🌐 For decades, economic globalization and trade liberalization have been the dynamic duo powering the world's growth engine. They've been like the ultimate team-up, bringing high-speed growth and keeping inflation in check. Countries opened their doors, promoting free flow of goods, and everyone was vibing on the benefits.
But plot twist! The U.S., once a champion of free trade, is now hitting the brakes and shifting gears towards trade protectionism. Since 2018, it's been on a path that's causing some serious international trade drama. Think of it like unfriending your besties on social media—awkward and kinda messy.
Fast forward to May 2024, and things are heating up even more. The U.S. government decided to amp up its competition with the Chinese mainland in electric vehicles (EVs) and other cool stuff. The plan? Boost tariffs on Chinese EVs from 25% to a whopping 100%! 🚙💸 That's like paying four times more for the same ride!
So, what's the tea? These protectionist moves are not just about numbers and policies. They could spark nationalist vibes, shake up the foundations of international trade, and might even backfire on the U.S. economy itself. Imagine setting up walls thinking you're protecting your house, but you're actually locking yourself in. Not so fun, right?
In a world that's more connected than ever, closing doors might lead us to a narrow street with no room to grow. Maybe it's time to rethink the route and choose paths that keep the global community cruising forward together. 🌍✌️
Reference(s):
cgtn.com
