Consider the following:
Tariffs are paid by the citizens of the country imposing tariffs, not by the citizens of the country producing the products upon which the tariffs are levied.
The term “trade deficits” is a misnomer. Every country’s trade is always in balance.
Trade deficits do not mean the US no longer produces anything to export. The US is the world’s second largest manufacturer and the world’s second largest exporter of manufactured goods.
Trade deficits reflect a strong economy. Trade deficits rise during economic expansions and fall during economic contractions. Unemployment falls as trade deficits rise and rises as trade deficits fall.
Imports and exports are complements, not competitors. Both are necessary and both contribute to economic growth.
Roughly one-third of all US imports and exports is trade between US multinational companies and their overseas subsidiaries.
Foreign-owned companies operating in the US number in the thousands and provide directly or indirectly jobs for more than 13 million US workers (roughly, 10% of the US workforce).
US trade deficit in goods in 2018 (as a % of GDP) was the same as it was 5, 10 and 15 years earlier.
The rise in US goods trade deficit with China has not increased the US total goods trade deficit. It has been offset by reduced goods imports from other trading partners.
There is a strong correlation between the rise in world trade and:
The rise in world GDP
The dramatic fall in the world’s extreme poverty rate
The rise in world life expectancy
For every US manufacturing job lost to trade between 2000 and 2010, seven US jobs were lost to domestic productivity improvements. Those seven jobs cannot be brought back from overseas because they never left the US.
Write a 700- to 1,050-word evaluation of credible economists’ unbiased opinions on the benefits, costs, and results of current US trade and tariff policies. Complete the following in your evaluation:
Evaluate how US trade policy changes in the last 2 years affect global trade activities by multinational corporations.
Discuss credible economists’ opinions on the long-term effects of trade and tariff policies changes in the last 2 years.
Explain the effect of recent changes to trade and tariff policies have had on your employer, you, or someone you know.
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Full Answer Section
ong-term effects of current US trade and tariff policies
- The long-term effects of the current US trade and tariff policies are uncertain.
- Some economists argue that the policies will ultimately hurt the US economy by reducing trade and investment.
- Others argue that the policies will ultimately help the US economy by protecting certain industries and creating jobs.
Effect of recent changes to trade and tariff policies on multinational corporations
- The recent changes to trade and tariff policies have had a mixed effect on multinational corporations.
- Some corporations have benefited from the policies, such as those that have moved production back to the US.
- However, other corporations have been harmed by the policies, such as those that rely on imports from China.
Effect of recent changes to trade and tariff policies on your employer, you, or someone you know
- The effect of recent changes to trade and tariff policies on your employer, you, or someone you know will depend on the specific industry and company involved.
- For example, if you work for a company that imports goods from China, you may have been affected by the tariffs imposed on Chinese goods.
- Conversely, if you work for a company that exports goods to China, you may have benefited from the tariffs, as they have made your products more competitive.
Overall, the benefits and costs of the current US trade and tariff policies are complex and uncertain. The long-term effects of the policies are also uncertain. The effect of the policies on multinational corporations and individuals will also vary depending on the specific industry and company involved.
It is important to note that there is no consensus among economists on the benefits and costs of the current US trade and tariff policies. Some economists believe that the policies are beneficial, while others believe that they are harmful. The true effects of the policies will likely not be known for several years.
Sample Answer
Benefits of current US trade and tariff policies
- Some economists argue that the current US trade and tariff policies have benefited the US economy by protecting certain industries from foreign competition and creating jobs.
- For example, the tariffs imposed on Chinese goods have led to some US companies moving production back to the US, which has created jobs.
- Additionally, the tariffs have also led to higher prices for some goods, which has benefited some US businesses.
Costs of current US trade and tariff policies
- However, other economists argue that the current US trade and tariff policies have come at a cost to the US economy.
- For example, the tariffs have led to higher prices for consumers, which has reduced their purchasing power.
- Additionally, the tariffs have also led to retaliation from other countries, which has hurt US exports.
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