August 24, 2018

The U.S. isn't alone in its frustration with Chinese trade policy, and the Trump administration should take advantage of that, former U.S. trade officials told CNBC on Thursday after the U.S. imposed new tariffs on $16 billion worth of Chinese imports.

"I think the Chinese underestimated how frustrated and serious, not only the United States, but the entire global community, is with their practices that they need to change," Bruce Andrews, former U.S. deputy secretary of Commerce under President Obama, said on CNBC's "Squawk Alley."

From forcing foreign companies to enter into local joint ventures with Chinese companies to discriminatory subsidies and requiring foreign business to subject intellectual property to government checks, China's trade policies have burdened more than just the United States. Although the U.S. shares many of its grievances with its allies in the World Trade Organization, President Donald Trumphas used almost every other weapon in his arsenal, said Benn Steil, author and Council on Foreign Relations director of economics.

Read more:

https://www.cnbc.com/2018/08/23/ex-us-trade-rep-trade-war-should-be-a-win-win-situation.html