On Wednesday, President Donald Trump said, “I am the Chosen One” when referring to himself being the only modern-day president who officially put an end to China benefiting off the backs of the hard-working American people.
Members of the mainstream media covered this story, from Fox News to CNN to CNBC. Although every organization reported on this story within record time, many of them strayed from further explaining the facts when it came to previous U.S. presidents allowing China to thrive economically under their leadership.
According to the latest update from Congressional Research Service’s publication on China’s economic rise, “The Trump Administration raised tariffs by 25 percent on $250 billion worth of imports from China, while China increased tariffs (ranging from 5 percent to 25 percent) on $110 billion worth of imports from the United States” in which caused decreased trade in 2019.
As trade tensions heighten between the Chinese and Americans, China’s economic influence has begun to shutter consistently throughout the years. According to a recent article from the Guardian, “official data from Beijing showed growth in the world’s second-biggest economy dropping to its slowest pace since 1992.”
China’s economic downfalls have come on the brink of Trump’s most touted accomplishment, producing an economic growth model that has consistently reached 3 percent for the first time in more than a decade. The U.S. Bureau of Economic Analysis currently shows data from previous President Obama’s six quarters in office, in which he barely achieved a 2 percent economic strong wind.
To further demonstrate how well the U.S. economy is currently thriving under Trump, Hudson Institute published research based on the last twelve administrations dating back to President Dwight Eisenhower. Of the following, modern-day president, Clinton has the highest average annual real GDP rate of 3.3 percent, in second, George W. Bush retained 2.1 percent, Barack Obama turned out to be 1.5 percent.
Simultaneously just before Clinton’s presidency, through the Bush and Obama’s administrations up until 2017, China’s real GDP grew at an average annual rate of nearly 10 percent. Now, according to Reuters’ recent article, “China’s economic growth slowed to 6.2 percent [from 6.4 percent] in the second quarter, its weakest pace in at least 27 years, as demand at home and abroad faltered in the face of mounting US trade pressure.”