Biden's New China Tariffs Explained

Biden recently announced a series of high tariffs on Chinese products. With the CCP threatening to respond, in this video, we take a look at what drives the trade war, why Biden changed his mind, and how this could all end.

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00:00 - Introduction
01:03 - Tariffs Explained
03:30 - Why Biden is Doing Them
04:54 - How Does This End?
07:51 - Sponsored Content

[TLDRnewsGLOBAL]

CORRECTION: As a helpful commenter has pointed out, Frederic Bastiat's "Fallacies of Protection" was actually first published in 1845, not 1909, as we claim in the video, which is the date it was first published in English by Cassell and Company Ltd. Apologies, and we hope you nonetheless enjoyed the video!

[AmericanRevanchism]

I'm old enough to remember when Biden said Trump was stupid for implementing these same tariffs.

[xultimate]

I like how the concerns of European great powers were portrayed by Minecraft items

[FriendlyPalBud]

Frederic Bastiat died in 1850. Fallacies of Protection was published in 1845.

[uegun]

According to a previous version of joe biden' the only person who pays for tariffs are the consumer' he must've forgotten.

[DOSFS]

Well... trade dependancy isn't stop Russia from invading Ukraine, in fact, they bet 'weak-will' US and EU wouldn't dare move a finger to counter because they would lose money. They are wrong.

[julienrocher]

It could be great if China exports to the US via Mexico. Using Mexico as a third party means additional cost which is revenue for Mexico and can be monitored and controlled. It means that US citizens can still buy the products but at prices which don’t damage US local industry.

[lyeseng]

China should drastically reduce its imports of Boeing aircraft, using safety as a justification. Just focus on its COMAC and the Airbus planes.

[deathdrone]

"They cheated, they are supporting their businesses with subsidies!"
Green New Deal & the Chips Act be like👀.

[felixarbable]

How is china subsiding unethical but a company like Tesla which was built on huge subsidies is totally fine😂

[Paleos]

I would disagree about trade dependencies decreasing the risks. If you are on the importing side (as US is), you are putting yourself at higher risk so exporter (in this case - China) may be even more inclined to start a conflict, as they would be less hurt, the way we've seen with Germany and Russia

[krissto]

He wants us to own EVs, he just doesn’t want us to own the Chinese EVs. I wonder why? Maybe because our auto makers would bankrupt, although they are heading in that direction already. Dealers lots are full of band new 2022/23/24 vehicles. Same with RV dealers, their lots are full and nothing’s moving. This isn’t good.

[SkamGame]

How will US citizens be able to afford domestically made goods when wages have been frozen for decades?

[bicker]

Trade interdependency is just as likely to provoke conflict as to prevent it, looking at history. The idea that trade correlates with peace is a theoretical exercise pushed by lobbyists and not backed up by data

[ChaiChai-uu]

Russian gas and Europe.
How did that work out

[xanderx]

I remember a time long ago when Democrats were angry at the first president to issue in tariffs in China...we'll it wasn't that long ago in 2019!

For everyone saying protectionism doesn't work. In the future you will have books on how globalism didn't work. Some sectors can never go back to rich countries (unless automation takes force). But other products like a near 2000 dollar iPhone? Yeah those are expensive enough to manufacture onshore. I remember also a time when people said we could manufacture phones in the west because they would become expensive...well here we are with the 2000 dollar iPhones. So that argument died...😂

[Thermalions]

3:36 If the majority of Americans were really anti-China AND supported US manufacturing then there wouldn't be a need for the tariffs. People say they like domestic manufacturing, but then go out and buy the cheaper import products. Still it'll probably work politically, as the voters will rationalise their purchasing decisions as "I would if I could" and blindly ignore the reality of how the tariffs will impact them.

[gweejiahan]

"... well paid manufacturing back to the US..." and that right there is why it won't work, well paid in China vs well paid in USA is a big difference. majority cannot and dont wanna pay 10X for stuff.

[dltn]

Inflation Reduction Act did EXACTLY the same thing:
Dump money in American "Strategic" Industries. HYPOCRITES 😂

[balancedgaming]

Don't listen to what these politicians are saying - listen to the actions they've taken in the past.