Research the US-China Trade War actions over the past few years to gain an understanding of the reasons behind the US trade strategy and more importantly has it worked. I have provided (see attachment) a few links to youtube videos that can get you started on your research, but expect you to provide your own research to support answers to the following three questions:
1) Based on your study of trade practices, does the current trade war between the two largest economies help or hurt the global economy in general. Explain your answer.
2) Who has been hurt the worst between the two countries so far? Explain your answer.
3) If the trade war continues, will it ultimately produce a bifurcation of the global economy, where countries will have to choose who they will align within regional trade agreements? Explain your answer.
Trade War US vs China
On March 22, 2018, President Trump signed a memorandum under the Section 301 of the Trade Act of 1974, instructing the United States Trade Representative (USTR) to apply tariffs of $50 billion on Chinese goods. Trump said the tariffs would be imposed due to Chinese theft of U.S intellectual property.
How did these tariffs affect the economy and our relationship with China? Over the last two years there has been a tip-for-tat imposing of new rounds of tariffs between the US and China, as each vows to outlast the other in the trade war. Meanwhile, it has been estimated (Tax Foundation: https://taxfoundation.org/tariffs-trump-trade-war/) that the Trump administration’s imposition of tariffs, along with retaliatory actions taken by our trading partners, has reduce economic output, income, and employment. So far, the Trump Administration has imposed nearly $80 billion worth of new taxes on Americans by levying tariffs on thousands of products, which is equivalent to one of the largest tax increases in decades.
Videos:
9:15 / 9:7
America v China: why the trade war won’t end soon | The Economist
https://www.youtube.com/watch?v=ErwIlvQ_RVk
Is the US-China trade war causing a digital iron curtain?
https://www.youtube.com/watch?v=d-8wXrF2ZeE
Trade Wars: Why isn’t Trump alone?
https://www.youtube.com/watch?v=AQ3eMhzyvq0
How Trump’s Trade War Went From Method to Madness.
https://www.youtube.com/watch?v=6OD8LIqllwg
How China Is Profiting Billions From the Trade War
https://www.youtube.com/watch?v=7QP0rOwWFTc
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