China VS The United States

Kennedy Torrez, Journalist

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Two of the largest economies in the world are at war. This past year the U.S. and China have imposed tariffs or extra taxes on imports and exports.  This translates to billions of dollars of goods for each country. Economically we are seeing a huge losses for the global economy. Not only are there economic losses caused by the political posturing but everyone involved is negatively affected. Consumers and  businesses are concerned about the future and how this trade issue impact us here in the United States. In the past the U.S. and China have worked together trading numerous items everyday that benefit both economies. They have enjoyed a strong trading relationship and this has made them the number one and two economies in the global landscape.  With the United States having the number one spot one could argue we have benefited the most.  

 Last February President Trump followed through on threats against China and imposed tariffs on washing machines and solar panels. Claiming he had every reason to do this because China was using unfair trading practices. From the beginning, Trump has been openly opposed to business dealings with China, he even stated: “ China is neither an ally or a friend- they want to beat us and own our country.”China responded to Trump and the imposition of tariffs placed on them, claiming going forward they  would fight to the end to defend their legitimate interests and practices. They backed up this claim when they put their own tariffs in place amounting to about $ 3 billion U.S. dollars on products they produced. 

The situation continued to escalate when the U.S. did not lift their ban and instead stopped communication with China for a short amount of time. The U.S increased the number of tariffs in China making them pay even more for a variety of  goods. China responded by limiting some of the goods they sold. This escalation trend has continued with both countries frequently changing the price of tariffs, or limited amounts of products sold. They have even ceased selling certain items at times.  

Today, tariffs and escalation seem to be the norm with tariffs causing the Except for the price on goods to grow exponentially. Currently, the U.S has added more goods onto their tariff list. China has done the same, and both countries don’t appear to be backing down. One could say the tariff battle is becoming a dangerous game of chicken and a test to see who will back down first.  Although, I am not sure there has been a tax placed on Chicken, pork, or beef perhaps?

Some positive progress has been made recently with an exemption list being formed, on goods that cannot be taxed. The total U.S. goods going to China exclusively have a tax amounting to approximately  $550 billion. China’s tariffs that apply exclusively to the U.S. are around $185 billion. 

Our US Stock market has taken a severe hit because of the political and tariff battle with  and certain Items in both countries rising in prices while markets have fallen in value. Today, the U.S is the number one ranked economy in the world followed by China. If this situation continues we could see a change and increased cost of all goods. This is an important issue because it affects everyone and especially consumers in these two countries.  With consumers in the united states feeling the biggest impact being in the pocket book. 

During the school year often times I find myself staying up late working on homework, because of this I drink coffee to stay awake during the day. However with these tariffs in place I might need to stop doing this because the price of coffee is rising. I couldn’t even switch to caffeinated tea either because the prices for that are raising to. Things like school supplies are also rising in the future this could have a big impact on students . Items we buy everyday like gum, glasses, books, fruits, vegetables, and meats are going up. Along with clothes suits, jackets, and pants have already increased in price and more  clothing articles are expected to follow. Depending on how long this situation last we could see things we buy everyday becoming more and more expensive. Perhaps a trade battle with only one looser. That is you and I the consumer. 

For more information feel free to check out the links to articles on this topic below:

https://www.scmp.com/news/china/article/2138521/read-chinas-furious-response-donald-trumps-us60b-tariffs-full

https://www.bbc.com/news/business-45899310

https://www.china-briefing.com/news/the-us-china-trade-war-a-timeline/