Question

Essay Two: The US Government has implemented many tariffs on Chinese goods imported into this country. The Administration’s stated goals are two fold; 1) help US companies in these business segments and 2) make China pay for the cost of lost jobs in these business segments. Answer the following questions in your essay. · Do tariffs like this work to improve US jobs? ·

Will or has China retaliated by adding tariffs on US goods, and if so what has been (or could be) the impact of their tariffs on US businesses?

Lastly who actually pays for tariffs when imported Chinese goods get to the USA

Answer 1

Roughly 2.6 million fresh jobs have been introduced to the U.S. economy since Trump announced tariffs on more than 1,000 Chinese products on April 3, 2018. This involves 204,000 employment in manufacturing, the economy industry that hemorrhaged more than 5 million positions between 2000 and 2009, an issue that is blamed on free trade and China.

In the recent Bureau of Labor Statistics information, only six of the 20 main production categories have risen quicker during the trade war–which probably started with the risk of extensive tariff rises in April 2018–than in past years. During the era, the remainder, including chemicals, paper and textiles, either did not enjoy a boost or lost ground.

The EU struck America's textile industry after Trump extended steel tariffs to the European Union. In retaliation for tariffs on steel and softwood lumber, Canada targeted some paper products. And China, Trump's main antagonist, together with a big swath of other sectors, struck chemicals–with further retribution on the manner.

In April, China hit back with a US$ 50 billion list of imports from the US, many of which were agricultural products. Beijing subsequently removed from the list US$ 16.3 billion in US aircraft and added more food such as fish and nuts.
The main impacted U.S. products are soybeans and cars, while mostly struck by U.S. tariffs are Chinese industrial products.

Imposing tariffs on Chinese goods such as semiconductors would ultimately raise American consumers ' prices because they were important elements of electronic products. And for US manufacturers, shifting sourcing after tariffs are in place is not an simple company choice.
"Most of the Chinese products on the targeted list have alternative sources, but less costly products bought by less wealthy customers are likely to see higher price increases as companies replace more costly Chinese tariff-facing inputs

The Chinese government and businesses are not paying tariffs directly in China. Tariffs are an importation tax. They are charged to U.S. customs by U.S. registered companies for the products they import into the U.S.Importers often pass tariff expenses on to clients— U.S. producers and consumers— by increasing their rates. U.S. business executives and economists claim that, through increasing rates, U.S. customers are paying much of the bill.

Each product legally imported into the U.S. has a customs code. It is anticipated that importers will check the tariffs and other taxes and obligations on the products they bring in, calculate what they owe and pay it. U.S. Customs reviews payments and sends a new bill to importers if underpayment is detected. Importers must also post customs guarantees for payment or import bonds. Tariffs have increased the expenses of these bonds, an extra burden on U.S.-based companies that import products from China.