Is ‘Made in China’ a Thing of the Past? What tariffs and trade relations mean for the consumer product industry.
According to the Office of the U.S. Trade Representative, China is our largest goods trading partner with approximately $579 billion in total trade during 2016. Imports from China totaled $463 billion, resulting in a $347 billion U.S. trade deficit for the year. This deficit, along with the goal of bringing manufacturing jobs back home, has the President Trump contemplating high tariffs on Chinese and other imports, including those from another major trade partner – Mexico. The World Trade Organization stipulates that tariffs can only be imposed when there is material injury to the domestic industry, such as the detrimental effects of...Continue reading