|Not completely wrong about everything.
China seeks advantage through systematic exploitation of other economies. It misappropriates intellectual property by coercing “technology transfers” as a condition of market access; enables theft of intellectual property, including patents, designs and know-how; hacks into foreign commercial and government computers; favors and subsidizes domestic producers over foreign competitors; and manipulates its currency to artificially reduce the price of its goods and services abroad.
The result is that China sells high-quality products to the United States at low prices. But too often the source of that high quality is American innovations stolen by Chinese companies. And the source of those low prices is too often subsidies from the Chinese government or manipulation of the Chinese currency.
Some argue that access to quality goods at low prices are good for our consumers. But like the predatory pricing prohibited under our antitrust laws, China’s underpriced products lead to an undesirable and inefficient elimination of competing businesses, with serious long-term consequences. And in this case, the businesses killed are often our own. Meanwhile, American companies do not even get the supposed benefit of the free-trade bargain: When they try to do business in the Chinese market, they find policies designed to shut them out.