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China-backed trade deal impact on Biden's policy remain uncertain

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By Junko Horiuchi

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No economist can argue against free trade and Ricardo's theory of comparative advantage since it has been clear over the last few decades that free trade has lead to a substantial increase in the economic pie. However, the thing to note is that free trade creates big time losers as well. Free trade does not in any way mean fair trade, since a country like China which heavily subsidizes certain sectors, mandates technology transfers (IP thefts by another name) for companies investing there, makes use of slave labor to remain compete in manufacturing and uses high tariffs or outright bans to selectively target imports while enjoying the benefits of low tariffs in the export markets will always have an upper hand.

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