Beijing Hits Back with Tariffs
The article reports the escalating Tariff War between US and China. Subsequent to US decision to impose 25 percent tariff on $34 billion in Chinese goods , China responded in kind. Adding to the retaliation Washington further threatened on to levy an extra 25 percent duty on $200 billion worth of Chinese products. The ongoing Tariff war has affected the International Trade between two countries and the rest of the world.
Topics covered are Protectionism, Advantages and Disadvantages of Protectionism, Tariffs, Benefits of International Trade , FTA (Free trade areas) and Economic Integration . Explain with the help of Tariff diagrams .
Evaluation will include impact on workers, consumers, producers and government through changes in the prices of goods & services, employment opportunities, loss of markets, allocative and productive efficiencies, tax revenues and economic growth rates for both US , China and rest of the world in short term and long term.