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Havish Gupta
Figuring Out • 4m
China and the USA are now in a trade war! And The Wall Street Journal has even calls it “the dumbest trade war in history!” So It all began when President Trump imposed higher tariffs on Chinese goods. The idea was that by raising the cost of imports, US products would become more competitive domestically, reducing dependence on Chinese goods. Here’s why it was done: 1) In 2024, US imports from China were about $438 billion, while exports to China were roughly $143 billion. This caused a huge trade deficit. 2) China has been accused of various unfair practices like stealing of technology. 3) There is growing worry that over dependence on Chinese imports could cost American jobs. However, in reality, these tariffs are likely to backfire, why? because • Its estimated that U.S. households may end up paying roughly an extra $1,200 per year for the same goods. • Even with tariffs, many Chinese products remain cheaper than their American counterparts because of the low cost of manufacturing. • China has already imposed its own tariffs on US products. Further taxes could hurt American companies by raising input costs or even forcing some businesses to close. In short, while the goal is to reduce the trade deficit, save American jobs, and support the MAGA agenda, this will just increase costs for US households and may even result in job losses, while China remains largely unaffected. What do you think?
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