Expert: 'We are worse off as a world' amid Trump's trade war

The effects of the ongoing U.S.-China trade war on American farmers has been well-documented, and one expert asserts that the scope goes beyond that.

‘Consumers will end up paying a higher price ...’In 2018, the U.S. trade deficit in goods reached a record $891.3 billion. A New York Times report noted that trade war with China “widened the gap: Stiff tariffs on Chinese goods helped slow China’s economy, crimping American exports, which declined nearly 50% in December from the same month a year before.”

China retaliated by slapping tariffs on products ranging from pork to fruit and aluminum. One day later, the U.S. announced 25% tariffs on roughly 1,300 Chinese products, worth $50 billion. China, in turn, imposed 25% tariffs on more products, including soybeans. ‘It gets terrifically complicated’“What I think is one of the big problems with the whole discussion of trade is it almost always focuses on just producers,” Peterson said. “When in fact, the impact of tariffs or trade barriers affect both producers and consumers.”

“At some point in the future, people will be in a situation and they’re not going to say, ‘Woe is me, it’s because of the trade war,’” Peterson said. “Their incomes may have gone up, they may not have gone up as much as they would have gone up if you hadn’t had the trade war, but you can’t know that. It’s a very difficult think to make a case that the trade war’s going to be very costly, although I think it will be.

There will be NO agreement! That is why the date KEEPS getting pushed back. ChinkA will not agree to nit infringing US IP, and a measure to ensure/penalize non-compliance! That is what the ChinK’s are know for... stealing and copying IP and making it for less. No Deal, ever!

What does winning this 'War' look like? Soooooo many enjoy supporting our 'Enemy'. Yes if you classify these tariffs as a WAR there has to be an enemy. And... the goal must be death... just my Military experience. We trained to kill the enemy in war.

Bullshit

No need for expert opinion. Trump's trade war failure visible every where. None happy incl Trump. No way a high cost country can win in global competition & trade. No way U.S with highest standard of living & wages can compete against low wage China.

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