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The $320 billion bipartisan budget deal builds on the last pact, which raised spending by $296 billion. While the agreement represents a surprising breakthrough, this was the easy part, and much work remains to actually pass 12 appropriations bills. Here are the winners and losers thus far.
If China matched the US in private firms, it would have size and productivity. As it is, China has undermined the potential indicated by its size. State-owned enterprises and state banks are handed a huge market and effectively told to stay out of trouble. Why would they innovate? Why would productivity be high? The huge sum of revenue at Chinese firms in the Fortune 500 primarily represents waste.
July 18 marks the 25th anniversary of the horrific bombing of a Jewish community center in Buenos Aires, Argentina. The desire to keep this issue alive and to eventually bring the perpetrators to justice should not be taken for granted when the next presidential election features a candidate whose fingerprints are on several attempts to obfuscate the attack’s true perpetrators.
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The bottom line is that the Chinese Communist Party views the current Sino-US trade tensions as an attempt by the US to slow Chinese growth. In response, the CCP’s strategy is to wait out the trade negotiations because it believes that US businesses and consumers cannot prosper without growing economic relations with Beijing.
American policy toward China did not regress at Osaka. But it remained stuck, stuck with a president who seems to only care about exports and stuck with critics whose alternatives rely either on clichés or on pleas to cooperate more with a predatory trade partner run by a cult-of-personality dictator.