We can’t deny that China is a force to reckon with. Their economy has grown roughly tenfold of what it once was, so President Trump should be careful with how the U.S. conducts trade relations with Asia’s giant and also the country’s largest trading partner.
Many U.S. manufacturers and companies rely greatly on the Chinese economy for parts and labor of goods and services. When you go to the mall or do your grocery shopping, look at food labels and check where it was made. You’d likely see that it is made from China. Let us also not forget that they have the second largest economy in the world and that we willingly allowed them to dominate the U.S. markets for years now.
Trade theorist Paul Krugman once wrote: “The economist’s case for free trade is essentially a unilateral case — that is, it says that a country serves its own interests by pursuing free trade regardless of what other countries may do.” If empirical studies can lead top… Read the rest