<html><body style="word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;"><head><meta http-equiv="Content-Type" content="text/html; charset=utf-8"></head><div dir="ltr" class=""><div class="WordSection1" style="page: WordSection1;"><div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: Calibri, sans-serif; text-align: center;" class=""><span style="font-family: "Times New Roman", serif;" class=""></span><span style="font-family: "Times New Roman", serif;" class=""><o:p class=""></o:p></span></div><div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: Calibri, sans-serif;" class=""><span style="font-family: "Times New Roman", serif;" class=""> </span></div><div style="margin: 0in 0in 0.0001pt 0.25in; font-size: 12pt; font-family: Calibri, sans-serif; text-indent: -0.25in;" class=""><b class=""><span style="font-size: 13pt; font-family: "Times New Roman", serif;" class="">4.<span style="font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: "Times New Roman";" class=""> </span></span></b><b class=""><span style="font-size: 13pt; font-family: "Times New Roman", serif;" class="">Trump created new incentives to offshore jobs<o:p class=""></o:p></span></b></div><div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: Calibri, sans-serif;" class=""><b class=""><span style="font-family: "Times New Roman", serif;" class=""> </span></b></div><div style="margin: 0in 0in 0.0001pt 0.5in; font-size: 12pt; font-family: Calibri, sans-serif; text-indent: -0.25in;" class=""><span style="font-family: Symbol;" class="">·<span style="font-stretch: normal; font-size: 7pt; line-height: normal; font-family: "Times New Roman";" class=""> </span></span><b class=""><span style="font-family: "Times New Roman", serif;" class="">Trumps tax policy rewrite created new incentives to offshore jobs with a 21% corporate tax rate for income earned domestically but 10.5% for profits earned offshore.<o:p class=""></o:p></span></b></div><div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: Calibri, sans-serif;" class=""><b class=""><span style="font-family: "Times New Roman", serif;" class=""><o:p class=""></o:p></span></b></div><div style="margin: 0in 0in 0.0001pt 0.5in; font-size: 12pt; font-family: Calibri, sans-serif; text-indent: -0.25in;" class=""><span style="font-family: Symbol;" class="">·<span style="font-stretch: normal; font-size: 7pt; line-height: normal; font-family: "Times New Roman";" class=""> </span></span><b class=""><span style="font-family: "Times New Roman", serif;" class="">The “Phase-One” Trump-China trade deal made it safer and easier for big corporations to offshore with new investor and intellectual property protections for firms that move production to China.</span></b><span style="font-family: "Times New Roman", serif;" class=""> But there’s nothing in the deal to end forced labor in China, or require basic worker rights or environmental protections to stop the race to the bottom. Nor are there disciplines against China’s massive subsidies that make it impossible for U.S. firms to compete.<o:p class=""></o:p></span></div><div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: Calibri, sans-serif; text-align: center;" class=""><span style="font-size: 18pt; font-family: "Times New Roman", serif;" class=""> </span></div></div></div></body></html>