Collectivism Vs. Individualism – Two Cultures Collide In Trade War

Collectivism Vs. Individualism – Two Cultures Collide In Trade War

The trade war between the U.S. and China has escalated to new heights, with both sides preparing additional tariff increases and President Trump ordering U.S. companies to move operations outside of China (even though his words carry no legislative weight). Both sides seem to be torn on how to best handle the trade disputes from here, with hawks on each side wanting to "stay the course" and others wanting to reach an agreement before the global economy suffers the consequences. Timeline of events in the recent trade war escalations: August 13, 2019: The U.S. delays a portion of tariffs on China, set to take effect September 1 until December 15. The administration says the move was meant to avoid disruptions to the holiday shopping season in the U.S., a rare acknowledgment that tariffs can raise prices. August 19, 2019: The U.S. Department of Commerce said it would grant a temporary reprieve to Huawei, giving companies an extra 90 days to find an alternative to the telecommunications giant. August 23, 2019: China prepares retaliatory tariffs on $75 billion of U.S. products and says it will reinstate duties on cars. The escalations are set to go into place on the same dates as the U.S. side. August 23, 2019: President Trump vows to hit back against those countermeasures, announcing the U.S. will raise the tariff rates on Chinese products by about 5 percent. Financial markets tumble sharply as the president also orders private U.S. companies to leave China, sowing confusion even […]

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