If that makes things too complicated, well... some of the greatest legal achievements in history stem from compiling existing law into coherent codes based on what worked previously.
Why is being an importer a weaker economic position than being the exporter? Honestly, I think the exporter is the weaker position and there's economic research to agree with that.
If you are a net importer you have to take on loans otherwise you would not be able to purchase imports without any money.
The exporter country can spend the money on purchasing assets in your country. In the case of china the money you spent to buy cheap widgets will be used by the Chinese to buy American assets such as real estate instead of other consumer goods. This would be a good thing if it wasn't for stupid communities that make it hard to build more housing. Instead the existing housing stock gets inflated.
> If you are a net importer you have to take on loans otherwise you would not be able to purchase imports without any money.
Not apriori true at all. Imagine I am a country of one. I have $100 million of cash and export absolutely nothing. I buy an equity stake in some companies in some other country (Nigeria) and wooh boy it's fast growing and I'm getting 12% returns. I then spend all of those returns buying goods from China. I'm a net importer and yet haven't taken out a single loan.
As the majority of what I think I know about international trade comes from reading journalists explaining why the UK is doing Brexit wrong, I don’t actually think I know how big these issues really are — “this molehill is close, those mountains are far away”, to paraphrase Father Ted.
I tend to assume that the epistemic landscape is biased towards those with the cash to influence it and try to weigh against that when considering an issue. With protectionism, it is a little hard because there are certainly domestic industries that benefit from protection.
Now imagine how much money and influence China has and how it can affect our corrupted politicians.
The fact that many industries (and associated jobs) will migrate outside the EU by the end of the decade is a tragedy for the EU, bit isn't on the minds of either the politicians or the people right now.
We will run this planet into the ground until there is nothing left but at least the stock market will be healthy.
If this policy does not explicitly include trade, there’s a real risk that European companies will lose in the market as their products are more expensive compared to high pollution imports, or they’ll be forced to move manufacturing to locales where they are permitted to pollute more, both of which are bad for the EU and the world.