China vs. the U.S.: Permanent Normalized Trade Regret
Welcome back to Friday. This is our weekly wrap-up of news about the economy, the ongoing collapse of expert authority, and epochal policy mistakes by our nation’s leaders and the public intellectuals who support them.
Twenty-five years after we opened our markets to China, Beijing celebrated the anniversary by closing its own markets. Economists are still hiding from their massive failure to foresee the results of trade with China and now trying to figure why tariffs work when they weren’t supposed to. And in our nation’s capital, Republicans are still explaining why they’re planning on shaking down the middle-class to pay for Obamacare. Progress, in its own peculiar way.
Happy Twenty-Fifth Chinaversary!
This week marks the twenty-fifth anniversary of China being granted Permanent Normalized Trade Relations with the U.S., paving the way for China’s entry into the World Trade Organization the following year. While Breitbart marked the quadranscentennial with a guest essay by Senator Jim Banks (R-IN), the occasion received almost no notice in legacy media outlets or academia.
We suspect one reason for this is that any remembrance would make it clear that granting normalized trade relations t
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