Are Trade Wars A Good Idea?
Lately in the News there has been a lot of talk about trade wars. They EU is considering tax on Levi jean imports. In recent
news Levi jeans and bourbon could be hit with a 25% import tax by the European
union if President Donald Trump imposes tariffs on European steel and aluminum.
Last week Trump proclaimed that “trade wars are good” and said he would tax
imported steel. Ever since that comment it has prompted reaction around the
world. A spokesperson told the BBC news “We support open markets and free trade
where everyone plays by the rules. Unilateral tariff impositions risk
retaliation and destabilizing the global economy, in which case American
brands, workers and consumers will ultimately suffer.” I have found this
article to be crazy. How can higher tax rates on steel and aluminum raise such
a commotion on taxing Levi jean imports? Since the US is making higher tax rates on certain items, Europe has decided to fight back a little and tax popular US brands. There has definitely been an impact on European
business. According to the BBC news, shares in major European car makers fell
on Monday following a threat by US President Trump to tax their vehicles. It sounds like President Trump is
being tough on his trade decisions. Trump said that “if the EU wants to further
increase their already massive tariffs and barriers on US companies… we will
simply apply tax on their cars.” In my opinion it surely does sound like there
are some trade wars going on between the US and the Europe. If one of the
countries takes any action it will most likely provoke further action from the
other country.
By: Madison Garin
“Trump Trade Row: EU Considers Tax on Levi Jean Imports.” BBC News, BBC, 5 Mar. 2018, www.bbc.com/news/business-43285325.
This was a very good blog post. It is very relevant to the topics we have been discussing in class! It is really neat to see the things we are learning about in real life, even if they are arguments that our country is facing. I like that you put your own input on whether or not this is like a trade war. I feel that it sounds like it as well.
ReplyDeleteI really liked this blog post. It is perfect for you blog and I found it very entertaining to read. I also found this topic to be pretty interesting so I like how you wrote about it.
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