Respond to the following posts with 100 words each and a citing source please! Thank you
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1) This topic was chosen because obviously this week’s lessons reflect heavily on import and export and the effects of the two on business and international trade, I picked an article reflecting Japans Imports because its related to not only the lesson of the week but also the project I am working on so this subject is important to further my understanding etc.. Japans imports in 2018 reflected numbers nearly reaching 750 Billion dollars’ worth this is up about 12 percent from last year after hitting lows in the previous few years which shows a positive trend as of right now. Globally imports are estimated at nearly 18 trillion so while 750B sounds like a lot it only allocates as 4.2% of worldly imports. Going deeper into Japans import economy 60% of imports were from Asian countries, 15.3 were from European countries and North America imported almost that with 13.6% of Japans imports coming from our continent. This is a decent number considering the distance between the countries so it seems to be as expected. Let’s dive into the top 10 imports for japan, starting with mineral fuels coming in first which accounts for nearly a quarter of their imports. The 2-4 imports are al machinery weather its electrical or medical. Closely after Pharmaceuticals account for about 3.4% of imports, closely followed by vehicles, ores, chemicals, plastic and lastly clothing takes care of 2% of their import market. This top ten imports accounts for nearly 70% of Japans imports. Mineral fuels are becoming more and more of an asset to japan as the numbers keeps rising as the years passes as far as importation. The most valued import to japan is going to be crude oil and petroleum, things we need to get by in this world. Japan is a small country as far as land mass but makes a huge impact on the world.
2)In chapter 14 we read all about exports and imports, so I chose that as my topic for this week’s discussion. The article I chose covers aspects of Washington’s tariff war with China and some of the effects. According to the article India gained $755mn in additional exports, mainly of chemicals, metals and ore. This trade war with China “has resulted in a sharp decline in bilateral trade, higher prices of consumers and trade diversion effects- increased imports from countries not directly involved in the trade war.” (Nations, 2019) Because of the US tariffs in China, other countries, such as Taiwan (province of China), Mexico, and the European Union became more competitive. “Of the $35 billion Chinese export losses in the US market, about $21 billion (or 62 per cent) was diverted to other countries, while the remainder of $14 billion was either lost or captured by the US producers.” (Nations, 2019) These tariffs are not only hurting China, they are hurting the US as well. Chinese firms are absorbing some costs by reducing the prices of their exports. US tariffs have caused 25% of export loss. This tariff war between Washington and the US has affected many, and will continue to do so until a resolution comes about.