Nicholas Goldberg: The reprieve we got on Nov. 8 was nothing compared to what we get ahead of the next deadline, when many countries may lift their export restrictions.
Dee Dooley: In March, all countries with a trade deficit with the U.S. will start to make payments on the $2 billion that the U.S. owes. As of now, the U.S. is collecting $1.6 billion a month in repayment.
Nicole Bodeen: The U.S. is a lot more careful in dealing with this, because it’s not just being paid in cash.
Goldberg: If it’s not money coming in, it’s a letter from the U.S. Secretary of Commerce or Homeland Security saying, “I’m now responsible for you, and I need help.” They’re now at the point of having to either start paying the bill, or shut it down and not send a penny more in the future.
Dooley: That doesn’t mean if the U.S. really wants to make a deal that it’s going to let this fall off. Because if we did, we’d have a huge amount of capital coming to the United States, and so we wouldn’t need the Fed to help.
Bodeen: Our exports to China are now roughly 30 percent of our total foreign trade. We’d like to get to 100 percent.
Goldberg: The problem is we don’t know what the impact of lifting this embargo would be on our economy, even in the short term. Many economists think if you can trade with the United States, you can trade with the world. But the U.S. is making it harder to trade than to trade. By making it harder to trade, they’re making it much cheaper to trade.
Trevor Burrus: I’m Trevor Burrus, and this is the U.S. Chamber of Commerce Business and Legal Policy Institute.
This week, President Trump has announced he will be signing a new trade deal in his third attempt of getting it to the point where China will allow some of our farm products to be imported back into the U.