In recent days, high profile Wall Street executives present and past have been speaking out to urge an end to the trade disputes between the US and the Peoples Republic of China. Henry Paulson, who has been both chief executive of Goldman Sachs and (under the second President Bush) US Treasury Secretary, is among them.
The bilateral relationship between the US and the PRC was an important element in Donald Trump’s campaign for President in 2016. Trump promised that he would have China officially labelled as a currency manipulator and he charged that it had committed one of the “greatest thefts in the history of the world what they have done to our country.” Trump has backed off the currency manipulation vow but his trade policy has otherwise been in accord with the views he expressed at that time.
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On Friday, an important adviser to the White House on this subject, Peter Navarro, said: “No good can come of this [Wall Street pressure]. If there is a deal, if and when there is a deal, it will be on President Donald J. Trump’s terms, not Wall Street terms.”