US-China trade war | How Xi plans to counter Trump's tariffs and save Chinese economy

China is preparing for a tariff war with the United States of America. The world's two largest economies are targeting concerns of protectionism. But with both heavily invested in globalization their concerns for market access into each others economies, and the rest of the world can only lead to a tariff war. The incoming Trump administration has already sent out a signal that it will be implementing tariffs as high as 60% on Chinese goods. This Economic Brief report puts things into context.

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[DanFortunato-zj]

While tariffs may provide short-term relief and, perhaps, a psychological lift to the public, they prevent companies from addressing the problems that led to market inequities in the first place. A painkiller doesn't address the problem, ". "It's just a temporary solution." Most economists view tariffs as ineffective and outdated tools to correct a country’s growing trade imbalance. This has led some to warn that tariffs typically end up harming the exporting country but also consumers and businesses from the importing nation. In 2002, President George W. Bush raised tariffs on selected steel products in hopes of saving the U.S. steel industry. The move backfired. Longtime trading partners were outraged and threatened to retaliate on American-made goods. More jobs were lost than saved.