Hey there! Have you ever traded toys or games with your friends? Imagine if one friend decided to make trading harder by adding rules that benefit only them. That’s kind of what’s happening between the United States and China right now.
The U.S. government has started charging extra fees, called tariffs, on things it buys from China. This makes those items more expensive. A famous economist, Professor Jeffrey Sachs from Columbia University, thinks this is a bad idea. He says that when countries make it harder to trade, it hurts everyone, not just one country.
So why is making trade harder a problem? 🤔 Well, think about your favorite video game or smartphone. Many parts of these gadgets are made in different countries, including China! If trading becomes difficult, these items could become more expensive or harder to get. 😟
Professor Sachs warns that “protectionism”—that’s a big word meaning when a country tries to protect its own businesses by making it harder to buy from other countries—doesn’t help in the long run. He reminds us of history: In the 1930s, high tariffs led to less trade, economic problems, and even contributed to World War II. Yikes! 😱
He also says that the U.S. has actually benefited a lot from trading with China. Many American companies have grown and become successful because of this trade. Making trade harder could hurt these companies and the people who work there.
So what’s the lesson here? Working together and trading fairly helps everyone! 🤝 Professor Sachs hopes that countries will choose cooperation over conflict, so we can all enjoy the cool stuff we love and live in a happier, more connected world. 🌍❤️
Reference(s):
cgtn.com
