Question

What are the various types of tariff plans in USA.How are they helpful to common public.What effects they have on the global economy.Consider the examples of various countries and compare the tariff plans.And give a report.In what way USA is better when compared to other countries.

Consider atleast 5 developed countries.

I have seen this content in different sites.But I want a clear and a unique answer.

WORD COUNT SHOULD BE 1,200 WORDS FOR EACH EXAMPLE.(5 developed countries)

NO PLAGIARISM PLEASE...

Answer 1

U.S. President Donald Trump blindsided global markets and his own trade officials Thursday when he announced, via Twitter, an escalation in the trade war with China. The push to raise tariffs on more Chinese imports starting Sept. 1 comes as trade talks between the two sides have bogged down, with little hope of progress apparent even before Trump’s surprise move. Now, the big question is how much damage Trump’s escalating trade wars will do to global economic growth at a time when the United States, China, Japan, Britain, and the European Union are all slashing forecasts.

Days after U.S. trade officials made a half-hearted visit to Shanghai to resume stalled trade talks with China, Trump made the surprise announcement that he would ratchet up tariffs by 10 percent on $300 billion worth of Chinese goods that had so far been untouched by his trade war—including shoes, clothing, and electronic goods such as laptops and game consoles.

The United States has already levied tariffs of 25 percent on $250 billion worth of Chinese goods, so the latest step—if implemented—would make virtually everything the Chinese export to America subject to some degree of import tax. Trump didn’t rule out raising the latest tariffs to 25 percent or even higher if his demands aren’t met.

Stock markets around the world tumbled on the announcement, crude oil prices tanked amid fears of a global recession, and economists warned that an intensified and sustained trade war could cut economic growth in China, the United States, and in many emerging markets. Those economic fears come even as major economies are already expecting lower growth: Japan and the United Kingdom just cut their GDP forecasts, U.S. growth is sluggish due to the trade war and a lack of business investment, and China is forced to boost domestic stimulus to offset falling exports in a bid to keep growth near target levels.

Ironically, Trump’s latest move helped push the Chinese currency to its lowest level of the year. A cheaper yuan helps offset much of the U.S. tariff hikes and is also the exact opposite to what the Trump administration has been pushing for.

That’s harder to say, given Trump’s deep-rooted and seemingly unshakeable confusion over what tariffs are and how they work.

Even after the latest announcement, Trump again bizarrely insisted that the tariffs—which are entirely paid by U.S. importers and paid to U.S. Customs and Border Protection officials—are somehow paid by China. For decades, into his presidential campaign, and since he has been at the White House, Trump has described tariffs as a tax on the other country—when in fact they are a tax on U.S. businesses and consumers, who have to pay higher prices for the same goods.

That said, Trump hinted in his tweets that a big part of his frustration is the slow pace of China’s compliance with some things Beijing vaguely promised to do at the recent G-20 meeting in Japan, including resuming purchases of U.S. farm products that China has virtually boycotted since the beginning of the trade war. Trump may believe additional tariffs on such a big chunk of China’s export trade could be a way to force Beijing to make good on those commitments. That would pay political dividends for Trump in farm country, which has been hammered by falling commodity prices and disappearing export markets.

And given the complete inability of the Trump administration to reach any sort of trade agreement with China, doubling down on the trade war as he heads into the 2020 reelection campaign could be more politically attractive than settling for half a loaf; many of his supporters applaud what they see as Trump’s tough stance toward China, even though U.S. farmers, workers, and businesses are paying the price.