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America must not blink now in US-China trade war

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The ongoing battle for the future of international economic power, and really domination, between the U.S. and China has entered a new and dangerous point.

Negotiations have seemingly stalled and, predictably, the markets are reacting with fear-based volatility. American farmers are understandably upset -- and American consumers are becoming anxious as numerous reports come out saying our average prices are going up and things are going to cost us more.

According to the latest reports, even if and when talks resume, America won’t know where to begin as China apparently has no stomach for revisiting the terms that they reneged on in the eleventh hour.

Specifically, America was looking for China to prove its intent to comply with the mapped-out agreement by explicitly naming the Chinese laws that would be updated to end forced technology transfers and the government subsidizing of industries which creates severe unfair competition. But, when it came time to put pen to paper, China wanted to “comply” with the agreement through the equivalent of a presidential executive order -- instead of actually changing their laws.

After increasing tariffs on Chinese goods earlier this month as a result, the U.S. went further last week by severely crippling the use of Chinese closely........

© Fox Business