The following report is from the Trends Journal:
Trade War? Forget about it!
In 2020, China exported $2.6 trillion worth of goods and services, 3 percent above 2019’s level and a new record, China’s Administration of Customs reported last week.
December’s exports were more than 18.1 percent above those a year earlier, far above economists’ expectation of a 12.9-percent hike.
In December, China exported 34.5 percent more to the U.S. than it did in December 2019, giving it a $29.95-billion trade surplus with America for the month. For the year, China reaped a record $316.9-billion surplus from the U.S., China’s government said, despite Donald Trump’s efforts to balance the books with China by levying tariffs on its goods.
China’s strong fourth-quarter export record added 0.3 to 0.4 percent to the country’s 2020 GDP growth, economists reckon.
The country’s demand for imports dipped 1.1 percent for the year, even though they rose 4.5 percent in November and 6.5 percent in December as China’s economy gained added strength.
The difference between the value of imports and exports left China with a $535-billion trade surplus for the year, including a $78.17-billion positive difference in December alone.
China’s quick recovery from the pandemic and economic shutdown left it as the world’s chief supplier of goods through the first half of 2020, turning out medical equipment and electronics.
As the crises began to ease around the globe later in the year, Chinese factories added a wider range of goods while other countries still struggled to restart their manufacturing base.
China’s export strength survived the 6.1-percent rise of its yuan against the dollar, which makes Chinese goods more expensive in many parts of the world.
AUTHOR COMMENTARY
Gerald Celente and the Trends Journal often has a saying in regards to China and America: “The 20th century was the American century – The 21st century is the Chinese century. The business of China is business: the business of America is war.”
I do not have all the answers (obviously) as what to do about fixing the imbalance with China, but it is clear that the tariffs did not work. The trade deficit with China was never actually fixed. The numbers remained virtually very similar in comparison year-by-year. The tariffs ultimately made it harder on the average American in the long run – as, for example, the large farms received bailout money in 2019 because China was not buying their goods as much. The farmers also received a bailout in 2020. Many of these farms are foreign owned.
Biden’s plans to resume and increase trade with China will only strengthen China exponentially.
China is one of the prophesied powers to rise in the end times, as the Bible speaks of “the kings of the east” in the book of Revelation 16:12, along with their allies with the likes of Russia, North Korea, Afghanistan, and others; some of which are mentioned in Ezekiel 38-39 with what is known as “the Gog-Magog war.”
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