Donald Trump seems determined to double down and keep pressing forward on his trade war with China. He promises more and higher tariffs, not realizing that U.S. consumers are the ones paying these taxes - not China's government or corporations.
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Trump’s burgeoning trade war is more about asserting US dominance in the world than helping American workers.
US and China impose tit-for-tat tariffs as fears grow over damage to global economy
Would the US be better off helping stabilize the Chinese economy, rather than gearing up for a trade war?
In other words, U.S. tariff threats are, in reality, a bargaining chip to get the Chinese government to accept stronger protections for the intellectual property rights and technology of leading U.S. firms in industries such as pharmaceuticals, aerospace, telecommunications, and autos.
The US trade deficit is the result of a conscious globalization strategy by large multinational corporations. This strategy has greatly paid off for them. They have been able to use their mobility to secure lower wages, reduced regulations and lower taxes.
In a tit-for-tat trade battle between the US and India over solar power, what is certain is that the environment will be the loser.
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