Hey there! Have you ever traded something with your friends, like swapping toys or games? Now imagine countries doing the same thing but with big items like cars, computers, and clothes. This is called trade! 🌍
A while back, the President of the United States, Donald Trump, decided to put extra taxes, called tariffs, on things coming into the US from 14 countries, including Japan and South Korea. The idea was to make things better for the US and encourage other countries to buy more American products.
But things didn’t go as planned. Other countries weren’t happy about these tariffs. Imagine if your friend suddenly charged you extra candies every time you wanted to borrow a pencil! Not cool, right? 🍬✏️
Instead of helping, these tariffs actually made things harder for the US. The cost of imports (things bought from other countries) went up, but exports (things sold to other countries) didn’t increase much. This means the US was buying more than it was selling, which isn’t great for its economy.
Also, when the tariffs were announced, many countries decided to buy less from the US or look for new trading partners. It’s like if your friends decided to trade with someone else because your deals weren’t fair.
In the end, these tariffs didn’t reduce the US’s big shopping bill with other countries. In fact, it made it even bigger! 📈
Experts think that this approach didn’t work because it wasn’t fair and broke some important rules that countries have agreed to follow when trading. It’s important for countries to work together and make fair deals, just like it’s important for us to be fair when trading with friends.
So, what can we learn from this? Being fair and working together is the best way to solve problems! 🤝
Reference(s):
cgtn.com
