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Explain whether President Trump's tariffs aimed at Chinese imports will significantly close our trade deficit with...

Explain whether President Trump's tariffs aimed at Chinese imports will significantly close our trade deficit with the country, and why.

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Answer #1

Yes, US President Trump's tariffs aimed at Chinese imports will significantly close the US deficit with China. This is because even if China retaliates, it has more to lose as it is China that is running trade surplus with the US.

US tariff on Chinese products will raise the cost of these products in the US making them less competitive compared to the US made products. This will significantly reduce the trade deficit that US has with China as the demand will shift towards US manufacturers.

On the other hand, since the value and quantity of US export to China is significantly small, so even if China imposes tariffs it will have little impact.

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