If we did that, two things would happen - an instant increase in the price of so many consumer goods that it would depress sales, hurting American consumers and throwing tens- if not hundreds of thousands more out of work. China would further retaliate by calling in our debt (which they may do anyway), with our Treasury monetizing the payout, further weakening the dollar while increasing the cost of foreign oil.
There is no question that China's trade policies are unfair, but they are increasingly unsustainable as their own debt rises and as our economy slowly slips into another recession. Even today, real Chinese GDP (not the fake "reported" GDP) appears to be falling substantially. The real way to fight them is to make ourselves more competitive in domestic manufacturing, production and trade - which means lower taxes, less regulation at all levels, and fewer barriers to entry... none of which Barack Obama will ever, ever support, of course.
As to the $7 billion destroyer, I have to question the wisdom of spending such sums on an admittedly potent (and very cool) defense platform when we're broke. Maybe we should think about securing our national borders first. Can we build a reliable fence for $7 billion?
This statement is factually wrong. Even if it were possible, the only way they could attempt to enforce this would be to confiscate American assets in China. In which event we would probably begin seizing Chinese assets around the world to compensate the US corporations affected.
I'm all for making what is left of the US manufacturing base more competitive. But, until you have been in my place where the Chinese competitor is able to sit across the table and offer what you have been making for your material cost alone, you don't realize how big the gap is.
I have to question the wisdom of spending such sums on an admittedly potent (and very cool) defense platform when we're broke. Maybe we should think about securing our national borders first. Can we build a reliable fence for $7 billion?
I'm good with that.