making territorial claims that, that are unreasonable. And on trade, it cheats on its WTO commitments and as a consequence, we have a huge trade deficit with China that probably costs Americans about 2 to 3 million jobs.
Sharyl: WTO is the World Trade Organization.
Peter Morici: Correct. China cheats on its commitments to the World Trade
Organization in a manner that costs America about 2 million to 3 million jobs.
Sharyl: In short order, what do you think President Obama has done right and what has he done wrong if anything related to China?
Peter Morici: He has enabled China and that’s the problem. He stood by while China built the islands in the South China Sea and what are supposed to be neutral waters, militarized them, intimidated their neighbors, and we’ve lost face with allies like uh the Philippines. In addition, uh he has tried to make China back down on currency and trade issues, but when the Chinese stand firm, he’s flinched. So, by and large, it’s been a policy appeasement, and this hasn’t served American interests well
Sharyl: you see as President Trump’s biggest challenge coming in?
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