Yesterday John Hinderaker posted an article at Power Line Blog titled, “Landmark Trade Deal With China; New York Times Hardest Hit.” The article details some of the actual facts of the trade deal and contrasts those details with the reporting of The New York Times.
Reaction was predictably partisan. On CNBC, Steve Bannon said that President Trump “broke the Chinese Communist Party,” and the U.S. “gave up very little in the end.” On the same program, hedge fund manager Kyle Bass said that he sees the agreement as a “‘temporary truce’ in which the U.S. got the better of China.”
At the New York Times, on the other hand, there was wailing and gnashing of teeth:
President Trump signed an initial trade deal with China on Wednesday, bringing the first chapter of a protracted and economically damaging fight with one of the world’s largest economies to a close.
Has the trade conflict with China damaged the U.S. economy? To some degree it has, although it has certainly hurt China’s economy more. This is the kind of short-term pain that Barack Obama, for example, was unwilling to accept. And yet economic growth under President Trump has been considerably better than under Obama.
The deal caps more than two years of tense negotiations and escalating threats that at times seemed destined to plunge the United States and China into a permanent economic war.
No one thought “permanent economic war” was a realistic possibility, except, perhaps, readers of the always-hysterical New York Times.
The agreement is a significant turning point in American trade policy and the types of free-trade agreements that the United States has typically supported. Rather than lowering tariffs and other economic barriers to allow for the flow of goods and services to meet market demand, this deal leaves a record level of tariffs in place and forces China to buy $200 billion worth of specific products within two years.
Phase One reduces or eliminates some tariffs and leaves others in place for Phase Two. This isn’t really all that complicated, but the Times wants its readers to think that Trump’s approach represents a departure from an imagined, purist practice of the past.
Please follow the link above to read the entire article. It is a beautiful example of how the mainstream media takes good news and attempts to make it bad news because it involves an accomplishment by President Trump.