Yep. Ron Vara, the economists and never my fault Trump gamble on a hunch. The stakes were high, and they have two lousy pairs, while others have full house or better.I like the conclusion of this article
It should be clear by now that the trade war is an economic disaster for American farmers. But the economic costs associated with retaliatory tariffs should also be a reminder that the people who launched the trade war had no idea what they were doing.
In March 2018, after Trump announced his intention to hike tariffs on steel and aluminum, Peter Navarro, the director of the White House's National Trade Council,
"I don't believe any country in the world is going to retaliate," he said. "They know they're cheating us, and we're just trying to stand up for ourselves."
Navarro and Trump were wrong. American farmers have lost $14 billion because of their mistake.
SE Asian nations, like the middle and smaller EU countries, are better served by specializing in key sectors, than going for general export processing and light industry across all sectors. However, if you're a specialized economy, you need a hub (which in this case will be China).Hit the nail on the head! Yes the main difference is the market, (M) and the highly skilled (HS) and educated workforce (EW)
Japan in the 80s had HS and EW, but not M (population 1/3 of America's and even with this size, the market for American goods was small)!
Just as other countries now that America and the West is looking to as replacement for China lacks one of these three ingredients.
Viet Nam: WE; yes. HS; maybe. Market size; same problem as Japan.
India: WE; no. HS; no. Market size; maybe. (In time).
You could do the same for other countries in ASEAN. The result is the same, somehow all these countries lack one of the ingredients that makes it like China! Which Is why all the talks about firm's fleeing China is just that. Talks!
That's probably the best choice for these smaller economies. Like marketing, there's market leaders and marker followers. And like my tutor used to say to me (and now I found myself repeating this to my students), by definition, there can only be one leader! Lol.SE Asian nations, like the middle and smaller EU countries, are better served by specializing in key sectors, than going for general export processing and light industry across all sectors. However, if you're a specialized economy, you need a hub (which in this case will be China).