It has been a month since President Trump shook hands with Chinese vice premier Liu He in the Oval Office to signify that the United States and China had reached preliminary agreement on a "substantial phase one" trade deal. But negotiators from the two countries can't seem to translate that handshake into a written document--at least not one that Trump and Chinese leader Xi Jinping are willing to sign.
Our rate of economic productivity growth, for example, is going down, not up. The rate of productivity growth in the US has been just 1.1%, far below the 3.7% rate of growth we achieved from 1947 to 2007, according to the US Bureau of Labor Statistics. This is not what exponential technology has promised us. Indeed, I consider it an Exponential Paradox: technological advance is accelerating, while economic productivity growth is declining.
The U.S. trade deficit fell 4.7% to $52.5 billion in September as the country recorded its first petroleum surplus, but overall imports and exports otherwise fell under the weight of rising global tariffs and a slowing world economy. The goods trade gap with China narrowed by $100 million to $31.6 billion, with exports to the country falling $800 million in September and imports from China falling $1.0 billion.
The Mastercard Center for Inclusive Growth released its Inclusive Growth Map, a web-based service that enables users to learn about measures of inclusion and growth within 8000+ Opportunity Zones across the United States. The Inclusive Growth Map enables users to benchmark existing levels of inclusion and growth within particular Opportunity Zones, and to assess whether investments increased or decreased measures of inclusive growth.
The United States Department of the Treasury and the Internal Revenue Service (IRS) today released a proposed Form 8996 for Qualified Opportunity Funds (QOFs) for the 2019 tax year. The form is designed to collect information on the amount of investment by opportunity funds in business property by census tract. “This is an important step towards a thorough evaluation of the Opportunity Zone tax incentive,” said Treasury Secretary Steven T. Mnuchin.
With China’s technological advancement proceeding at a concerning rate for America, a panel at the Center for Strategic and International Studies Tuesday discussed the ways in which the U.S. can improve its technology transfer policies.
Intellectual property rules, which were cited in the US Section 301 investigation that launched the trade dispute, have emerged as a key point of contention between the two sides. President Donald Trump has said the partial agreement included unspecified commitments that would help protect American companies.
“The federal government isn’t picking winners and losers here,” said Pilkerton. “The governors picked those 8,700 opportunity zones, (and) the most important thing for local communities to recognize about opportunity zones is that investment plans are going to be contingent upon what they put forward."
Since World War II, the United States has set world technological standards in computing, biotechnology, aircraft design, networking and software, Brown said. "Imagine what the world would look like if China were setting standards in game-changing technologies like hypersonics, quantum sciences, autonomy, artificial intelligence, 5G, genetic engineering and space, "he said, noting that except for hypersonics, they’re all also important for economic prosperity, not just military overmatch.
Henry Paulson draws upon his expertise in dealing with China as treasury secretary under President George W. Bush, as chairman and chief executive officer of Goldman Sachs, and now as founder and chairman of the Paulson Institute. The Catalyst, a journal published by the Bush Institute, posed five questions to Paulson on the questions he considers most critical -- and which he hears most often from people -- about a relationship that is central to the world economy.