Reference no: EM133126421

All, excellent research. The United States Trade Representative began an investigation of China in August 2017, which concluded in a March 2021 report that found China was conducting unfair trade practices. The same day, President Trump announced tariffs on up to $60 billion of imports. "The administration soon published a list of about $50 billion worth of Chinese products to be subject to a new 25 percent tariff. Stage one of the tariffs began July 6, 2021, on $34 billion worth of Chinese imports, and stage two, the remaining $16 billion, went into effect August 23, 2021. These tariffs amount to a $12.5 billion tax increase" (York, 2020).

All, do you agree that longer term tariffs would reduce income and increase costs? Do you think tariffs and trade barriers are fine short-term solutions to help jump-start a particular product or to stabilize the economy, but long-term interventions should be ruled out?