China Is Cutting Tariffs—For Everyone Else
As Trump focuses on disruption, Beijing is evidently operating on a higher level.
JUN 18, 2019
Lobster is Maine’s top export. Like many Americans with something to sell, Maine’s trappers benefited from positive turns in China’s economic development. The movement of tens of millions of people out of poverty and into the middle class increased demand for a source of protein—and a Chinese New Year delicacy—that Maine could happily provide.
Yet in the wake of President Donald Trump’s trade war, American lobster sales to China have decreased by 70 percent. China’s 25 percent retaliatory tariff on American lobster was only the start. Beijing has actively helped Chinese grocers and restaurants by also reducing the costs of their finding new, non-American suppliers. It has cut the Chinese tariff on lobster bought from Canada, Maine’s fierce rival in the lobster business. As a result, Canada has seen its lobster exports to China nearly double. Maine may never recover its previously dominant position in this export market.
more:
http://www.theatlantic.com/ideas/archive/2019/06/chinas-two-pronged-trade-war/591877/
DO SOMETHING!
| 