There's nothing like exceeding expectations and President Trump has done it again. On the eve of the APEC Summit, we were expecting that some good trade news and some cooperation in fighting the Opioid Epidemic would be the highlights of Trump's visit to China. Instead, the Chinese Media is announcing the biggest trade deal in Sino-US history: worth over a quarter trillion dollars and mutually benefiting both countries.
An unbelievable 34 trade treaties were signed. Here are the top five, as reported by The Global Times:
1. US microchip manufacturer Qualcomm agreed to a $12 billion contract to provide advanced chips to three Chinese smart-phone manufacturers. Besides being an economic boost for our Tech Sector; China has long sought to ease American export restrictions on sophisticated microchip technologies. At the last CED meeting, China stressed these restrictions as a major obstacle to fair trade. Trump is reversing apparently this policy---first put in by the Clintons---which was really designed to protect US cellphone manufacturers (who were outsourcing anyway) from competition with Chinese firms.
2. China agreed to lift restrictions on US soybean exports---representing a $5 billion gain to American agriculture.
3. America's largest aircraft manufacturer, Boeing, has agreed to sell 300 passenger jets to China's airline system. This is a $37 billion gain for the US Aerospace Industry. Obama had foolishly held up sales of these jets to China over his peacocking 'Pivot to Asia'.
4. The China Energy Investment Corporation pulled the biggest surprise by agreeing to invest a whopping $84 billion in upgrading American shale gas and chemical refineries in West Virginia. This is the very kind of trade deal we've needed from China. The benefit to US Coal producers is going to be huge and likely will turn the economy completely around in North Appalachian regions.
5. China also agreed to invest $43 billion in a joint Sino-US effort to produce gasoline from the Arctic and Alaskan regions. This is another brilliant move by the two presidents. Currently, Russia is the dominant power in oil and gas production in the Arctic. The US fell behind under the last three administrations, while China has only recently begun Arctic exploration. Working together, the two countries can represent a major force in the Petroleum Industry again. It should be noted that both the US and China have independent agreements with Canada for exploring Canadian resources. An economic cooperation between the three countries will put us in a position to challenge Russian and Arabian oil production.
The hyenas in the US Media were naturally downplaying these achievements: ridiculously claiming that Trump was selling out to the Chinese and other such things. These assertions were held up to well-deserved laughter in the Chinese press. Who would have thought that a year after the Election that America would be exporting goods to China and that Chinese companies wanted to outsource to the US?
There were other achievements at the Summit as well. True to his promise, President Trump also secured Xi's cooperation in establishing an anti-Opioid Task Force.
Is anyone still sorry that Hilary lost last year?