4.4 • 1.8K Ratings
🗓️ 21 June 2018
⏱️ 27 minutes
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0:00.0 | Welcome to Worldly, Vox's Guide to the Most Important Stories in the World, part of the Vox Media Podcast Network. |
0:14.0 | Walk into a store like Walmart and you'll notice two things. |
0:17.0 | Most of what you see is made in China and most of it's incredibly cheap. |
0:21.0 | That's because the US and China have a close economic relationship built on decades of free trade between the two countries |
0:27.8 | But that all may be about to change in the last week alone President Trump has promised to put tariffs on tens of billions of |
0:34.7 | dollars of Chinese made goods. |
0:36.7 | Beijing has promised to put tariffs on tens of billions of dollars of American made goods. |
0:41.4 | We're what many people say is a full-on trade war with China. I just |
0:45.2 | spent 10 days in China talking to business people, government officials, random people |
0:49.3 | on the street across the country. They all said pretty much the same thing. China is ready to fight. |
0:54.9 | But before we talk about what a trade war could look like, what a trade war actually means, |
0:58.8 | what kind of weapons each side can use, Jen let's talk about how we got here. |
1:02.6 | Yeah, so what we've seen in the past few weeks basically is this escalating |
1:06.9 | tit for tat of slapping tariffs on each other's countries, right? |
1:11.3 | The Trump administration said on June 15th |
1:14.2 | that they were going to put this 25% tariff on 50 billion dollars worth of Chinese |
1:18.1 | goods. So then China got pissed off and immediately came back the same day and said that they're going to retaliate in quote |
1:24.8 | equal scale and equal strength. So they come back with this huge kind of list of categories |
1:30.0 | ranging from soybeans, pork, chicken, sport utility vehicles, so SUVs, electric cars. |
1:36.7 | And then just this Monday, the Trump administration came back and said, okay, fine, China, if you |
1:42.2 | do that, if you retaliate, then we'll retaliate back. |
1:45.7 | And we're going to put an additional tariff on another $200 billion worth of Chinese goods. |
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