Question #42: How do you feel about the tariffs with China?
I feel the current trade-war with China is a necessary evil. We need better deals put in place for American business owners and farmers. We need to negotiate a fair deal.
The China-United States Trade War is an ongoing trade war between the People's Republic of China and the United States of America characterized by increasing tariffs and other measures since 2018.
A tariff is a tax imposed by one country on the goods and services imported from another country. Tariffs are used to restrict imports by increasing the price of goods and services purchased from another country, making them less attractive to domestic consumers.
There are two types of tariffs: A specific tariff is levied as a fixed fee based on the type of item, such as a $1,000 tariff on a car. An ad-valorem tariff is levied based on the item's value, such as 10% of the value of the vehicle.
- Governments impose tariffs to raise revenue, protect domestic industries, or exert political leverage over another country.
- Tariffs often result in unwanted side effects, such as higher consumer prices.
- Tariffs have a long and contentious history, and the debate over whether they represent good or bad policy rages on to this day.
Soybean is Missouri’s number one cash crop. Contributing $7.7 billion in total output, $3.2 billion in added value, $1.4 billion in labor income to the state’s economy, and supporting more than 20,700 jobs. China is the destination for nearly one out of every three rows of annual soy production, and 60 percent of total U.S. exports. In 2017, China imported $13.9 billion of U.S. soybean.
Governments may impose tariffs to raise revenue or to protect domestic industries—especially nascent ones—from foreign competition. By making foreign-produced goods more expensive, tariffs can make domestically produced alternatives seem more attractive. Governments that use tariffs to benefit particular industries often do so to protect companies and jobs. Tariffs can also be used as an extension of foreign policy: Imposing tariffs on a trading partner's main exports is a way to exert economic leverage. Tariffs can protect domestic industries but often at the expense of consumers, who may have to pay higher prices.
Adela Wisdom for US Congress - Running for US Representative in the 3rd District of Missouri. District 3 covers northern Jefferson County and extends north and west past the St. Louis area, covering much of east-central Missouri. Missouri's 3rd Congressional District consists of all or part of the following counties: Callaway, Camden, Cole, Franklin, Gasconade, Jefferson, Lincoln, Maries, Miller, Montgomery, Osage, St. Charles and Warren. I am eager to serve you and all the families in our district.
Contact me at:
9942 Shrand Lane
Williamsburg, MO 63388
Watch my Video discussion about Tariffs click below: