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China's Xi takes humiliating loss to US on trade, Huawei — but Trump could be getting played

President Donald Trump scored an outright victory in his ongoing trade spat with Chinese President Xi Jinping backed off his 'Made in China 2025' push.

US President Donald Trump talks to opera performers at the Forbidden City in Beijing on November 8, 2017. US President Donald Trump toured the Forbidden City with Chinese leader Xi Jinping.
  • President Donald Trump scored an outright victory in his ongoing trade spat when Chinese President Xi Jinping backed off his "Made in China 2025" push.
  • "Made in China 2025" is a plan to make Xi's China a tech and manufacturing superpower, and bore his name, making it a humiliating defeat for him to revisit it.
  • China has also slowly started to cave in on the tariff war as the US addresses other irritants in the US-China relationship, mainly with the Chinese tech company Huawei.
  • The US has sounded alarm bells about Huawei as a security risk and asked Canada to extradite the company's CFO.
  • China responded in anger but continued to appease Trump on trade, while Huawei basically groveled to get back on the West's good side.
  • But Xi may be playing the long game and throwing Trump some positive headlines while nothing changes on the ground.

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The day after Canada detained Meng, global stocks tumbled for fear that the trade talks would run astray. But they didn't.

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So, while apparently outraged over the fate of the Huawei CFO and willing to take action against unrelated Canadians, China has quickly given in to Trump's trade demands.

China's new willingness to smooth over the trade war may acknowledge a simple fact of the tariffs: They're small potatoes.

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In August 2017, retired senior Department of Defense officialswrote in The New York Times last fall that Chinese intellectual property theft cost the US as much as $600 billion a year, calling it "the greatest transfer of wealth in history."

This alleged theft, which the US says China carries out via forced technology transfers, espionage, and cyber crime, greatly overshadows any trade deficit.

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