Saturday, October 5, 2019

WTO and China

China opened up its economy to free market ideas in 1978 and poverty level dropped from 88% in 1981 to 6% in 2017. During the 80's and 90's China desired entrance to the World Trade Organization (WTO) but the west refused until 2001 when China agreed to follow the other countries in regards to tariffs and international property rights (patent protection and such). China did not act according to their agreements and many objected but no one did anything about it until Trump came along. Trump, not being a politician, started a trade war with China, which he knew could jeopardizes the booming economy. Other presidents did nothing but if they were to act they would have waited until they were reelected, but not Trump. He just plows ahead.

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