Fall of the gas giant
Name:Source of article: the NEW YORK TIMES
Publication date: 10th April 2018
The ripples effects of the tariff imposed on steel and aluminum from china has been felt all over the country since the beginning of their implantation late last year. Many steel companies based the United States have decried the move as it has adversely affected their businesses.
The question that lingers in their thoughts is, ‘how long will we survive the turmoil?’. It was passed that a 25% tariff be imposed. One company that has clearly showed its disgust in this status quo is CP industries; it is one of the largest companies that manufacture steel products with its raw materials sourced from china.
CP industries make steel gas cylinders and sell them to government parastatals like NASA and the public. Its manager claims that since the tariff came into place they had to raise the price on its products and they have ended up losing customers to competitor companies from china.From the managers cry rose another creepy question, ‘who will pay for the taxes?’.
A discussion by economics professionals claimed the American companies will have to bear that burden stoically if they intend in retaining their supplier. A Competitor that the popular industry faces is the Enric Gas Equipment Company from china. Goods from the company are not subjected to the tariff yet they meet the same customer.
That is unfavorable competition.I strongly stand with the economists that claim that the tariff should be toned down if not removed completely. In all goods that the government could put tariffs on; aluminum and steel were to be excluded. This is for the simple reason that the country does not produce cheap high quality steel like china. Many critics have rallied against the tariffs as the economy is predicted to see a dive in the coming years.
PWhat will happen to the CP industry and all other small companies that import Chinese steel if the tariff is to be upheld for 3 more years?Protectionism as a policy under economics field should be clearly defined by states that want to adopt it. The laws around it must be custom made to ensure that its intended aim of boosting market for domestic companies is met. If not, we will see a collapse of many giant companies and the loss will be immeasurable and irreversible.
Online article by the NEW YORK TIMEShttps://mobile.nytimes.com/2018/04/10/business
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