Part 3/9:
To comprehend the controversy surrounding these tariffs, one must first familiarize themselves with what a trade deficit actually entails. Simply put, it refers to a scenario where a country imports more goods and services than it exports. In the case of the U.S. and China, this imbalance has resulted in major economic discussions about how to rectify these discrepancies.
The implementation of tariffs is often considered a remedy to such deficits. By increasing the cost of imports, tariffs aim to encourage domestic production, ostensibly leading to more jobs and economic growth within the home country. But the complexities of this approach raise important ethical questions about the broader implications for affected nations and the global economy.