Trade wars are stupid. Not made in China American flag shirt That’s why often politicians start them. Don’t forget it was Donald Trump who fired the first in America’s still-bitter trade war with China. As a result, U.S. businesses and consumers are paying higher prices, and so are Chinese importers following their retaliatory actions. It’s a be-lost situation.
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And that’s not the Not made in China American flag shirt way we need to go down, despite China’s escalating actions aimed at imposing tariffs and other trade restrictions on a range of Australian exports, including barley, beef, wine and lobster.
For their tremendous work, Australian politicians have so far held their views, refusing to retaliate against Beijing’s growing attitude. That’s despite some Congressional MPs protesting that there needs to be some retaliatory action – maybe through imposing tariffs on China -.
Clearly doing nothing is not an option, and Australia could take China to the Not made in China American flag shirt World Trade Organization for violating international trade rules. But that will take time. In the meantime, we must be vigilant and remember that it will never be in Australia’s national interest to shoot back by imposing new tariffs on China.
Why? First, doing so would be illegal under international rules. We have to give some untruths under the rules that allow “anti-subsidy tariffs” – the same untrue reason beijing is using against us.
Second, such tariffs may end up escalating tensions, leading to more retaliatory action. Recent SS-U.S. trade history shows how quickly mutual impulses for self-in-fire can escalate.
Third, a tax on imported Chinese products simply means Australian shoppers will pay more for a range of consumer products, leading to tightening living costs when we can afford it at least.
And fourth, because it’s one of the fundamental findings of economics that more free trade creates the Not made in China American flag shirt basis for greater economic prosperity for nations – and those benefits are available to countries that keep tariffs low regardless of what other countries do.