A bit of background, it started on the campaign trail where then candidate Trump pledged to "make America great" and "putting America's interests first."
He also promised to bring jobs back from overseas including bringing manufacturing back to its glory days. He claimed NAFTA was a "bad deal for America" and would withdraw from the Trans-Pacific Partnership (TPP) Agreement (note: Trump pulled out of the TPP deal shortly after he was sworn in).
When the administration decided to slap tariffs on imported steels, our trading partners (Canada, EU, South Korea, Japan) object and will retaliate in kind, meaning they will impose tariffs on US imports such as Bourbon, Harley Davidson, Levi's. (BBC)
For this discussion, let's keep our discussions on the issues of globalization, protectionism, tariff barriers, Smoot-Hawley Act and the economic/trade partnerships such as NAFTA and EU.
Please select two questions from below. For each question, please submit at least two paragraphs or about 100-120 words per question.
1. Are you aware of the impending trade wars between the US and our trading partners prior to this discussion? What are your thoughts on this?
2. I mentioned Smoot-Hawley Act earlier; briefly explain what Smoot-Hawley Act is (Geringer et al. page 113). They say history repeats itself, do you think we may end up hurting ourselves if we end in trade war with our trading partners?
3. What are the impacts on consumers (us) and/or companies if tariffs are levied on imported steel or other goods such as European cars or cheeses?
4. What are the advantages or disadvantages of the economic or trade partnership for its members?
5. Do you have other concerns that are not mentioned here?