MAIN POST 200 WORDS topic: The Economics of International Trade and Taxes The mo

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MAIN POST 200 WORDS
topic: The Economics of International Trade and Taxes
The most exciting part about Microeconomics is the application, not just what you read in a textbook.
Choose any podcast related to this module’s microeconomics topic, then choose a specific current episode of that podcast. Your reference will be the name of, and link to, your chosen podcast. As you listen to your chosen podcast, pay particular attention to any discussion relating to The Economics of International Trade and Taxes.
After listening to the podcast, answer the following questions:
What important new knowledge did you learn?
How did this new knowledge relate to microeconomic theories explored in this module, such as the economics of international trade and taxes?
What experiences do you have with the topic(s) covered in the podcast?
Examples of acceptable economic oriented podcasts include:
EconTalk;
Freakonomics;
CATO Daily Podcast;
The Sound of Economics;
NPR’s Marketplace series (some daily and some weekly);
NPR’s Planet Money;
Weekly Economics Podcast; and
Bloomberg’s Stephanomics to name just a few.
If you are unfamiliar with podcasts, search for economic podcasts, using any of the above options, or just search for economics podcasts. It is also acceptable to use TED talks that center on economic issues.
Please remember that, in the discussion, it is important that you add your personal comments, in addition to summarizing the podcast you chose. It is not enough to say what you heard. You must also analyze the material. In your reply to peers, share something new you learned from the podcast, how your peer’s podcast related to the podcast you chose, or how your experiences are similar or different from your peer’s experiences.
Be sure to post an initial, substantive response by Thursday at 11:59 p.m. MST and respond to 2 or more peers with substantive responses by Sunday at 11:59 p.m. MST. A substantive initial post answers the question presented completely and/or asks a thoughtful question pertaining to the topic. Substantive peer responses ask a thoughtful question pertaining to the topic and/or answer a question (in detail) posted by another student or the instructor.
PEER’S REACTION #1 (100 WORDS)
The Economics of International Trade and Taxes.
The question was, “name one way the U.S China trade war has affected the American economy an global trade over the past two years.” Five Economics Explain the impacts of the U.S China Trade War from the National Committee on U.S China Relations. (ncuscr.org) One way that the trade war with China has affected the U.S economy is due to tariffs on U.S manufacturing, in part due to firms relying on China’s input to produce their final goods. Inputs are elements of productions that go into the process of creating a certain good or service. The tariffs placed on China has hurt the U.S manufacturing industry as well as the tariffs China has in turn placed on the U.S. China has made it harder for U.S manufacturers to sell their final products in China, the tariffs have caused U.S manufacturers to lose sales domestically, in China, and in other countries where higher costs mean that they’re less competitive to alternative supply.
Trade wars are not bilateral just affecting the US and China, the global implications of this issue has an affect on all industries over the world. Trade wars between two global powers has a significant implication for all countries and all industries and even if there are a few winners from those protected by tariffs, they are losers in a general sense because the global economy grows slower in the context of a trade war.
KEVIN
References
Five economists explain: Impacts of the U.S.-China Trade War. NCUSCR. (2022, April 5). Retrieved April 22, 2022, from https://www.ncuscr.org/video/economists-explain-trade-war/
PEER’S REACTION #2 (100 WORDS)
This week I listened to NPR’s Planet Money, The Giant Book That Creates and Destroys Entire Industries, it is a part of their series following the process to make Planet Money T-Shirts from start to finish. In this episode, their t-shirts go through customs and they it is decided the amount they must pay for tariffs. Interestingly, their men’s shirts that were made in Bangladesh have a tariff of 16.5% while the women’s t-shirts that were coming from Columbia were free (Goldstein, 2013, 2:00). Although textile tariffs have been in place after the War of 1812, it has had a negative impact on production and the US intends to change that with free trade deals (Goldstein, 2013). This is why there is such a large disparity between the tariff prices.
A free trade deal positively impacts Columbias economy because it would have may have been made elsewhere or in an area with lower tariffs as the cost may be too expensive otherwise. As a result of the US making such deals, the cost of clothing is cheaper as it does not require an extra charge to be passed onto the consumer. I found it interesting to hear the code found and read for specific items in the Harmonized Tariff Schedule; or, as they referred to it, the Book of Everything.
So much of the products we use daily is imported and the cost is brought onto me, the consumer. While I would not be aware of such tariffs by their section code, I have been driven towards or away from certain products and brands because of the price difference.
Jessica
References
Goldstien, J. (Host) (2013, December 12). The giant book that creates and destroys an entire industry (Audio file). NPR’s Planet Money. retrieved from https://www.npr.org/sections/money/2013/12/06/247361423/the-giant-book-that-creates-and-destroys-entire-industries

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