Posted: April 22nd, 2018
By: Juliana S. Inman
On March 22, 2018, President Donald Trump signed a presidential memorandum imposing tariffs and investment restrictions on China. These tariffs are estimated to affect as much as sixty billion dollars in Chinese imports to the United States. According to U.S. News writers, Ken Thomas and Paul Wiseman, the tariffs were “the boldest example to date of Trump’s ‘America first’ agenda, the culmination of his longstanding view that weak U.S. trade policies and enforcement have hollowed out the nation’s workforce and ballooned the federal deficit.” Moreover, these tariffs against China came just after the United States prepared to impose tariffs of twenty-five percent (25%) on imported steel and ten percent (10%) on aluminum, which were also meant to target China’s cheap steel and aluminum production. Although there are partisan politicians with varying opinions on the recent tariffs, “[b]usiness groups mostly agree that something needs to be done about China’s aggressive push in technology, but they worry that China will retaliate by targeting U.S. exports of aircraft, soybeans[,] and other products and start a tit-for-tat trade war.” The short-term and long-term economic impacts as a result of these tariffs have yet to be seen, but one thing is for certain: there will be economic effects, both positive and negative.