https://www.bloomberg.com/view/articles/2018-04-06/trump-s-tariffs-overlook-how-much-u-s-needs-china
Trade Wars in a Winner-Take-All World
High Tariffs on Chinese Imports Would Weaken
America
Nobel Laureate Paul Krugman on US-China Trade Squabble
Nobel Laureate Joeseph Stiglitz notes:
“Even if Trump had
no economists advising him, he would have to realize that what matters is the
multilateral trade deficit, not bilateral trade deficits with any one country.
Reducing imports from China will not create jobs in the US. Rather, it will
increase prices for ordinary Americans and create jobs in Bangladesh, Vietnam,
or any other country that steps in to replace the imports that previously came
from China. In the few instances where manufacturing does return to the US, it
will probably not create jobs in the old Rust Belt. Instead, the goods are
likely to be produced by robots, which are as likely to be located in high-tech
centers as elsewhere.”