By: Alexis Bensen
Globalization has impacted my every-day life in numerous ways especially because I am a consumer in the United States. A trade war has begun because China is trying to charge the US more for our imports which in-turn affects the prices we pay for goods. According to a study by the Trade Partnership, “the new 25% tariff, combined with earlier duties imposed on $50 billion in Chinese shipments and on steel and aluminum, would cut U.S. employment by 934,000 and cost the average family of four $767 a year” (USA Today). At this time, the US and China are hindering globalization because the US is struggling to negotiate a deal on these tariffs with China. Therefore, China is affecting the globalization of products and is causing an increase in prices on common goods. This is limiting the products that the US imports, making the demand for these products high, but the supply low. This has a negative effect on our economy because now I as well as many other US citizens are unable to afford or purchase certain products from China. However, because of the problems of trade with China, the US is now forced to produce products in house, which is boosting our own economy and creating more jobs for Americans.
Globalization directly affects my family and relatives on a daily basis. Because we are consumers of many products that are produced in China, such as footwear and clothing, we now have to pay more money for these items. Technology prices have also increased as a result of these tariffs. Now, my family is forced to keep products longer than initially planned. However, globalization has introduced new products from a variety of nations into our society making the United States more accepting and understanding of other cultures.
Davidson, Paul. “How the Trade War with China Could Hit You: Higher Prices, Lost Jobs and Falling Stocks.” USA Today, Gannett Satellite Information Network, 13 May 2019, www.usatoday.com/story/money/2019/05/10/us-china-trade-war-how-affect-shoppers-and-can-tariffs-work/1164965001/.