The Consequences Of A Trade War With China
By Sophie Allen
Last spring, Director of the White House National Trade Council Peter Navarro responded to a question about the risk of imposing unilateral tariffs saying, “I don’t believe any country is going to retaliate for the simple reason that we are the most lucrative and biggest market in the world. They know they’re cheating us, and all we’re doing is standing up for ourselves.”
Eight months and several rounds of tariffs later, the U.S. and China have failed to come to an agreement on trade between the two nations. While U.S. and Chinese leaders have expressed their interest in reaching a deal at the G20 Summit in Argentina on November 30, a lack of progress on key issues makes a cease-fire increasingly unlikely.