China is largest producer of steel in the world and they produce almost half of the world’s steel. Recently, China and the United States have gotten involved in a trade war that includes both sides putting tariffs on the others goods. Many economists predicted that this would have a very negative impact on the steel industry and the economy of China as a whole. However, Chinese Steel is currently enjoying exemptions from some of the tariffs. This is paired with a large increase in domestic steel demand and is causing China’s steel industry to boom. These economists also predicted that the tariffs would hurt the American economy. <\/p>\n\n\n\n
I was not of big fan of Donald Trump getting in a trade war with China. I was afraid that it would end up hurting the United States more than it would hurt China and that looks to be the case at least for one Chinese industry. From the reports I have been reading, the tariffs are hurting the United States and not really having that much of an effect on Chinese economy. I like the idea behind taking a protectionist policy, which is that it will strengthen the domestic economy. However, I think in most cases protectionist policies do not work because they cause domestic companies to not have any competition and without competition they can raise prices without increasing the quality of their products. If I were the United States right now, I would try to end the trade war and come to an agreement with China that either lessens the impact of the tariffs or does away with the majority of the tariffs altogether. I think the next two years will have a major impact on the United States economy. I think that it will be interesting to see what Donald Trump does in the second half of his term and it will be interesting to see how the 2020 presidential election affects the economy. And if Trump is re-elected will he mirror some of the policies of his first term or will he learn from some of his mistakes and make changes to these policies. As Americans, I feel like these are important questions that we need to be asking ourselves as we prepare to vote in the 2020 election because the health of the economy affects all Americans.<\/p>\n","protected":false},"excerpt":{"rendered":"
China is largest producer of steel in the world and they produce almost half of the world’s steel. Recently, China and the United States have gotten involved in a trade war that includes both sides putting tariffs on the others goods. Many economists predicted that this would have a very negative impact on the steel industry and the economy of… Read more »<\/a><\/p>\n","protected":false},"author":94,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3068","post","type-post","status-publish","format-standard","hentry","category-analysis"],"_links":{"self":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/3068","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/users\/94"}],"replies":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/comments?post=3068"}],"version-history":[{"count":1,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/3068\/revisions"}],"predecessor-version":[{"id":3083,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/3068\/revisions\/3083"}],"wp:attachment":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/media?parent=3068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/categories?post=3068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/tags?post=3068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}