The Effects of Trump's Tariffs on China - Richard Wolff

"If [these tariffs] were supposed to hurt the Chinese there's little sign of it. Here's what the Chinese did in response... They made production more efficient. They worked doubly hard at extra efficiency which is now showing up in their gains of productivity relative to the United States. So what we did, in short, was stimulate them to be more productive, which in the medium and long run is self-defeating for the United States."

This is a clip from Economic Update [S11 E23] Insurgent Working Class & Organization

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[catherinegoodsett-wein]

So our leaders punched us in the balls and sold it as a win.

[bronsonalex]

What doesn't kill you makes you stronger. This definitely applies to Chinese

[MullahSteinberg]

Mr president and specifically Trump, you have made China great AGAIN

[hammadsethi]

The only way tariffs could work was if they made Chinese imports so expensive that Americans preferred to buy alternative American products. For one thing, restarting manufacturing in USA would be extremely expensive. Secondly, Chinese imports would still be more cost effective and cheaper than the ones produced anywhere in the West especially the USA. Obviously a self defeating exercise and a waste of time and resources.

[LongTimeTTFan]

In any trade war, the victims are the consumers. Always.

[khaldunia]

Mr Wolff, your videos clarify economic matters very well. Thanks a lot!

[Hahaha]

Professor Wolf is so sarcastic, awesome guy

[jimcrelm]

If the Chinese lowered their prices, surely they paid for part of the tariffs? The point about productivity is true though: China has the ability to develop its productive forces with or without Americans' custom, unlike smaller countries for whom tariffs on finished goods prevent investment in the secondary (manufacturing) sector, leaving them reliant on low value raw material exports. China cannot be crushed in such a way, partly because no one can afford to impose trade barriers on a grand enough scale, partly because of their growing domestic market, and partly because of the Chinese government's robust and interventionist industrial strategy. They are not dependent on outside investment or beholden to international private capital to the same extent as a third world nation after decades of neoliberal reforms imposed by the IMF would be.

[odin]

Seems like Biden is not much smarter than Trump in these tariffs .

[robertlee]

consumers pays. no one would sell their products if there is no profit.

[darrellrees]

"Trade wars are good, and easily won." - A Very Stable Genius

[ristekostadinov]

There is one US chip company called Micron Technology, that manifactures chips for RAM memories and SSDs. In 2018 Trump ordered them to stop working with Huawei and their revenue falled off by 19% because Huawei was their biggest client. Micron have 14 manifacturing plants, 3 are in US (Virginia, Idaho, Utah).

[terrystack]

Tarifs and sales taxes are a taxes on the Working Class, which is why they’re bad. We need to take OUR money back from those lazy rich people who produce nothing for society

[nien]

The Chinese by lowering the prices this in turn also lowers the amount of tariffs collected bu the US. And with the Chinese countervailing duties on American goods, everything evens out for the Chinese but American consumers are the ones left holding the bag.

[cambamx]

Crazy how like 90% of people don't understand how tarrifs work.

[mhguommjt]

Great video and proof that Professor Wolff knows what he is talking about. Too bad many politicians have ignored the truth totally.

[anywhereroam]

I love how you explain it, so amusing.

[dapengliu]

When T increased tarrif on the whole world, he actually added tax on US consumers. He is a genius.

[alanOHALAN]

Tariff made China more self-reliant, forced them to develop their domestic market. It is a good thing.

[MrJchang]

Trump had no clue about how tariff works. "Tariff" sounds great from common American's point of view. "I posted heavy tariff on you, you pay me"! Trump made China great again because China made more money with a big laugh!