The Chinese toy scandal
In the United States there are plenty of reasons why American citizens may support a trade war. The question is what effect will a trade war actually have on US citizens, on bloggers on Steem, on the crypto community? A trade war between the US and China involving tariffs is something some people could make a case should have happened a long time ago. Several years ago there was a major scandal where Chinese toys were sold in the US which contained lead. These toys were marketed to children and were very unsafe.
So while US citizens in places like Flint may not be able to trust their local government after the disastrous water crisis in which lead was allowed to pollute the drinking water it is also a situation where US citizens cannot trust the Chinese government either. The lead scandal where Chinese toys were neurotoxic is a big deal if you know what lead poisoning does to the brains of children.
Lead has been shown in studies to produce reduced IQ in adulthood. IQ advocates often speak of "Race and IQ" and I've had debates with these individuals on Steemit. While I do not hold IQ in as high regard as some other people I will say that it is a proven fact that lead is neurotoxic and lowers IQ. If IQ is as important as people say it is then the lead toy scandal is a much bigger deal. It is a big deal not because science has confirmed massive lead poisoning occurred due to these toys (as this can be tested for) but it is the type of scandal which can be leveraged politically by people who want to justify a trade war and promote anti-Chinese sentiment.
Competition between low income workers in the United States and Chinese workers
Another agitator which could trigger tariffs against China is the fact that many low income workers in America are looking for a scapegoat to blame. It's very easy to pin the blame on the Chinese who have an economy which is growing while the average US worker seems to be getting a more difficult life. The US establishment by placing blame on a foreign threat can direct attention away from it's own internal policies. So in this way China is the easy boogyman to blame (just like how jews were easily blamed when Germany had a bad economy).
What is the impact of a trade war going to be for Steem and the crypto world?
This is a tougher question to answer which is why I ask it to the community. What do you think the impact of a trade war could be for people on Steemit and in crypto?
A trade war can only benefit cryptos (steem included). It is quite obvious that nowadays cryptos are taking over the role of precious metals as safe holders of value (volatility growing pains notwithstanding). And these always increase in value in times of turmoil and uncertainty.
Great article on a very important issue. Of course, in this day and age, it is difficult for most of us in the world to trust our government, and our government's dealings with those of other countries.
I think we are already seeing an impact on the crypto world, and what I've been noticing more and hearing about more is the correlation between that of the crypto world and the US stock market. This is partly due to relations with China. However, I think in a regard the future of Steem and other blockchains relies somewhat on us. I hope for a bright future for all of us :) Thanks again for the article.
If the United States imposes high tariffs on Chinese imports, then the smart decision for China is to retaliate. China is too big to be intimidated in this way.
This means that US corporations will likely face the impact of China's reaction, and that could be bad for the stock market and the US dollar, which could put pressure on safe goods such as gold and silver, and reasonably on Bitcoin. that would continue his behavior to date.
Companies that could be hurt by a trade war with China include Starbucks, Boeing and Apple, to name a few that have made huge bets on China.
China would be the far bigger loser. The USA is their largest importer by far, they rely on the US consumer. The price of our goods would go up, the but it would wipe out large portions of China's economy...which would be great considering most of their wealth is based on some form of sweat shop/child labor/slavery.