Trump's Trade War With China - TLDR Explains

The video discusses the US-China trade war, focusing on tariffs imposed by both countries. It explains what tariffs are, their impact on trade, and the US trade deficit. The video explores the political and national security reasons behind the tariffs, as well as their effects on consumers and the economy. It concludes with a discussion on the potential future of the trade war and its implications for the US and China.

What is a tariff?

• A discount on exported goods

• A tax on domestic goods

• A tax on imported goods

• A subsidy for local producers

Why does the US have a trade deficit with China?

• China imposes higher tariffs on US goods

• The US exports more to China than it imports

• The US buys more Chinese goods than China buys from the US

• China buys more US goods than the US buys from China

What is one potential drawback of using tariffs to reduce trade deficits?

• They reduce the cost of imports

• They increase the competitiveness of foreign goods

• They can lead to retaliatory tariffs

• They make domestic goods cheaper

How can tariffs be used as political leverage?

• By reducing the cost of imports

• By increasing domestic production

• By encouraging foreign investment

• By threatening economic impact to gain concessions

What is one reason Trump imposed tariffs on steel imports?

• To protect the American steel industry for national security

• To increase the cost of steel for American consumers

• To encourage more imports from China

• To reduce the price of steel in the US

What impact have tariffs had on US consumers?

• They have made US goods more competitive

• They have increased consumer prices

• They have had no impact on prices

• They have decreased consumer prices

Why did Trump delay some tariffs until December?

• To encourage more imports from China

• To reduce the cost of Chinese goods

• To increase the trade deficit

• To avoid impacting the holiday shopping season