We are studying trade and comparative advantage. The economic model and concept concludes that both parties (or countries) benefit from trade. The global market, the global economy, likes to trade!
On a more personal level: This would also explain why we like to enter into relationships (and marriage), or friendships in general. We feel that we benefit from mutual understanding, mutual assistance, combining or exchanging resources, and mutual support by recognizing that we all have different strengths and talents. Often we admire certain qualities in other people and enjoy being friends with them, perhaps learn from them.
The Trump administration has decided to put tariffs (extra taxes) on Chinese goods that we import, there is a plan to build a ‘wall’ between U.S. and Mexico, and NAFTA (the North American Free trade Agreement) has been revised. Overall the previous administration was trying to work against free trade, to implement trade barriers (= tariffs), and promote protectionism of its own manufacturing (“America First”).
Based on data, evidence, and a case study: Should we have trade barriers between countries (= tariffs)?
If it is a free market, why does the US impose tariffs with China and other countries, such as the EU?
Your response should be thoughtful and based on data, a case study, or other scientific evidence
I am attaching an article from the ‘economist’ magazine that includes a graph on the quantity of imports and exports with China (it is on the last page of the article). Please read, and also feel free to also consult other sources.
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