(Drivebycuriosity) - The US is waiting for the new President. What will he change? Will he end Trump`s trade war against China? The US economy is still suffering from the massive tax hikes on Chinese products and the blockade of Chinese imports and companies (Huawei). The trade war has been restraining economic growth in the US since 2018 and made the Covid-19 recession even worse.
Trump`s tariffs made imports from China, including apparel, hardware, furniture, electronics and toys, more expensive, hurting especially families with low incomes, but all Americans got poorer. Trump`s tariffs work like taxes, therefore they are sucking a lot of money out of consumer`s wallets, eventually reducing even purchases of US products.
Higher prices for many imported goods, including Aluminum & steel, are also harming US car producers and many other industries, which rely on cheap primary products. US farmers lost markets because China bought less corn, wheat & fewer pork from the US as a retaliation. The trade war - especially the blocking of Huawei - disconnected complicated international supply chains, cut exports by the American chip industry and reduced foreign investments into the US. As result the trade war destroyed many American incomes & jobs.
If the new President would restore diplomatic and economic relationships with China both economies would get a push which also would lift the global economy - a win-win situation.
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