Trump's trade war with China has led to the loss of jobs, higher prices for consumers, and reduced economic growth.
Free trade - the absence of barriers such as tariffs, taxes, subsidies, etc., that restrict international trade between countries.
Tariffs can be used to retaliate against unfair trade practices imposed by other countries.
China responded by imposing tariffs on American goods worth $60 billion
Tariffs are used as a source of revenue for the government by charging fees on imported goods.
Protectionism - government policy to protect domestic industries from foreign competition by imposing tariffs or quotas.
Increasing tariffs will increase costs for businesses and reduce demand for their products
Tariff revenue is collected by the federal government and used to fund various programs and services.
Increased demand for American goods leads to increased production and employment opportunities.
The US government uses tariffs to protect domestic industries from foreign competition.
Quota - An artificial limit placed on the quantity of a good that can be imported into a country.
Tariff - A tax imposed on imported goods, typically used to protect domestic industry and generate revenue for government.
Protectionism is an economic policy aimed at protecting domestic industries from foreign competition by imposing restrictions on imports or providing support through subsidies.
Trade wars have negative impacts on global economic growth and investment decisions
Retaliatory measures taken by China include increasing tariffs on US soybeans, cars, and aircraft parts
Tariffs can be used to promote economic growth, but they also have negative effects such as higher prices for consumers and reduced international trade.
Tariffs can lead to retaliation from other countries, which can harm exports and hurt the economy.
Tariffs can create jobs in protected industries, but they may not necessarily benefit the overall economy.