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OK lets produce as many strawberries as we can . Happy? That's what you said.
That seems to be the game that China has been playing for decades. And look at their country today. Did they not satisfy their ultimate objective?
Meanwhile, the resounding message from the west is, we can't compete. Hence, tariffs, stagnation, lack of innovation, lack of competitive drive, and the cycle will continue.
I hear we are doing better then ever at fast food though. So we got that going for us...
The Japanese are a good trading partners because it tends to be an apples to apples trading partner that cannot oppresse their own people for a trade advantage.
Perhaps a minor point, but dumping inexpensive steel was precisely how Japan became a major steel exporter.
Let me make this simple. Who gets the tariff? Answer; government. The best case scenario this represents a loss to the consumer and laborer. This is before losses due to capital and labor being employed inefficiently. People can be quite wordy argueing from economic ignorance but a lot of words just confirms their ignorance.
What you are left with is argueing that for the last 240 years there has been some great conspiracy to misinform people into believing liberalized trade is good.
Read Keynes/Galbraith, Friedman, Hayek and Mises, Ricardo and Smith and ask why do all these fellas agree on this issue.
No, we can't go back to the fifties where Europe and Japan were still recovering from WWII and blacks and women were discriminated against in the labor market. Sorry, white boys, protectionism ain't bringing all that back.
I'm actually strongly in favor of free trade. The EU has for example since 2011 a free trade agreement with South Korea and the exports from the EU to South Korea have increase much stronger than the imports from South Korea. The EU has now a significant trade surplus with South Korea.
But of course I don't like it if countries try to distort the trade with dumping prices. I think it's important for all bigger countries to maintain a meaningful industrial base. Especially for such important products like steel. If the steel industry is lost, then many other steel based industrial sectors will also see a painful decline.
I have checked some trade data from Eurostat for iron and steel:
In bn Euros:
2013:
Exports to China: €2.144
Imports from China: €2.582
2014:
Exports to China: €2.184
Imports from China: €3.715
2015:
Exports to China: €1.976
Imports from China: €4.459
Export to China in 2015 in m Euros:
Germany: €624
Sweden: €332
UK: €234
Belgium: €220
France: €193
Italy: €97
Imports from China in 2015 in m Euros:
Italy: €1,430
Belgium: €970
Spain: €671
UK: €408
Germany: €207
Netherlands: €163
Portugal: €136
Poland: €104
I would prefer some tariffs, depending on how environmentally friendly the products were produced.
I'm actually strongly in favor of free trade. The EU has for example since 2011 a free trade agreement with South Korea and the exports from the EU to South Korea have increase much stronger than the imports from South Korea. The EU has now a significant trade surplus with South Korea.
But of course I don't like it if countries try to distort the trade with dumping prices. I think it's important for all bigger countries to maintain a meaningful industrial base. Especially for such important products like steel. If the steel industry is lost, then many other steel based industrial sectors will also see a painful decline.
I have checked some trade data from Eurostat for iron and steel:
In bn Euros:
2013:
Exports to China: €2.144
Imports from China: €2.582
2014:
Exports to China: €2.184
Imports from China: €3.715
2015:
Exports to China: €1.976
Imports from China: €4.459
Export to China in 2015 in m Euros:
Germany: €624
Sweden: €332
UK: €234
Belgium: €220
France: €193
Italy: €97
Imports from China in 2015 in m Euros:
Italy: €1,430
Belgium: €970
Spain: €671
UK: €408
Germany: €207
Netherlands: €163
Portugal: €136
Poland: €104
I would prefer some tariffs, depending on how environmentally friendly the products were produced.
China will be a big economical problem for the world in following years.
china gives rebates to its exporters. US subsidizes its farmers
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