https:\/\/paulkrugman.substack.com\/p\/were-number-two<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"“China\u2019s limits on rare-earth exports to the United States were a much bigger problem for us than Trump\u2019s tariffs were for them.
\nTrump didn\u2019t cause this imbalance, which successive U.S. administrations have failed to address. But he was clearly oblivious, imposing punitive tariffs without any apparent awareness that China could strike back.<\/p>\n
Trump has also proved willing to be moved by Chinese promises to resume purchases of U.S. soybeans. You might say that he ceded the future to China in return for a hill of beans. This is especially amazing when you bear in mind that China made similar promises to buy U.S. goods during the first Trump administration and never came close to delivering on those promises.<\/p>\n
…<\/p>\n
China now faces tariffs not significantly higher than those imposed on our erstwhile allies in the European Union.”<\/p>\n
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