4 ms·
The US's high living standard is due to all the cheap crap it can import. You can't just slap super-high tariffs on China, because the manufacturing will just m
by vacri 9y ago
The US's high living standard is due to all the cheap crap it can import. You can't just slap super-high tariffs on China, because the manufacturing will just move elsewhere. You'd have to slap tariffs on almost all the high-population countries in Asia, Africa, and Latin America. Such a hostile trade environment would rebound on the US, and it'd suffer more.
The problem isn't really that the manufacturing jobs have been given to the cheap countries, it's that the US is okay with the top quintile grabbing all the money for themselves (probably because 'freedom')