Ever wondered why your smartphone just got pricier? 🤔 According to Scott Lucas, a trade expert at the Clinton Institute, University College Dublin, the tariff war between the US and the Chinese mainland that kicked off under US President Donald Trump has no real winners—Americans end up taking the biggest hit.
So what’s a tariff, anyway? In simple terms, it’s a tax placed on imported goods. When the US slaps duties on imports from the Chinese mainland, American importers either eat the extra cost—shrinking their profits—or pass it along to manufacturers, retailers, and eventually, you, the consumer, in the form of higher prices for everything from gadgets to groceries 💸.
Farmers feel the pinch too. With higher fees on key exports like soybeans, corn and meat, overseas buyers might look elsewhere, shrinking global demand. That ripple effect can even touch markets across South and Southeast Asia, impacting prices and supply chains everywhere.
Here’s the big deal: trade tensions don’t just stay at the border. A tariff tag team fight can slow down global growth, disrupt supply chains, and fuel uncertainty. For fast-moving industries like tech and fashion, delays and added costs can mean longer waits for the latest smartphone or trendy streetwear drops.
Experts say the win-win path lies in cooperation, not tariffs. Easing duties could help stabilize prices, support farmers, and keep your favorite imported goods affordable. As global citizens, we’re all in this together—so let’s hope future talks tip the scales back in our favor.
What do you think? Share your thoughts below or drop your own tariff stories! 👇
Reference(s):
cgtn.com
