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The Experts Were Wrong: First Quarter Growth Hits 3.1 Percent
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(06-05-2019, 01:15 AM)Jagfan44 Wrote:(06-04-2019, 05:19 PM)MalabarJag Wrote: All of this. The thing is, labor is CHEAP in China. When government has as much control over their people that China does it drives that. Not all products produced in China are good quality. There are far more products that come from there flooding the U.S. market. Keep in mind, our society is a CONSUMER based society. People are going to always buy the lesser expensive product no matter what it is (for the most part). Consider this. Say you want/need to buy a set of hand tools to fix something mechanical around your home. Are you going to buy a good quality set of tools such as Snap-On or the lesser expensive Kobalt (Lowes) or Husky (Home Depot) set of tools? Most of the latter brand of tools are made overseas in both Taiwan and China. While they all will get the job done the "Made in USA" tools will perform better and last longer, but they are more expensive. In our CONSUMER based society people are always going to go for lesser priced goods and lesser quality. Regarding the labor cost, I'm just going to throw some random numbers out there that are probably not accurate, but in the U.S. factory labor probably averages around $10-$15 per hour. In China the average wage is probably more like $3.50 per hour. What that translates to is that to make a "widget" in the U.S. might cost a company $100.00 per unit after paying wages, materials etc. In a country like China or Mexico that cost is probably more like $30.00 per unit. Again, I'm just throwing out arbitrary numbers to illustrate my point, the actual costs are probably different. What tariffs are designed to do is raise the cost of producing that "$30.00 widget" in China closer to or more than the $100.00 that it costs to produce that in the U.S.. With tariffs in place, the camera that you bought might have "justified" you purchasing one made in Germany or Japan and the "price difference" would not be much. There are 10 kinds of people in this world. Those who understand binary and those who don't. |
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