Chinese state television reported on Tuesday that the government has decided to impose tariffs of 5 to 10 percent on $60 billion worth of U.S. products in response to President Trump announcing tariffs on $200 billion in Chinese goods. If the U.S. continues to raise tariffs then China will respond by raising their tariffs. Trump has stated that if China continues to raise tariffs (in retaliation to theirs) then they will add levies on about $267 billion additional imports.
This article was created September 18, 2018 so this information is a week old and was updated at 11:01 am ET. This event can relate to the taxes placed on the colonists in America before the American Revolution by the British. That had caused the colonists to become more dependent on themselves rather than on foreign goods. The increased tariffs on Chinese imports is going to increase investment and production in the United States. The author puts the tariffs between the U.S. and China in a bad light and that it is not the solution to the problems Trump has with the economic relationship with China. In the end the tariffs may end up ruining the world economy, although it's beneficial to some, it will hurt all in the long run.
source: https://www.npr.org/2018/09/18/649120519/china-sets-tariffs-on-60-billion-in-u-s-goods-retaliating-against-u-s-duties
These tariffs are only going to hurt us. President Trump is under the impression that he can win the trade war (and that he even knows what a tariff is), but the tariffs imposed by both America and China have already hurt people who depend on exports and imports to make a living, like the agriculture business.
ReplyDeleteViolet Wiedmer
No good can come from this. We are just being set up for tensions to raise which can only do harm
ReplyDeleteTarrifs have never really done much good in anything but create controversy so I don’t really think they are a good idea
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