After having apparently regained his pulse, Commerce Secretary Wilbur Ross was back on bubblevision this AM throwing cold water on any trade deal breakthrough with China at the upcoming G-20 meeting. Said he:
“There might be an agreement to restart the discussion, but a sidebar at the G-20 is no place to handle a 2,500 page trade deal.
Actually, there is no good place anywhere on the planet to make a 2,500 page trade deal. That’s because any such document would be an exercise in enhanced “managed trade” and statist intervention, not a move toward freer commerce between consenting parties on both sides of the Pacific pond.
In the current case, in fact, the aforementioned Trade Nanny document—the deal that the Donald demands and accuses the Chinese of walking away from—is not an economic document at all; it is a Washington lawyer’s belt and suspenders special that will keep the K-Street meters running 24/7 as they gin up “fine print” complaints for American companies operating in China or exporting goods there; or, on the other side of the fence, building defenses for Chinese companies, which will be forced to come to Washington to hire the best legal gunslingers and consultants that a 2,500 page legal morass can engender.