Trade War with China
CNBC: US farmers in 'precarious position' with China as trade war fears escalate
I chose to write about the trade tariffs between China and the US on soybeans and other commodities. The Chinese government has threatened to impose a 25% tariff on various commodities such as soybeans imported from the US. This could make other countries items more attractive to one of the worlds largest consumer groups having a significant impact on the US industry. One of these items is the soybean, soybeans are one of the largest exports and China is one of the largest consumers of soybeans so if Chinese consumers are encouraged to buy other countries soybeans the US could lose a significant amount of income.
If China imposes an import tariff on soybeans the effect it will have on the job market could be significant. Because soybeans are a large industry they require a large number of people to farm them creating many jobs in the US. If the US exports fewer soybeans fewer farmers will be needed forcing many people into unemployment. The US responded to this by threatening tariffs on more than 1,600 Chinese goods. This threat made Chinese officials more likely to follow through with their threat and hurt the US economy. Roughly one-third of the nation's soybeans are exported to China if the US loses such a substantial part of its income the effect on the economy as a whole could be catastrophic.
I chose to write about the trade tariffs between China and the US on soybeans and other commodities. The Chinese government has threatened to impose a 25% tariff on various commodities such as soybeans imported from the US. This could make other countries items more attractive to one of the worlds largest consumer groups having a significant impact on the US industry. One of these items is the soybean, soybeans are one of the largest exports and China is one of the largest consumers of soybeans so if Chinese consumers are encouraged to buy other countries soybeans the US could lose a significant amount of income.
If China imposes an import tariff on soybeans the effect it will have on the job market could be significant. Because soybeans are a large industry they require a large number of people to farm them creating many jobs in the US. If the US exports fewer soybeans fewer farmers will be needed forcing many people into unemployment. The US responded to this by threatening tariffs on more than 1,600 Chinese goods. This threat made Chinese officials more likely to follow through with their threat and hurt the US economy. Roughly one-third of the nation's soybeans are exported to China if the US loses such a substantial part of its income the effect on the economy as a whole could be catastrophic.
This is a very interesting topic. There is a lot of detail and appears like you have done your research. Well done.
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