Re:The Class of 2017 – Raising America's Pay
by slackingoff2017 on Monday May 08, 2017 @02:19PM
(#14294166)
Does it matter that China places huge tariffs on imported goods? Ever heard that they limit American movies to a few Chinese releases a year? Other industries are similar.
China is incredibly protectionist of their own industries and engages in widespread subsidies and import tariffs. I'm not sure why anyone cares about the US returning the favor.
Re:The Class of 2017 – Raising America's Pay
by thablackbull on Monday May 08, 2017 @03:41PM
(#14294879)
> I'm not sure why anyone cares about the US returning the favor.
I don't think you realize that protectionist measures in America is nothing new; in fact, we have quite a lot of protectionist measures. It's just a media bias here that makes you think otherwise.
Here's a chart from Euler Hermes (a unit of Allianz), Protectionism Is Not New: http://www.eulerhermes.com/economic-research/publications/Pa...
Re:The Class of 2017 – Raising America's Pay
by nerfhammer on Tuesday May 09, 2017 @09:35PM
(#14305299)
Tariffs are generally always reciprocal. The US and China don't have a free trade agreement, but are both in the WTO. And both have relatively high import tariffs against each other already.
Then other countries slaps taxes on their imports in retaliation, and then US exports are equally hurt... causing other economic contractions that could similarly "destroy local economies." And everything gets more expensive for everyone.
This is generally always what happens when you try to raise import taxes. One example from history: https://en.wikipedia.org/wiki/Smoot%E2%80%93Hawley_Tariff_Ac...