Trump China Deal Benefits Wall Street, Not Workers

Trump China Deal Benefits Wall Street, Not Workers January 21, 2020

In the least surprising news of the day, Trump’s newly announced “phase one” China trade deal, which he has pitched as a victory for American workers, actually sells them out and benefits primarily big business. This was made obvious by those who attended the public signing ceremony. Labor groups? Nope. Wall Street tycoons.

But it illustrated how a president who once railed against financial industry greed and vowed to remake the Republican Party as a “workers’ party” has prioritized corporate America’s desires.

Trump’s high-profile China deal celebration included billionaire Stephen Schwarzman, a private equity investor; Sheldon Adelson, whose company owns casinos in the Chinese territory of Macau; and Hank Greenberg, the former head of American International Group.

Numerous representatives of companies like Honeywell and Boeing that have outsourced jobs to China in recent years joined them, but no representatives of organized labor attended.

“There is precious little in this deal that addresses China’s long-standing denial of basic labor rights,” said Richard Trumka, the president of the AFL-CIO. “It is another big giveaway to Wall Street and Big Pharma and prioritizes new protections for companies that move to China, creating even more incentives for outsourcing.”

This has been the reality in almost every type of policy. His repeal of a wide range of environmental regulations harms ordinary Americans to boost corporate profits. His tax cuts were sold as helping the middle class but primarily benefited the wealthy. His opening of public lands for oil drilling and mineral mining is meant to create new opportunities for corporations to make money. His entire administration is a wholly owned subsidiary of corporate America.

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