Here’s What President Trump’s Tariffs Have Done to the Chinese Economy
The Chinese economy has suffered under President Trump’s tariffs so much that their growth rate has hit a historical low not seen for 27 years.
Trump has accused the government of the second largest economy in the world of unfair trade practices, and has hit the country with tariffs in order to pressure them into trade deals that more agreeable to the United States. . .
That trade dispute has led to the Chinese economic growth rate to drop to 6.2 percent in the second quarter, a rate not seen in China since 1992.
Some economists worry that the trade war between the two largest economies in the world may lead to a global recession, but that has not yet manifested itself in the U.S., which is experiencing an economic boom.
Free market critics of the populist use of tariffs as an economic policy say that they lead inexorably to trade wars which damage international production chains and harm all countries involved. They also point out that tariffs end up being another tax on consumers instead of the countries they are supposed to punish.
China’s 2nd Quarter growth is the slowest it has been in more than 27 years. The United States Tariffs are having a major effect on companies wanting to leave China for non-tariffed countries. Thousands of companies are leaving. This is why China wants to make a deal….
— Donald J. Trump (@realDonaldTrump) July 15, 2019
….with the U.S., and wishes it had not broken the original deal in the first place. In the meantime, we are receiving Billions of Dollars in Tariffs from China, with possibly much more to come. These Tariffs are paid for by China devaluing & pumping, not by the U.S. taxpayer!
— Donald J. Trump (@realDonaldTrump) July 15, 2019
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