The president likes to say that his tariffs are hurting China and no one else. But if China is feeling the pain, so will the United States
$700 billion dollars. China has become the world’s second largest economy, with a GDP in the neighborhood of $15 trillion—and the world’s largest if that GDPChina’s economy is also deeply enmeshed in the global matrix of supply chains, which includes a large proportion of the biggest American-domiciled multinational corporations, which in turn support millions of domestic American jobs.
But these consequences of the trade war will be the least of our problems if China’s economy slumps. A sagging domestic economy in China will not only continue to hit U.S. exporters and those who rely on Chinese investment. It will impact the entire Asian sphere. Japan and South Korea are especially vulnerable as their economies have become dependent on selling high-end products to China.
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