7. See U.S. Trade Representative and U.S. Department of Agriculture, Progress Report on the Economic and Trade Agreement between the United States of America and the People`s Republic of China: Agricultural Trade, October 23, 2020. This report includes data on projected U.S. exports – not actual U.S. exports as stated in the legal text of the trade agreement – based on weekly data on sales of certain agricultural products reported to the U.S. Department of Agriculture. The China-Switzerland Free Trade Agreement is the first bilateral free trade agreement between China and a country on the European continent and one of the 20 largest economies in the world. But he noted that the United States accounts for 25 percent of the global economy and: "We need to be aligned with other democracies, 25 percent or more, so that we can set the rules of the way, instead of China and others dictating the results because they are the only game in the city." The trade war has indirectly caused some companies to go bankrupt.
One of them, Taiwanese LCD manufacturer Chunghwa Picture Tubes (CPT), went bankrupt due to an oversupply of panels and a subsequent drop in prices, supported by vulnerability to the trade war (caused by excessive expansion in China), a slowdown in the Taiwanese and global economy and a slowdown in the electronics sector.   Lawrence J., professor of economics in Hong Kong. Lau argues that one of the main causes of the trade war is the growing struggle between China and the United States for global economic and technological dominance. He says, "It is also a reflection of the rise of populism, isolationism, nationalism and protectionism almost everywhere in the world, including in the United States."  An analysis published by the Wall Street Journal in October 2020 found that the trade war did not lead to the primary goal of reviving U.S. production or repporating factory production. While the trade war has led to higher employment in some industries, tariffs have led to a net loss of jobs in U.S. manufacturing. The trade war reduced the U.S.
trade deficit with China in 2019, but that trend reversed in 2020, with the trade deficit rising to pre-trade war levels while the U.S. overall trade deficit increased.  Other senators from both parties have criticized Trump for the trade war, including Charles E. Grassley, Tim Kaine, Mark Warner, Elizabeth Warren, and Ron Wyden.  A November 2019 article in the Financial Times indicated that the trade war since August 2019 had hit U.S. manufacturers harder than China.  [needs to be updated] The prospect of China`s closer economic ties with its neighbors has raised concerns in Washington. President Barack Obama`s response was the T.P.P., which had extensive regulation on services, intellectual property, independent unions, and environmental protection. .