As many of us have heard in recent news, the U.S. is in a trade war with China, which could affect us. The president of the United States, Donald Trump, wants to put tariffs on products made in China.
Trade imbalance from between the two largest economies might have a big impact on our everyday lives. The U.S. purchases more product from China than other countries. This past Friday, Trump’s administration put a $34 billion tariff on Chinese goods and products.
The purpose for the tariffs on these goods is to make prices of Chinese goods increase, and make American people buy goods created in the United States. Rather than the Chinese continuously building their wealth, Chinese businesses will lose money.
This could make life more difficult for people in the United States because they would not be able to save as much money if they would continue to buy the same products. According to Zeeshan Aleem of Vox news, the U.S. has the upper-hand in this trading war.
The Chinese retaliated with a tariff on the U.S. agricultural economy, targeting soybeans. If these disputes do not get resolved fast, then China and the U.S. economies will be drastically changed. I propose that the leaders of both countries drop their tariffs and allow the economies to thrive.
