Doesn't Most Favored Nation status mean the recipient country gets lower tariffs? Revoking it means raising tariffs?
@skeeter No it doesn't mean having to raise any tariffs a country with MFN status does enjoy lower import duty fees and very few if any tariffs. It also allows the fewest trade barriers, and the highest import quotas (or none at all).
It's allowed China unfettered access to our markets with no limits or restrictions on how much they can ship to our shores. They dump cheap products in this country by the container full and companies in the U.S. take all they can get.
It's done more to hurt American industry than it has to help it. Because while it's supposed to be reciprocal meaning if we give China unlimited access to our markets...they do the same for us...that hasn't been the case. The Chinese have exploited their MFN status to their advantage and our detriment.
BTW if we treated them like we did during the cold war we scarcely trade with them at all.
I have no problem with that. They are stealing billions of dollars of intellectual property from our companies every year...they hack defense contractors and steal plans for advanced weapons systems...and they are aggressively expanding what they deem as territorial waters IMHO in a definite and determined effort to create an impenetrable barrier for when they pull the trigger on retaking Taiwan.
They aren't our friends...they are very clearly an enemy that needs to be recognized as such...I learned while I was in Korea that the Chinese play a very very long game when it comes to geopolitics...they believe they are the real world power because they've been around as a people much longer than anyone else...and they are patiently biding their time...massing their resources...marshalling their forces for the time and place they determine for when they re-establish themselves as the one and only power in Asia.